Dimensional Insight and HIMSS Analytics Survey Shows Healthcare Organizations with Multiple Revenue Cycle Management Systems Have Higher Rate of Denials
Survey results highlight difficulty in integrating data, and the impact it is having on revenue collection
Burlington, Mass.—May 10, 2018—Dimensional Insight, the maker of Diver Platform, an analytics and data management solution for complex and highly regulated industries, today announced the results of a survey it conducted with HIMSS Analytics on the state of revenue cycle management (RCM). Among the findings of the survey: 68.9% of healthcare organizations use more than one vendor solution for RCM, and those organizations that do use more than one solution report larger issues with denials.
As healthcare delivery continues to evolve, hospitals are struggling to make the most of their revenues. The shift to value-based care, increased patient pay, and a flurry of mergers are creating new challenges within the financial ecosystems of health systems. Many organizations are looking for ways to improve their revenue cycle management.
Dimensional Insight set out to examine the state of RCM in healthcare organizations. In early 2018, the company collaborated with HIMSS Analytics to survey 117 senior-level decision makers in hospitals and health systems, including CEOs, CIOs, CFOs, Directors of IT and Finance, and Heads of RCM.
Some of the survey’s high-level findings:
- Denials are the biggest RCM challenge for health systems today.
- More than two-thirds of health systems use more than one vendor for RCM.
- Organizations using more than one vendor mostly report bigger issues with denials than those using one RCM solution.
- Nearly all respondents say collecting data from disparate sources is a challenge.
- More than 95% of health systems say the way data is collected is a challenge.
“Many hospitals and health systems are undergoing mergers in hopes of increasing efficiencies. Or they implement several different technologies as band-aids to compensate for the deficiencies of systems,” said Fred Powers, president and CEO of Dimensional Insight. “Unfortunately, what they’re finding in many cases is that the different technology systems in place are hard to integrate, and now this is impacting the bottom line.”
In addition, many healthcare organizations are not dedicating the proper resources towards getting the most out of their revenue cycle management software. Barb Mann, analyst at Gartner, discusses this problem in her April 2018 report, “Healthcare Provider CIOs: A Framework and Actions to Exploit Ongoing RCM Innovations.”
Mann writes: “Many healthcare delivery organizations (HDOs) are failing to fully implement revenue cycle management (RCM) capabilities to optimize long-term value. Common challenges are HDOs’ lack of enterprise governance, accountability and resources to execute continuous RCM improvement.”
To read the full results of the survey, you can download it at: https://www.dimins.com/white-papers/himss-rcm-survey/.
About Dimensional Insight
Dimensional Insight is a leading provider of analytics and data management solutions, offering a complete portfolio of capabilities ranging from data integration and modeling to sophisticated reporting, analytics, and dashboards. Founded in 1989, Dimensional Insight has thousands of customer organizations worldwide. Dimensional Insight’s Diver Platform™ consistently ranks as a top performing analytics platform by customers and industry analysts in its core market segments including healthcare, manufacturing, and beverage alcohol. For more information, please visit https://www.dimins.com.
About HIMSS Analytics
HIMSS Analytics is a global healthcare research and advisory firm, providing guidance and solutions including a Healthcare IT market intelligence tool, Healthcare IT insights, and Healthcare IT benchmarks and services. HIMSS strives to move the industry forward with insight to enable better health through the use of IT.