TAMPA, Fla., June 14, 2022 (Newswire.com) - Over eleven hundred health system financial managers participated in the 2022 Black Book Revenue Cycle Management (RCM) Solutions user survey. According to the results, 88% of hospitals face RCM technology issues that are systemically slowing payments and collections. Demand for experienced employees far exceeds supply and respondents declare that temporary or contract labor in the financial divisions of the health system are doing little to improve operations, collections, and productivity. In response, 96% of respondents confirm that ongoing staffing issues are driving hospital CFOs to evaluate and apply automation solutions and intelligent decision-making within the current calendar year.
RCM Workflow Optimization technologies were scored by users on 18 key performance indicators including Strategic Alignment with Client Goals, Innovation and Risk Models, Client Relationships and Cultural Fit, Trust and Accountability, Deployment and Implementation, Interoperability, Reliability, Financial Viability and Managerial Stability, Customer Care Support, and Best-of-Breed Technology in the 2022 survey processes.
Finvi, formerly Ontario Systems, achieved highest Client Experience and Customer Satisfaction ratings in more than half of the 18 KPIs, exceling over competitors.
"Hospitals and health systems must think ingeniously if they hope to survive the receivables and collections challenges caused by labor shortages, rising payroll costs, inflation, and operational disruptions," said Doug Brown, managing partner of Black Book Research.
"Offering intelligent workflow solutions that streamline operations and accelerate revenue recovery, Finvi allows its client partners to generate more revenue at reduced cost and fulfill their stated business outcomes by effectively engaging those who pay," said Brown. "The focused goals of CFOs in Q3 2022 center on optimizing cash collections as well as delivering healthcare consumers a satisfying financial experience."
A total of 48 vendors who reported offering customers a full suite of RCM process optimization technology and services were included in the user survey methods. The top 20 rated companies rated by system users were announced in the Black Book report released today.
"Intelligent workflow solutions that streamline operations and accelerate revenue recover, Finvi allows its client partners to generate more revenue at reduced cost and fulfill their stated business outcomes by effectively engaging those who pay," said Brown. "The focused goals of CFOs in Q3 2022 center on optimizing cash collections as well as delivering healthcare consumers a satisfying financial experience."
About Black Book
Black Book Research does not contract for, barter, exchange or accept direct services from any RCM solutions firm mentioned in the rankings. Black Book reports the results of the collected satisfaction and client experience rankings in publication and to media prior to vendor/firm notification of rating results and does not solicit vendor/agency participation fees, review fees, inclusion or briefing charges, consultation requirements, and/or vendor collaboration as Black Book polls' clients. Black Book™, its founders, management and staff do not own or hold any financial interest in any of the vendors or firms covered and encompassed in the surveys it conducts.
Since 2000, Black Book™ has polled the vendor and service firm satisfaction across over thirty industries in the software/technology and managed services sectors around the globe. In 2009, Black Book began polling the client experience of now over 840,000 healthcare software and services users including revenue cycle management managers, staff and consultants. Black Book expanded its survey prowess and reputation of independent, unbiased crowd-sourced surveying to IT and health records professionals, physician practice administrators, nurses, financial leaders, executives, and hospital information technology managers.
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Source: Black Book Research