By Salman Rashid, creative marketer, RightPatient.
Budgets and costs regarding IT are expanding more than ever- healthcare providers are increasingly focusing on requirements that demand up to date facilities as well as stability.
This is the conclusion of a survey by the firm Navigant Consulting and also explains a few more insightful details. Health systems are confidently financing in spaces such as improved EHR systems, process automation, better revenue integrity, as well as attaining improvements in revenue cycle via third parties.
This survey was conducted via HFMA (Healthcare Financial Management Association) and its sample included more than 100 CFOs and revenue cycle members from health systems, as well as hospitals.
One of the main takeaways from the survey is that almost two-thirds of the sample stated that they face problems primarily related to EHR systems- either they underutilize their EHR systems, or else they are facing challenges with EHRs like getting better results or else cannot cope with the continuous upgrades. However, even with all these, patient misidentification persists within the healthcare system of the US and is still a top concern for most providers.
Payment concerns like out of pocket payments are also another challenge, according to the respondents- 85% of respondents feel that lack of insurance will be detrimental for the healthcare providers since they rely heavily on insurance payments. However, even in these cases, they face denied claims when patients are misidentified.
To face all these issues altogether, almost 70% of the sample agreed that increasing the budget is necessary to overcome them. However, fifty percent of the respondents stated that they are collaborating with third parties to maintain revenue cycle costs, better patient identification, as well as challenges like denied claims.