LAS VEGAS, NV / ACCESSWIRE / June 21, 2024 / Inflation, medical revenue losses, staffing challenges, and the slow recovery of inpatient volumes have collectively driven 2024 total health system expenses up by more than 16%. The escalating financial pressures on hospitals, physicians, ambulatory ancillaries, and post-acute providers have intensified the demand for advanced technologies to address outdated RCM systems and underperforming services, as reported by 87% of the healthcare industry's C-suite executives.
Black Book™ gathered survey responses from 6,771 health system Chief Financial Officers, Vice Presidents of Finance and RCM, Controllers, Business Office managers, staff, consultants, and advisors from hospitals and physician practices. The goal was to identify the top-performing vendors in the highly sought-after financial software, technology platforms, and systems, as well as to evaluate the gaps and urgencies in financial technology administration.
"The latest wave of challenges, alongside the shift to value-based care, is compelling most providers to navigate through the IT complexities of empowering virtual health, initiating highly patient-positive experiences, and managing sinking margins," stated Doug Brown, founder of Black Book. "In our most recent surveys, over 79% of respondents identified significant obstacles due to the lack of advanced analytic tools, with 70% pointing to strategic dysfunction caused by failed RCM software integrations."
Additionally, 81% reported reliance on outdated dashboard and decision support systems, underscoring the urgent technology needs of chief financial officers. These deficiencies have become critical as healthcare organizations strive to maintain financial stability while enhancing patient care and operational efficiency.
Despite most provider systems expecting significant revenue declines this fiscal year due to pandemic surges, 14% of CFOs report the necessity of cutting or deferring spending on RCM technologies aimed at improving digital transformation and business efficiency, which suggests a continued reliance on outsourced services.
The 2024 Black Book RCM user survey reveals that 85% of CFOs and senior leaders stress the urgent need for digital transformation in their finance divisions to secure the commercial stability and long-term survival of their healthcare organizations. However, fewer than 11% of respondents indicate that their organizations have fully implemented comprehensive financial IT improvement strategies, a decline from the previous year.
Other notable insights from the Black Book survey include:
In the second quarter of 2024, 71% of respondents reported that missing IT capabilities and redundant or conflicting processes were identified as immediate drivers for prioritizing financial systems rationalization and prompt acquisitions by the first quarter of 2025. This highlights the urgent need for streamlined and efficient financial technology solutions to address these critical gaps.
During Q2 2024, providers are increasingly focusing on modular technology improvements to enhance various operational aspects. Specifically, 49% of those surveyed are seeking advancements in patient engagement and access solutions, another 42% are looking for predictive analytics, 19% are targeting benchmarking analytics, 4% are focused on cost accounting, 3% are interested in forecasting tools, and 3% are prioritizing enterprise resource planning software. These targeted improvements reflect a broad spectrum of needs across the healthcare industry.
A notable 84% of financial executives state that their organizations are actively monitoring the use of automation technology to improve charge accuracy and reduce operational costs. This high engagement highlights the importance of automation in achieving greater financial efficiency and reliance on financial/RCM AI tools in 2025.
Furthermore, a striking 96% of CFOs state that digital transformation efforts remain at the forefront of health systems' financial operations and strategy for 2025-2026. This overwhelming consensus indicates that the push for digital innovation is not only ongoing but is also critical to the future success and sustainability of healthcare organizations.
"Healthcare financial and RCM technology standards are continuously evolving, and avoiding the comprehensive digital revolution has caused significant challenges for providers who delayed financial transformation during the pandemic. Our 2024 survey results show a notable trend: instead of buying multiple bolt-on and modular applications, there is a growing preference for choosing a single vendor offering end-to-end capabilities. This shift is driven by the need for cohesive and integrated solutions that streamline operations, enhance efficiency, and ensure financial stability. Providers are realizing that piecemeal approaches no longer meet the increasing demands of the healthcare industry and are moving towards more holistic and robust technology solutions," said Brown.
