Outpatient RCM poised to attract 12% more firms
About 22% of health care providers are already outsourcing some of their outpatient revenue cycle management (RCM) to third-party companies, while 12% have ambitions to employ this approach in the future.
According to a report by healthcare information technology XIFIN and the Healthcare Financial Management Association (HFMA), there is a growing interest and opportunity to digitally transform outpatient RCM to improve efficiencies, optimize revenue and alleviate an ever-increasing administrative burden.
XIFIN’s report added that organizations that outsource RCM are generally very satisfied with their outcomes, and those that are most likely to outsource one function are more likely to outsource more.
XIFIN COO Kyle Fetter said, “Outsourcing and automating most aspects of RCM can help improve a health system’s focus, profitability, and cost structure. This report is evidence that those who outsource outpatient RCM are satisfied with their results, helping increase cash collections while minimizing inefficiencies and costs.”
Meanwhile, HFMA Head of Custom Research Bill Voegeli said that the report “gives credence to the notion that healthcare finance professionals will benefit by staying up-to-date about ways to optimize the growing area of outpatient RCM and gives RCM executives insight into new avenues for optimization.”
XIFIN and HFMA’s report is based on the responses of nearly 160 United States-based HFMA members, most of which are revenue cycle management leaders at large healthcare systems.
