The RevCycle Intelligence e-newsletter reported recently that 80 percent of hospitals are vetting full revenue cycle management (RCM) outsourcing. The demand to outsource full RCM is up 86 percent from 2015 among hospitals and inpatient organizations. Approximately 80 percent of hospital leaders in a new Black Book survey of 709 C-suite executives, board members, and senior managers at hospitals and other inpatient organizations said they were vetting or considering outsourcing full RCM by 2019.
The survey revealed the demand for RCM outsourcing is significantly up because hospitals and inpatient organizations are looking to reduce costs and focus on value-based care initiatives. Nine out of ten hospitals are also considering partnering with a third-party vendor to allow hospital leaders and providers to prioritize value-based care implementation.
The complexity of value-based care reforms and their impact on revenue have put pressure on hospitals to decrease inpatient volumes, achieve financial outcome goals and provide cost-effective care. RCM outsourcing is growing because it offers struggling hospitals immediate results.
This is precisely the time to engage with a partner who brings a deep understanding of the revenue cycle. GeBBS Healthcare Solutions provides tailored revenue cycle management solutions that cut through the complexity with technology, service capability and operational excellence.
GeBBS provides a broad portfolio of HIM and RCM solutions to thousands of physician and healthcare organizations nationwide. As hospitals and physician practices look for ways to contain costs and increase their revenue, RCM outsourcing is a valid strategy to achieve a financially healthier organization. It’s just a matter of finding the right partner with the right expertise and technology.