The continuous exodus of skilled and valuable professionals from healthcare organizations has become a critical concern for 83% of surveyed CFOs and financial managers, as the current labor shortage significantly exacerbates the situation. Attracting and retaining talent is now a primary focus, with many organizations scrambling to address these workforce challenges. Compounding these recruitment and retention issues is the shift towards remote work, a trend that has accelerated since the onset of the pandemic.
According to the survey, 51% of respondents report investing in responsive technology solutions to support high productivity and seamless data access for remote employees. These investments aim to create collaborative digital spaces essential for a flexible workplace approach. This strategic move not only facilitates remote work adaptation but also enhances overall operational efficiency. As healthcare organizations navigate labor shortages and the rise of remote work, adopting advanced technology products is crucial for maintaining productivity and ensuring the continued delivery of high-quality care.
Black Book, an independent research organization that does not accept vendor fees, conducts polls and surveys with healthcare executives and front-line users about their current technology and service partners. Based on these surveys, Black Book recognizes top-performing vendors by evaluating their performance across eighteen RCM-focused indicators of client experience, loyalty, and customer satisfaction.
Black Book's full 2024 financial software solutions survey results including 48 RCM categories and over 376 vendors can be viewed at https://blackbookmarketresearch.com/finance-revenue-cycle-management
Solutions ranking highest by financial client experience among 18 RCM Key Performance Indicators for 2024 by survey participants are:
INPATIENT HOSPITAL CLAIMS MANAGEMENT SOLUTIONS
WAYSTAR
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RELEASE OF INFORMATION & SECURE PROVIDER DATA EXCHANGE
MRO CORP
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SPECIALTY RCM SOLUTIONS & COMPLEX CLAIMS
ENABLECOMP
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PATIENT FINANCING & MEDICAL LOAN SOLUTIONS
CAREPAYMENT
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ENTERPRISE MASTER PATIENT IDENTIFIER SOLUTIONS
VERATO
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PROVIDER RCM INTELLIGENCE & ANALYTICS SOLUTIONS
INOVALON
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REVENUE RECOVERY & ACCOUNTS RECEIVABLE SOLUTIONS
KNOWTION
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CHARGEMASTER & PRICE TRANSPARENCY SOLUTIONS
FINTHRIVE
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COST ACCOUNTING & BUSINESS DECISION SUPPORT SYSTEMS
MEDEANALYTICS
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END-TO-END RCM SOFTWARE, LARGE HOSPITAL CHAINS, SYSTEMS, & IDNS
WAYSTAR
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END-TO-END RCM SOFTWARE, COMMUNITY HOSPITAL CHAINS, SYSTEMS & IDNs
THE SSI GROUP
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END-TO-END RCM SOFTWARE, SMALL/RURAL/CRITICAL ACCESS HOSPITAL CHAINS, SYSTEMS & IDNs
TRUBRIDGE
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END-TO-END RCM SOFTWARE, LARGE INPATIENT FACILITIES & ACADEMIC MEDICAL CENTERS
WAYSTAR
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END-TO-END RCM SOFTWARE, PHYSICIAN PRACTICES & AMBULATORY PROVIDERS
VERADIGM PAYERPATH
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END-TO-END RCM SOFTWARE, POST-ACUTE & LONG TERM CARE PROVIDERS
POINTCLICKCARE
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FINANCIAL COMMUNICATIONS & RCM PATIENT SATISFACTION SOLUTIONS
UPFRONT
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PROVIDER REVENUE/CHARGE INTEGRITY & BILLING COMPLIANCE SOLUTIONS
FINTHRIVE
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ENTERPRISE DOCUMENT MANAGEMENT & IMAGING
DOCUWARE
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ENTERPRISE ERP
ORACLE CLOUD ERP
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FINANCIAL PATIENT ACCESS SOLUTIONS
EXPERIAN
