A recent survey released by Dimensional Insight and HIMSS Analytics reveals that close to seventy percent of healthcare organizations use multiple vendor solutions (at least three or more) when it comes to revenue cycle management. However, the survey also reveals that these organizations often found themselves dealing with a greater number of issues involving claim denials management, which remains one of the top challenges for hospitals.
Although the majority of these organizations utilize a combination of solutions for their revenue cycle management, the results are not necessarily yielding improved financial performance. Additionally, organizations using multiple revenue cycle management vendors plus their EHR (Electronic Health Record) system also reported challenges in regards to claims.
The choice to go with multiple vendors may also be having a potentially negative effect on revenue integrity. Over 65 percent of health systems and hospitals reported problems with revenue integrity, largely due to poor interoperability among the various vendor solutions being used.
The results of the survey may suggest healthcare organizations will be able to see better revenue and claims denial management results if they are able to stick with a sole vendor solution. To read more, please visit https://revcycleintelligence.com/news/69-of-hospitals-use-multiple-vendors-for-revenue-cycle-management.
This update is by Medical Accounts Systems, a full-service revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as hospital bad debt, please call 877-759-6315.