5 Revenue Cycle Takeaways from R1 CM’s Mid-Year Trends Report

Over 200 CFOs and VPs of income cycle have been surveyed on prime issues dealing with well being programs and doctor teams.

The monetary challenges of the COVID-19 pandemic are nonetheless being felt throughout the healthcare trade and income cycle administration (RCM) departments aren’t any exception.

Between rising prices and the labor scarcity, suppliers are beneath strain to provide you with options in real-time to cut back the burden of administrative processes for not solely their very own sake, however for sufferers as properly.

For its Mid-Year Healthcare Financial Trends Report, income administration firm R1 RCM surveyed 205 CFOs and RCM VPs from well being programs and doctor teams to gauge right this moment’s prime priorities, issues, and tendencies for RCM.

Increasing prices have been recognized as the highest concern for respondents (25%), whereas discovering a strategic RCM associate was chosen as the highest answer for the second half of 2022 (28%).

Here are 5 key takeaways from the report:

1. Economic pressures from returning sufferers: 96% strongly agree there may be, or will probably be, further pressure on RCM operations as affected person quantity will increase.
    
2. Labor scarcity: 90% are at present experiencing a labor scarcity of their RCM/billing division, whereas 50% of their RCM/billing roles are at present vacant.
    
3. Need for automation: 45% say sufferers are experiencing longer maintain instances for scheduling and customer support calls. Additionally, 48% have witnessed billing errors resulting from lack of skilled employees for coding, claims, and reimbursement.
    
4. Choosing a associate: 44% are partnering with a strategic RCM firm that focuses on an outcomes-focused strategy to optimizing all the income cycle. More than half (52%) report experiencing constructive monetary outcomes via their RCM partnerships.

   (*5*)Related: 4 Reasons Health Systems Pursue Revenue Cycle Partnerships
    

5. Benefits of worldwide supply: 82% say their sentiment towards international supply has grow to be extra favorable within the face of right this moment’s labor scarcity.
    

To proceed overcoming the obstacles at hand, in addition to the challenges coming down the highway, RCM departments must regulate their methods to be extra environment friendly and efficient.

“The monetary difficulties the healthcare trade is dealing with are driving a necessity for each digital and cultural transformation, which is able to result in higher outcomes for each employees and sufferers alike,” Todd Craghead, SVP of Commercial Relationships at R1 RCM, mentioned within the report.

“The finest means for well being programs and doctor teams to handle these challenges is to give attention to optimizing in each means they’ll: investing in folks, processes and know-how, and embracing an open thoughts relating to partnerships, worker reallocation and international supply.”