REVENUE CYCLE TECHNOLOGY TRENDS

Transcription

1 REVENUE CYCLE TECHNOLOGY TRENDS A survey of provider executives about revenue cycle IT budgets, EHRs, and consumer self-pay November 2018 Lead. Solve. Grow.

2 HFMA/Navigant Survey At-a-Glance According to an annual HFMA/Navigant survey of 107 hospital and health system CFOs and revenue cycle management (RCM) executives, their organizations: Predict more moderate IT investments to improve revenue cycle performance Still struggle to optimize revenue cycle-related EHR functions and address consumer self-pay Continue to focus on IT revenue integrity in particular to drive revenue cycle improvements 2 Revenue Cycle Technology Trends November 2018

3 Executives Project More Moderate Revenue Cycle IT Budget Growth How is your organization's revenue cycle technology budget projected to change in the next 12 months? % 45% 42% 32% Executives predicting revenue cycle IT budget growth over next year: % % 23% 19% More smaller hospital SMALLER HOSPITALS (< 300 BEDS) LARGER HOSPITALS (> 500 BEDS) 7% executives predict RCM IT budget growth 75% 59% 0% 0% 3% over next year: Decrease >5% Decrease 0-5% No Change Increase 0-5% Increase >5% 3 Revenue Cycle Technology Trends November 2018

4 Providers Still Struggling to Optimize EHR Functions To what extent is your organization able to implement/utilize new functional releases from your EHR (workflow, reporting, functional enhancements)? 44% QUICKLY ADAPT to EHR functional releases 39% UNDERUTILIZE available EHR functions 17% CAN T KEEP UP with EHR functional releases 56% can t keep up with EHR upgrades or underuse EHR functions, up from 51% last year * Percentages exceed 100% because respondents were asked to select all responses that apply. 4 Revenue Cycle Technology Trends November 2018

5 EHR Revenue Cycle Adoption Challenges Equal to or Outweigh Benefits How has your organization's EHR adoption impacted revenue cycle performance? More benefits than challenges 44% 56% of execs say EHR RCM adoption challenges equal to or outweigh benefits Benefits and challenges are equal 34% More hospital-based and smaller hospital executives cite more challenges than benefits: More challenges than benefits 22% 24% Hospital- Based vs. 16% Health System 27% Smaller Hospital vs. 16% Larger Hospital 5 Revenue Cycle Technology Trends November 2018

6 Providers Better at Addressing Consumer Self-Pay, But Issues Persist What impact does increased consumer responsibility for healthcare costs have on your organization? NO OR LITTLE IMPACT MODERATE IMPACT SIGNIFICANT IMPACT More health system and larger hospital executives expect significant consumer self-pay impact: 19% 8% 59% 52% 22% 40% Execs believing consumer self-pay will impact their organizations: % % 33% Health System vs. 18% Hospital- Based 29% Larger Hospital vs. 18% Smaller Hospital 6 Revenue Cycle Technology Trends November 2018

7 Execs Continue to Focus on IT, Revenue Integrity to Drive RCM Improvements Which RCM capability or tactic is your organization most focused on for improvement over the next 12 months? 24% % 18% 21% 22% 76% 15% 2% 6% 4% 7% 5% 8% 9% 6% 11% 13% 12% of these areas involve or are enabled by technology 0% Robotic process automation Staff training & incentives Labor utilization Business intelligence/ analytics Coding Self-pay management Physician/ clinician documentation EHR optimization Revenue integrity 7 Revenue Cycle Technology Trends November 2018

8 Hospitals and health systems have invested a significant amount of time and money into their EHRs, but the technology s complexity is preventing them from realizing an immediate return on their investments. When optimized correctly, a good portion of the ROI can come from EHR-related revenue cycle process improvements. Timothy Kinney, Managing Director, Navigant 8 Revenue Cycle Technology Trends November 2018

9 The impact of consumer self-pay on providers will only increase with the popularity of high-deductible health plans and negative changes to the economy. Providers must take advantage of opportunities to more holistically educate patients on out-of-pocket costs, predict their propensity to pay as early as possible, and secure alternative payers or financing when needed. James McHugh, Managing Director, Navigant 9 Revenue Cycle Technology Trends November 2018

10 About Navigant Navigant Consulting, Inc. (NYSE: NCI) is a specialized, global professional services firm focused on markets and clients facing transformational change and significant regulatory or legal pressures, primarily in the energy, financial services, and healthcare industries. Navigant s Healthcare practice is composed of more than 500 consultants, former provider administrators, clinicians, and other experts with decades of strategy, operational/clinical consulting, managed services, revenue cycle management, and outsourcing experience. Experts collaborate with hospitals and health systems, physician enterprises, payers, and government entities, providing enterprisewide strategic development and performance-improvement solutions. More information about Navigant can be found at navigant.com. 10 Revenue Cycle Technology Trends November 2018

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