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In today’s challenging healthcare landscape, effective revenue cycle management (RCM) has become paramount for healthcare providers despite years of investment in point solutions and the EHR system. With the complexity of RCM, process improvement across all areas, including managing claims, payments, collections and revenue generation, remains limited. In the post-pandemic world, the focus on improving RCM efficiency has intensified for good reason, given ongoing gaps. In recent years, FinThrive has worked closely with customers to use technology and innovation to drive process improvement and increase revenue with an integrated platform strategy.
The value that the FinThrive RCM platform delivers to healthcare organizations can now be quantified, as evidenced in a recently commissioned study conducted by Forrester Consulting on behalf of FinThrive. FinThrive commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study to examine the potential return on investment (ROI) enterprises may realize by deploying the FinThrive RCM platform. The purpose of this study was to provide healthcare organizations with a data-driven framework to evaluate the potential financial impact of technology and FinThrive on their operations.
We can give a peek into the Forrester Case Study and share the findings of this research, which was built on proprietary and unbiased financial modeling from independent reviews by various hospitals and health systems that utilize a range of FinThrive products in the front, middle and backend cycles of revenue management. Decision-makers can utilize this research to explore end-to-end RCM technology and improvements to their operations.
The Return on Reducing Administrative Burdens
With the advancement of technology and attention to AI and automation, hospitals and health systems may believe that their current methods of managing RCM are working to some degree. However, with a deeper dive into business operations and consideration of the Forrester TEI study and other recent research like FinThrive’s Adoption assessment tool for RCM tech, we can now uncover gaps despite the common use of 30+ vendors. With the Forrester TEI Study, the findings revealed that improved efficiency can bring millions in cost savings and revenue increases while streamlining RCM overall. Forrester found that a composite health system organization investing in the FinThrive platform could get significant financial returns on investment over three years:
- 310% ROI
- $68.M in cost savings in 6 months
- Reduced A/R of 25 days
The Forrester research determined FinThrive represented a well-optimized RCM system that automates many administrative tasks such as claims processing, insurance verification and eligibility, payment collections and posting, along with other patient activities still heavily dependent on staff or manual intervention. With the reduced administrative burden, the organization relieves healthcare staff who can shift to more strategic and high-value tasks that improve patient care and drive digital transformation. Beyond paperwork and manual tasks, a highly-function RCM platform like FinThrive minimizes the chances of errors that can lead to payment delays or denials. With the right tech partner, providers can consolidate vendors, eliminating overlap and improving EHR integration. Other soft values are also possible, like patient and staff satisfaction, which can see higher ratings, retention metrics and growth for hospitals and health systems.
Using Data to Drive Change
Optimizing revenue cycle management involves analyzing vast amounts of data related to claims, payments, denials and other financial aspects. The Forrester TEI Study, 2023 RCM Transformative Trends Report and Revenue Cycle Management Technology Adoption Model represent independent business research commissioned by FinThrive to offer the latest insights for healthcare financial leaders of hospitals, health systems and medical offices. FinThrive intends to bring tools and resources to the industry that help in current planning for next year and beyond.
By leveraging technology for data analytics, healthcare organizations can identify patterns, trends and areas for improvement built on innovation and disruptive strategies for RCM improvement. We bring industry-leading data-driven insights to enable informed decision-making, helping organizations adapt to ever-changing business demands and financial requirements.
FinThrive is actively presenting our 2023 research studies and findings, which were commissioned for the benefit of the healthcare industry and are available to RCM leaders who represent provider organizations who must advance their organizations and improve financial health. We encourage you to explore the Forrester TEI Case Study as a proof point and example that most healthcare providers can replicate to discover which technology can have a valuable impact in areas like patient access, billing and collections, revenue recovery, automation, analytics and more.
The Outlook for the Financial Health of Providers
In conclusion, FinThrive is pleased to share the latest research and strategies for improving the efficiency of revenue cycle management, which is indispensable for the financial health and sustainability of healthcare organizations. Advancing revenue management is the mission of FinThrive, underscored by our technology investment and work alongside our customers to ensure a steady revenue flow while enhancing the overall staff and patient experience. The right RCM tools and outcomes can help healthcare providers invest in better facilities, technology and staff training. By embracing innovative technologies, data analytics and best practices, healthcare organizations can navigate the complexities of the revenue cycle, paving the way for a prosperous future in an ever-changing healthcare landscape. Improved financial performance is possible.
Download the Forrester TEI Case Study for the FinThrive RCM platform.
