A survey by Black Book shows that more than twenty percent of hospitals in the United States have yet to implement a healthcare revenue cycle management solution. The survey shows that while there are noticeable improvements in healthcare revenue cycle management, there remains a significant portion of hospitals that do not have a workable solution in place.
In some more positive news, there is a greater amount of hospitals with transition plans than there was six years ago. Back in 2012, over thirty percent of hospitals had yet to devise a healthcare revenue cycle management strategy. This recent survey further shows that since then, close to 400 hospitals have implemented a solution.
Despite these recent developments, there is still room to improve. Of the more than 1,500 hospitals without a healthcare revenue cycle management plan, just over eighty percent are expecting to make a decision regarding value-based reimbursement next year without having software or an outsourced partner in place.
Value-based reimbursement is increasingly gaining favor over the common fee-for-service system, and there are strong odds the number of payments attributed to value-based reimbursement will continue to grow as private and public payers utilize alternative payment models to reduce costs and improve the quality of care.
This update is by Medical Accounts Systems, a full-service healthcare 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 medical payment systems, please call 877-759-6315.