Each year, Modern Healthcare’s Revenue Cycle Firms Survey asks companies about the state of the industry and what they predict for the future. Click here to see the full results from the survey.
Here are five takeaways about the sector and the services clients are looking for.
Litigation and wage garnishment was the service offered the least often by revenue cycle management firms that responded to the survey.
Revenue cycle firms assist their clients with overcoming a wide range of obstacles. Two-thirds said hospitals are seeking help with cumbersome payer processes, while more than half said new federal policies (such as the No Surprises Act) are presenting challenges for clients.
Half of the respondents said that hospitals’ spending on revenue cycle management services has increased over the past year.
The vast majority of respondents said they hadn’t seen any changes as a result of value-based care. (Percentages for both pie charts do not add up to 100 because of rounding.)
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Jeffrey Nieman, CEO of Charlotte, North Carolina-based revenue cycle management company Meduit, noted AI's potential to boost efficiency.
“By leveraging AI and automation, we have demonstrated that we can eliminate up to 40% of human work efforts. ... Given that our pilot cases show 40% automation capability, we see significant opportunities to reduce reliance on labor," Nieman said in his survey response.
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