Today, hospitals are reeling from financial and compliance pressures due to a combination of bad debt, newly covered patients, changing reimbursement models, and the risk of denials in the face of the migration to ICD-10. Health care organizations are looking for more effective and new approaches to optimizing revenue cycle management performance across the enterprise.
Given this reality, I think you’ll find the results of the HealthLeaders Media (HLM) 2014 Cost Control & Revenue Cycle Survey interesting. The results share insights about how hospital financial leaders are looking to effectively utilize IT to drive more opportunities and efficiencies to optimize their revenue.
From targeting inappropriate claims denials, predetermining payment information, and automating revenue cycle functions, senior health care leaders expect improved documentation to provide transparency in operations and have the most impact on the bottom line. Even more are planning the development of IT solutions for cost containment and integration of clinical and financial data.
If you want more data, the June 2014 HLM June Intelligence Report, The Clinical Strategy for Financial Health: Care Redesign & Standardization, analyzes the results of the Cost Control & Revenue Cycle Survey. Learn more about what health care leaders are planning to do to maintain or improve contribution margins.
Read the Intelligence Report for more details on the results.