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The New HIS Revenue Management
Is the Next Generation Patient Accounting Ready
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Revenue management (RM) is a complicated matter. With today’s difficult economic times, it is more important than ever to manage the patient billing process effectively. Designing software to support and track the rather tortuous cycle of patient billing and revenue collection is a steep assignment.Healthcare Providers,
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Apparently, it was premature thinking that newer solutions would rid the need for third-party bolt-on products. In fact, healthcare has created a vibrant IT industry for vendors who are solving problems in the revenue cycle left unaddressed by the core system. What is expected, however, is that third-party products will work well together in a more integrated and transparent way.
RM is more than just billing and collections; it is about improving processes, and the newer systems are attempting to do just that. While next generation systems have a way to go before they meet all the provider needs, replacing a predecessor product is the measuring stick. In total, three new solutions are being offered, with one more on the horizon.
New systems are meeting clients’ expectations, but not all of their needs. When asked about functionality, most customers described the RM solution as weaker than required or immature. While answers did vary by vendor, only 7 out of 37 sites reported that functionality was adequate.
It was a reality check to learn that there is a continuing need for third-party bolt-on products, a requirement many expect will go away. Regardless, providers are looking for more seamless integration of the information obtained from these thirdparty products to improve the collection process and better the bottom line.
So far, the market is shaking out into two tiers of performance, with market leaders having a 10-point advantage. For this research, KLAS conducted interviews with 39 unique organizations that recently installed revenue management systems from Cerner, Eclipsys, Epic, GE, Keane, Meditech, QuadraMed, and Siemens.
This material is copyrighted. Any organization gaining unauthorized access to this report will be liable to compensate KLAS for the full retail price. Please see the KLAS DATA USE POLICY for information regarding use of this report. © 2021 KLAS Research, LLC. All Rights Reserved. NOTE: Performance scores may change significantly when including newly interviewed provider organizations, especially when added to a smaller sample size like in emerging markets with a small number of live clients. The findings presented are not meant to be conclusive data for an entire client base.