New Study by Connance and Porter Research Detail Revenue Cycle Pain Points
Waltham, MA—September 20, 2016—When it comes to revenue cycle optimization, healthcare chief financial officers wrestle most with preventing denials and underpayments, according to a recent survey by Connance and Porter Research.
“What Keeps Healthcare Finance Executives Up at Night?” consisted of 11 questions organized around respondents’ revenue cycle priorities. Among the 93 respondents, 85 percent were CFOs, and nearly half were from enterprises with net patient revenue of less than $150MM.
“Regulatory pressures, together with the constant drumbeat to lower cost and elevate patient care have healthcare financial executives facing a lot of competing challenges,” says Steve Levin, chief executive officer of Connance. “We wanted to know how they planned to confront them.”
Priorities for small and large organizations were generally similar. The top three priorities for large systems was managing bundle payments, identifying patients likely to qualify for financial assistance and improving patient registration data and eligibility accuracy. The smaller respondents focused on resolving denials and underpayments, improving the efficiency of financial assistance efforts, and analyzing denials and underpayment trends to find patterns.
When asked to prioritize initiatives, few were comfortable with their current performance. Among the 81 percent who identified preventing denials and underpayments as a priority, 78 percent described their current performance as poor or fair.
As for how they planned to manage these priorities, new technology, and new hires were the preferred solutions. For those who prioritized calculating patient liability prior to or at the point of service, or who were looking at underpayment trends to find patterns, new technology was the preferred solution for 66 percent of respondents. To boost the efficacy of financial assistance efforts and increase collection rates (among insured and uninsured), new hires are the preferred answer.
The full survey results can be found at http://info.connance.com/porter-research-connance-survey
An article summarizing the survey can be found at http://www.beckershospitalreview.com/finance/senior-finance-executives-name-their-top-10-rcminitiatives.html
About Connance, Inc.
Connance is the healthcare’s industry-leading provider of predictive analytics solutions that personalize the financial and clinical experience for patients. Transforming the revenue cycle and value-based care delivery, Connance leverages data science, integrated to workflow to drive enhanced performance. Connance delivers Patient Pay Optimization, Reimbursement Optimization and Value-Based Risk solutions that combine our data, hospital data and consumer data to stratify patients based on social determinants to predict behavior and provide actionable insights to improve net income and patient outcomes. Connance solutions connect more than 500 hospitals, over 1000 physician practices, and other clinical locations, and more than 80 collection agencies nationwide creating the largest research database of its kind. For more information call (781) 577-5000 or visit www.connance.com.
About Porter Research Porter Research – a Billian Inc. company – has for over 20 years worked diligently to understand and assess each client’s unique needs and to build a customized business-to-business research program to achieve desired goals. The company has worked with over 300 healthcare IT companies, providing many with Go-to-Market Strategies based on its unparalleled experience, proven methodologies, and knowledge-based analysis. Porter Research enables its clients to operate in a fast-changing market of new, emerging technologies and health reform issues. It provides the unbiased results that healthcare clients need to make informed, strategic business decisions.
For more information, visit www.PorterResearch.com, follow @PorterResearch on Twitter, or call 678- 282-1033.
CONTACT: David Griffin Connance (781) 577-5027 firstname.lastname@example.org