As the healthcare industry shifts to value-based care – the practice of lowering health care costs while improving quality and outcomes – more revenue cycle directors, CFOs and other executives are seeking revenue cycle management (RCM) solutions with multifaceted functions. Hospitals are learning to do more with less, and they believe their RCM solutions must deliver high-quality outcomes for patients while also protecting their bottom line.
These beliefs are supported by a November survey of healthcare executives by HIMSS media and TransUnion. The survey of 91 hospital leaders shed more light on RCM priorities and challenges.
The survey supports the contention that patients are demanding more transparency in relation to their healthcare procedure costs and other health-related information. Healthcare executives in the survey selected patient-centric categories when choosing their most important RCM products.
- 90% of respondents ranked insurance verification as the most important revenue cycle product.
- Patient payment estimation ranked second, with 57% of respondents ranking it as a top issue.
- 34% of respondents ranked bad debt recovery as an important aspect of their RCM products.
While healthcare leaders acknowledge the need of RCM products in their existing technologies, only approximately 4 in 10 survey respondents currently use a solution that integrates with their existing hospital information system. This is a potential area of improvement for both vendors and healthcare providers as about one-quarter of respondents ranked integrating a vendor’s system into their current technology as the most important trait of an RCM system.
As health systems aggregate and analyze more data on reimbursement, Medicare and Medicaid, the need for integration among systems becomes increasingly necessary. Armed with information and insights, hospitals and healthcare systems can improve their bottom line and increase transparency for their patients.
TransUnion provides deep insights into patients’ financial behavior, helping healthcare providers make smarter decisions at every stage of the revenue cycle. For more information on how TransUnion’s Revenue Cycle Solution can provide more healthcare cost transparency to patients and help hospitals reduce bad debt, please visit here.