Revenue Cycle Management
For some time revenue cycle projects have taken a backseat to clinical initiatives, and many would say rightly so. While new technology has been available, new systems have not, at least until recently.
Today, the tide seems to be changing. With many clinical initiatives well on their way and with new vendor offerings in the coffer, many providers are at least taking a look at their patient accounting systems. It is here that we run into our first challenge. The current systems were built to last and last they have, so much so that the market has changed around them.
Pure patient accounting has given way to the more expansive desire for revenue cycle management; hence the title of this report, Revenue Cycle Reformation. But, are providers really ready to buy? If yes, who are they looking at? What are they looking for? If not, what would make them change?
After all, many are running on systems over 20 years old. These and other related questions were the emphasis for this timely study on the perception of the market in regards to patient accounting and revenue cycle systems. The information we are about to share came from 171 provider interviews, 43 percent of which were directly related to patient accounting.
Are providers ready to replace their aging systems? Well, a sizeable portion says yes; and of those that say yes, they are thinking of doing so in the next two years. For those replacing, roughly half say they will stay with their current vendor; however, the other half believes that they will be changing vendors.
If Replacing RCM Solution, When?
Products qualifying to be included in this perception study research are:
Perception studies conducted by KLAS (such as this Revenue Cycle Reformation Study) are snapshots of provider opinion on a given market segment. The scores given by respondents in perception studies are not meant as a measure of actual vendor performance and do not impact nor displace performance rankings or scores as reflected in KLAS performance studies or online databases.
Sometime perception scoring in this report is either (1) separated by user and non-user and/or (2) trended over time. Depending on the question, the alternate view provides additional insight, reality check or deeper understanding of marketing and other influences.
Vendor Performance Research Tools:
Providers who rate their software, professional service, or medical equipment vendors receive 12 months of free access to KLAS Online. Rate your vendor
As an added benefit, KLAS Online subscribers receive a 15% discount on all reports and healthcare provider Platinum KLAS subscribers receive a 25% discount on all reports. Forgot your discount code? Email or call 800-920-4109.
A complimentary executive summary of the 2008 Revenue Cycle Reformation report is available for the following:
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All healthcare providers with a current Platinum KLAS subscription (summary available via download on the PK reports tab -- Log in).
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Each healthcare provider who participated in the study's research (summary delivered via email).