Healthcare organizations are constantly navigating a complex landscape of revenue cycle management trends. A recent survey conducted by Salucro Healthcare Solutions has shed light on the key concerns faced by healthcare leaders in 2024. The survey, which gathered responses from 176 healthcare professionals, highlights the importance of addressing these challenges to ensure efficient financial operations within healthcare institutions.
The Current State of Revenue Cycle Management Trends
The survey found that while half of the respondents expressed satisfaction with their organization’s RCM, a significant number identified areas for improvement. Thirty-four percent rated their RCM as somewhat efficient, while 16 percent considered it very efficient. Interestingly, there was a notable difference in perception between executive leaders and hands-on RCM leaders, with the latter being less likely to rate their system as efficient.
Challenges in Revenue Cycle Management
Timely patient collections emerged as the most significant challenge, with nearly 50 percent of healthcare leaders citing it as their primary concern. Other difficulties involved handling denials (36%), recruiting and training personnel (32%), utilizing data analytics and reporting (26%), and ensuring security and compliance (13%). These challenges underscore the need for healthcare organizations to streamline their RCM processes.
Technology and Patient Payment Platforms
The survey also highlighted shortcomings in existing patient payment and billing platforms. Approximately 31 percent of respondents felt that their text-to-pay features were lacking, while 24 percent believed that their patient engagement tools could be improved. Integration was identified as a crucial factor, with 96 percent of respondents emphasizing the need for new solutions to integrate seamlessly into their current workflow.
Communication Methods and Patient Engagement
Despite the increasing use of technology in healthcare, traditional methods of communication remain prevalent. The survey found that 69 percent of respondents still rely on paper statements to communicate with patients, followed by email (55 percent), phone calls (55 percent), patient portal messages (47 percent), and text messages (24 percent). This highlights the opportunity for healthcare organizations to improve patient engagement through digital channels.
Barriers to Digital-First Solutions
Transitioning to digital-first patient financial engagement technology presents challenges, with over a quarter of respondents citing patient resistance as the biggest barrier. Data security concerns (21 percent) and costs (20 percent) were also identified as significant barriers. However, the benefits of such technology, including improved revenue and reduced collection costs, are driving healthcare leaders to overcome these challenges.
Investment in New Technology
Despite the challenges, there is a growing trend among healthcare leaders to invest in new RCM technology. Approximately half of the respondents expressed a likelihood to invest in new technology in the next 12 to 18 months. Automation and other technological advancements offer promising solutions to streamline administrative tasks, reduce burden, and minimize costs in RCM.
Final Thoughts
The survey highlights the importance of addressing key challenges in RCM to ensure the financial health of healthcare organizations. By investing in new technology, improving patient engagement tools, and overcoming barriers to digital solutions, healthcare leaders can enhance their RCM processes and ultimately improve the overall patient experience.
FAQs
What are the primary challenges in revenue cycle management trends for healthcare organizations in 2024?
Timely patient collections, managing denials, hiring and training staff, data analytics and reporting, and maintaining security and compliance are key challenges.
How do healthcare professionals rate the efficiency of their organization’s RCM?
34% rated their RCM as somewhat efficient, while 16% considered it very efficient. However, there was a difference in perception between executive leaders and hands-on RCM leaders.
What are the shortcomings in existing patient payment and billing platforms?
31% of respondents felt that their text-to-pay features were lacking, while 24% believed that their patient engagement tools could be improved. Integration was also identified as a crucial factor.
What are the barriers to implementing digital-first patient financial engagement technology?
Patient resistance, data security concerns, and costs are the main barriers identified by healthcare leaders.
Are healthcare leaders inclined to invest in new Revenue Cycle Management technology?
Yes, approximately half of the respondents expressed a likelihood to invest in new technology in the next 12 to 18 months, recognizing the benefits of automation and other technological advancements in RCM.