Top RCM challenges and opportunities for healthcare finance leaders
The revenue management game has changed placing new demands on healthcare finance teams. While some leaders have a grasp on what needs to happen, it's often difficult to know where to start with prioritizing initiatives and investments.
In partnership with AlphaSights Research, FinThrive gleaned insights from 100+ health system leaders to learn what challenges, strategies and investments are top-of-mind. Get a glimpse into some key findings below or download the full report.
Key market challenges impacting providers
Reduced visits post-pandemic and rising costs
Most organizations finished 2022 with negative margins, declining volumes and limited opportunities for growth. According to Kaufman Hall, it was the worst financial year for hospitals since the onset of the COVID-19 pandemic.1
Ineffective payer-provider collaboration
Hospital claim denials are up 10-15% over the last few years, primarily due to payer policy changes.2
Overburdened RCM departments
In a recent HFMA survey, 100% of respondents reported having at least one open revenue cycle role. Nearly 20% had more than 30 vacancies.3
Staffing shortages
Widespread burnout, high turnover, and soaring hospital labor costs (up 37% between 2019 and March 2022)4, continue to keep health systems short-staffed.
Our research identified four strategic areas of interest for health system leaders
Increase revenue
Reduce costs
Improve patient experience
Manage staffing shortages
Increase revenue
Several critical industry shifts are signaling the need for additional cash flow making it more important than ever for leaders to find ways to capture additional revenue.
Manage staffing shortages
Hospital finance leaders are working to keep their employees happy this year. There’s also an effort to make jobs less burdensome through more technology and automation.
Reduce costs
There’s a large emphasis on RCM technology investments to address missing revenue, streamline claims processing and expedite reimbursements.
Improve patient experience
To enhance patient engagement and increase collections, leaders are investing in more digital tools across the patient journey.
Want to know what’s working, what’s not and where your peers are making strategic bets?
Check out FinThrive’s 2023 RCM Transformative Trends Report to empower your organization to validate its own path forward and accelerate revenue.
Get the Report