C-suite views RCM as matter of survival
ZirMed, rated No.1 RCM software for large hospital hospitals and academic medical centers over 250 beds. Other large hospital and academic medical center top performing ranked software include: OptumInsight, Conifer Health Solutions, McKesson RelayHealth, Emdeon, SSI Group, MedAssets, Experian Healthcare, Cerner, Passport Health, Craneware, Infor, Quadramed, Obsidian, Convergent, 3M, Meditech, Revenue360, Epic Systems, and Siemens.
SSI Group, ranked first in RCM software for small/rural and community hospitals under 250 beds. Other RCM vendors rated highly by client experience surveying are: Emdeon, Experian Healthcare, ZirMed, Passport Health, MedAssets, OptumInsight, Craneware, CPSI, Cerner, Convergent, McKesson RelayHealth, Streamline Health, Trizetto Gateway, Conifer Health Solutions, Rycan, Quadramed, Epic Systems, Healthland and Allscripts.
McKesson RelayHealth scored highest in customer satisfaction by hospital systems, IDNs, CINs, chains and ACOs for RCM sofrware. Hospital chains, networks and system RCM software additionally receiving top honors are: Emdeon, MedAssets, OptumInsight and ZirMed.
KEY BLACK BOOK FINDINGS
- Roughly two-thirds (3,000 of all US hospitals) that predicted back in 2012 that they would replace their core RCM solution in 24 months have actually failed to initiate a sustainable RCM plan as of Q3 2013. More than half do not have formal needs assessments or vendor selection processes started either, otherwise remaining in a do nothing/status quo or autopilot stage.28 percent of CFOs blame the multiple clinical and technology projects underway organizationally for keeping their hospitals from upgrading to comprehensive RCM solutions. "In many instances, facilities have focused myopic RCM task forces on ICD-10 coding, physician practice EHR integration, decision support tools, and insurance verification/eligibility, hence distracting the leadership teams from executing a well-structured, end-to-end RCM strategy," said Brown.
- Hospital CFOs and CIOs wrangle with the prioritization of RCM above all other technology spends in 2014. Although 63 percent of CIOs and 88 percent of CFOs agree current RCMs need to be replaced, the project implementation acquisition, timing and urgency differ.
- CFOs and CIOs also are polarized on the organizational preference to manage fewer vendors and favor single-source vendors. In a shift from a 2010 Black Book Rankings survey, 85 percent of CFOs were amenable to implementing a one vendor solution set following the direction of the hospital’s clinical information system selection committee. The general sentiment of 77 percent of CFO’s was they could make any RCM solution work if the hospital’s clinical staff was satisfied with the health care delivery element of the system.
- In the July 2013 survey of the same topic, only 12 percent of CFOs RCM decision-making will be driven by the system preferences of hospital clinicians. And 88 percent of CFOs are seeking a best-in-breed approach regardless of the vendor count in contrast to 83 percent of CIO’s which high favor a single-source enterprise strategy, in an effort to manage fewer vendors.
- Among the 91 percent of hospitals over 250 beds making an RCM transformation program functional in 2014, CFOs prefer a seamless bolt on integration with vendors proven to have true financial solutions for facilities that size. In contrast, 87 percent of CFOs in small hospitals under 100 beds expect their RCM strategy will be selected solely on their CIS vendor relationship. Community hospitals in the 100-250 bed range are evenly split, 44 percent for CIS integrated applications and 44 percent for seamless bolt-on products.
"The brakes have been applied to slow the radical RCM change out trend in which eight out of 10 hospitals predicted they would be replacing their RCMs between 2011 and 2013. Thirty-six percent of all CFOs confirm they are reassessing the capabilities of their current legacy, core and bolt-on RCM applications, optimistically looking for options in solutions they already own," said Brown.