Slow March Towards Value-Based Payments Allows CFOs to Implement Analytics Solutions Now to Fix Weaknesses in Revenue Cycle
TAMPA, Fla., June 21, 2019 (Newswire.com) - According to the recent Black Book Research, health care CFOs, the majority of system finance executives (76%), anticipate dedicating at least 10 percent or more of their 2020 technology budgets to predictive RCM analytics.
"As fiscal pressures continue to build across the health care industry and as value-based care payment initiatives slowly simmer, health care organizations are recognizing the need for employing a robust data analytics program to pinpoint revenue cycle inefficiencies," said Doug Brown, President of Black Book.
Despite their organizational need for RCM data science techniques, 7% of CFOs surveyed stated that they have no plans to use predictive RCM analytics in the future.
Overall, 77% of health provider systems do not believe they have staff with the appropriate skills to analyze large data sets or use sophisticated, predictive modeling solutions, currently.
"Health care providers spend significant resources and time to try to collect payment with outdated, often very manual, processes," said Brown. "Even with patient liability increasing five times faster than overall reimbursement, some health systems are not equipped to adapt to this trend and disparate data sources and the lack of internal analytics skills are immobilizing some providers."
Twenty-one percent of surveyed CFOs report a lack of enterprise data and disparate data sources as the biggest challenge to implementing predictive analytics solutions.
1,453 financial management survey participants identified their top five drivers for acquiring revenue cycle management analytics tools in the next 12 to 18 months as:
Predicting payer remittance dates to manage organizational cash flow (91%)
Flag potential denials before they occur (83%)
Identify inefficiencies and breakdowns in RCM processing at early stages (82%)
Using Machine Learning to predict changes in payer-specific rules for claims adjudication (73%)
Reduce dependency on IT resources for accessing the information you need. (69%)
Streamlining the RCM each fiscal year, including acquisitions and contract changes (67%)
Identify organizational-specific indicators for RCM leakages and strengths (58%)
Support patient engagement goals by refining processes impacting patient payment. (54%)
“Predictive analytics is a game changer in health care revenue cycle performance because it can be used to forecast revenue and correct issues that impact revenue before they occur," said Brown.
Black Book™ surveyed nearly 1,500 hospital and health-system Chief Financial Officers, Vice Presidents of Finance and RCM, Controllers, Business Office Managers, Staff, Consultants and Directors to determine the top-performing vendors among in-demand financial software, systems and outsourcing services, and assess the gaps and urgencies of financial technology administration.
The top 12 highly rated Revenue Cycle Management Analytics Solutions vendors ranked on 18 key performance indicators in Q2 2019, in order of client experience are:
REVSPRING
HEALTH CATALYST
WAYSTAR
CHANGE HEALTHCARE
GRAYMATTER ANALYTICS
GROUPONE HEALTH SERVICE
MEDEANALYTICS
ABILITY EASE
NTHRIVE
VIZIENT
HCS INTERACTANT
INGENIOUS MED
About Black Book
Black Book™, its founder, management and staff do not own or hold any financial interest in any of the vendors covered and encompassed in the vendor satisfaction surveys it conducts. Black Book reports the results of the collected satisfaction and client experience rankings in publication and to media prior to vendor notification of rating results and does not solicit vendor participation fees, review fees, inclusion or briefing charges, consultation requirements and/or vendor collaboration as Black Book polls vendors' clients.
Black Book™ conducts ad hoc polls for vendor satisfaction and industry trends across the health care software/technology and outsourcing sectors around the globe. Since 2009, Black Book began polling the client experience of now over 840,000 health care software and services users. Black Book expanded its survey prowess and reputation of independent, unbiased crowd-sourced surveying to IT, clinical, operations and financial professionals, physician practice administrators, nurses, consultants, executives and hospital information technology managers.
For methodology, auditing, resources, comprehensive research and vendor ranking data, see http://www.blackbookmarketresearch.com or contact us at research@blackbookmarketresearch.com.
Results of the 2019 Revenue Cycle Management software and managed services user surveys will be announced in August. The annual Black Book CFO & Senior Finance Leadership Report can be viewed at https://tinyurl.com/yxgwmvem
Source: Black Book Research
