NASHVILLE, TN / ACCESSWIRE / June 8, 2023 / The marketplace for RCM software and outsourced services has grown to include hundreds of vendors and thousands of products. It is highly segmented, with around a dozen very large vendors offering full RCM software suites, platforms, or major components, as well as outsourcers -- most of which also compete in the broader market for financial bolt-on or modular solutions. Alongside the large vendors are numerous small providers of very niche functions, such as complex claims management, patient engagement, revenue analytics, and cost accounting.
Sixty-nine percent of senior financial managers in hospitals and health systems participating in this year's Black Book study indicate their organization preference is leading to end-to-end revenue cycle solutions that seamlessly integrate existing infrastructures to provide a standardized enterprise approach to the latest challenges of rising costs, consumerism and patient satisfaction, and the complexities of on-going consolidations of provider systems.
Additionally, some niche vendors have influenced the RCM industry to a degree far exceeding their size, by productizing emerging technology that taps into more demands including price transparency, workflow optimization, and patient access tools exclusively to supplement what some end-to-end vendors may trail on.
"Across healthcare, we mainly have organizational RCM systems being constructed out of multiple subsystems," said Doug Brown, Managing Partner of Black Book Research. "These subsystems are ideally a set of discrete connected, distributed platforms that are securely sharing information in real-time, but according to 82% of survey participants, a new vision of a connected RCM system will consist of an end-to-end software vendor or outsourcer that leads the client organization into the next decade seamlessly."
Spending on end-to-end revenue cycle optimization including has increased on average 17% in the post-pandemic period and this trend is anticipated to continue through 2028.
Both full software suites or managed services on an end-to-end delivery model have produced significant results according to the survey respondents.
Survey participants that implemented end-to-end software platforms since 2020 report a 27% reduction in the cost to collect and net patient revenue increases averaging 6%. Similarly, survey participants who chose full outsourced RCM where the vendor accepts accountability for the client's financial outcomes report a 24% reduction in the cost to collect and net patient revenue increasing by 4%.
The highest-rated vendors in customer satisfaction and client experience are announced by Black Book Research. In total, 486 hospitals and inpatient organizations, and 5,091 physician practices were represented in the sweeping Q4 2022-Q2 2023 series of revenue cycle solution satisfaction polls. Two hundred and eleven vendors in all had RCM products and outsourced services evaluated.
Black Book™ surveyed hospital and health system chief financial officers, vice presidents of finance and RCM, controllers, business office managers, financial support staff, consultants, and corporate directors to determine the top-performing vendors among in-demand financial software, systems, and outsourcing services, and assess the gaps and urgencies of RCM financial administration.
Additionally, 1,555 physician office business office managers and 690 outpatient, alternative care, clinics, long-term care facilities, IDN physician practices, and ancillary facilities also submitted ballots and evaluated separately. In total, 1,302 hospital financial team members independently participated in the crowd-sourced survey process.
Outsourcing Solutions ranking highest by financial client experience for 2023 by survey participants are:
END-TO-END RCM OUTSOURCING, HOSPITAL CHAINS, SYSTEMS, CORPORATIONS, INTEGRATED DELIVERY NETWORKS & CORPORATION
ENSEMBLE HEALTH PARTNERS
END-TO-END RCM OUTSOURCING, HOSPITALS 101+ BEDS
ENSEMBLE HEALTH PARTNERS
END-TO-END RCM OUTSOURCING, HOSPITALS UNDER 100 BEDS
AGS HEALTH
END-TO-END RCM OUTSOURCING, LARGE PHYSICIAN PRACTICES & GROUPS
CHANGE HEALTHCARE
END-TO-END RCM OUTSOURCING, SMALL PHYSICIAN PRACTICES
ADVANCEDMD
Software & Services Solutions ranking highest by financial client experience for 2023 by survey participants are:
END-TO-END RCM SOFTWARE, LARGE HOSPITAL CHAINS, SYSTEMS, CORPORATIONS, INTEGRATED DELIVERY NETWORKS & CORPORATIONS
WAYSTAR
END-TO-END RCM SOFTWARE, SMALL TO MID-SIZE HOSPITAL CHAINS, SYSTEMS, CORPORATIONS, INTEGRATED DELIVERY NETWORKS & CORPORATIONS
WAYSTAR
END-TO-END RCM SOFTWARE & TECHNOLOGY, LARGE HOSPITALS & MEDICAL CENTERS 250+ BEDS
WAYSTAR
END-TO-END RCM SOFTWARE & TECHNOLOGY, LARGE HOSPITALS & MEDICAL CENTERS 101-250 BEDS
THE SSI GROUP
END-TO-END RCM SOFTWARE TECHNOLOGY, HOSPITALS UNDER 100 BEDS
TRUBRIDGE
END-TO-END RCM SOFTWARE TECHNOLOGY, PHYSICIAN PRACTICES & AMBULATORY FACILITIES/GROUPS
VERADIGM PAYERPATH
END-TO-END RCM SOFTWARE TECHNOLOGY &SERVICES, POST ACUTE & LONGTERM CARE
QUADAX
About Black Book
Black Book™, its founder, management, and staff do not own or hold any financial interest in any of the vendors covered and encompassed in the vendor satisfaction surveys it conducts. Black Book reports the results of the collected satisfaction and client experience rankings in publication and to media prior to vendor notification of rating results and does not solicit vendor participation fees, review fees, inclusion or briefing charges, consultation requirements, and/or vendor collaboration as Black Book directly polls vendors' clients.
Black Book™ has polled for vendor satisfaction and industry trends across the healthcare software, technology, and outsourcing sectors around the globe. Since 2010, Black Book began polling the client experience of now over 1.200,000 healthcare software and services users. Black Book expanded its survey prowess and reputation of independent, unbiased crowd-sourced surveying to IT, clinical, operations, and financial professionals, physician practice administrators, nurses, consultants, executives, and hospital information technology managers. For more information on our methodology go to www.blackbookmarketresearch.com or contact [email protected].
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SOURCE: Black Book Research
Source: Black Book Market Research