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PATIENT ACCOUNTING SYSTEMS, LARGE HOSPITALS & MEDICAL CENTERS
EPIC RESOLUTE HOSPITAL BILLING
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PATIENT ACCOUNTING SYSTEMS, COMMUNITY HOSPITALS
TRUBRIDGE
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PHYSICIAN CLEARINGHOUSE SERVICES, 1-4 PRACTITIONERS
VERADIGM PAYERPATH
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PHYSICIAN CLEARINGHOUSE SERVICES, 5-10 PRACTITIONERS
WAYSTAR
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PHYSICIAN CLEARINGHOUSE SERVICES, 11-25 PRACTITIONERS
EXPERIAN
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PHYSICIAN CLEARINGHOUSE SERVICES, 26+ PRACTITIONERS
AVAILITY
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PATIENT FINANCIAL ENGAGEMENT
CAREPAYMENT
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FINANCIAL DATA REPORTING & VISUALIZATION SOLUTIONS
SAP CONCUR
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SPEND MANAGEMENT SOLUTIONS
SYMPLR
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NURSE/CLINICIAN STAFF SCHEDULING SOLUTIONS
QGENDA
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PHYSICIAN STAFF SCHEDULING SOLUTIONS
TIGER CONNECT PHYSICIAN SCHEDULING
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REAL-TIME LOCATION SYSTEMS (RTLS)
SECURITAS HEALTHCARE (FORMERLY STANLEY HEALTHCARE)
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BENCHMARKING & COMPARATIVE ANALYTICS
MEDEANALYTICS
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END-TO-END RCM OUTSOURCING, HOSPITAL CHAINS, SYSTEMS, CORPORATIONS & IDNs
R1 RCM
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END-TO-END RCM OUTSOURCING, HOSPITALS UNDER 100 BEDS
CONIFER
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END-TO-END RCM OUTSOURCING, COMMUNITY HOSPITALS 101-250 BEDS
FINTHRIVE
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END-TO-END RCM OUTSOURCING, PHYSICIAN PRACTICES 1-10 PRACTITIONERS
ATHENAHEALTH
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END-TO-END RCM OUTSOURCING, PHYSICIAN PRACTICES 11+ PRACTITIONERS
OPTUM
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INSURANCE DISCOVERY SOLUTIONS
ZOLL DATA
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RCM ROBOTIC PROCESS AUTOMATION SOLUTIONS
BOSTON SOFTWARE SYSTEMS
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DENIAL & CLAIMS MANAGEMENT SOLUTIONS, HEALTH SYSTEMS/CHAINS & IDNs
EXPERIAN
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REVENUE CYCLE WORKFLOW OPTIMIZATION, PHYSICIAN PRACTICES & GROUPS
MEDEVOLVE
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REVENUE CYCLE WORKFLOW OPTIMIZATION, INPATIENT PROVIDERS & HOSPITALS
STREAMLINE HEALTH
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END-TO-END REVENUE CYCLE TRANSFORMATION ADVISORS
DELOITTE
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REVENUE CYCLE MANAGEMENT INFORMATION TECHNOLOGY STRATEGY & IMPLEMENTATION ADVISORS
HURON
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FINANCIAL GOVERNANCE & RISK MANAGEMENT SOLUTIONS
RL DATIX
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RCM IT INFRASTRUCTURE & TECH SUPPORT SERVICES
CERECORE
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About Black Book
Black Book™, its founder, management, and staff hold no financial interests in any vendors included in their satisfaction surveys. Black Book publishes survey results and client experience rankings before notifying vendors and does not charge fees for participation, review, inclusion, or, as it directly polls vendors' clients.
Since 2004, Black Book™ has collected over 2.5 million healthcare software and services users globally, assessing vendor satisfaction and industry trends across healthcare software, technology, and outsourcing sectors. Their independent, unbiased, crowd-sourced surveys have expanded to include IT, clinical, operations, and financial professionals, physician practice administrators, nurses, consultants, executives, and hospital IT managers.
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SOURCE: Black Book Research
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