AUSTIN, Texas, Aug. 8, 2019 /PRNewswire-PRWeb/ -- Cantata Health, the provider of Optimum RCM+, a leading Revenue Cycle Management (RCM) and Enterprise Resource Planning (ERP) solution, that improves the health of facilities and their residents through greater patient visibility, operational efficiency, and successful financial outcomes, today released a new white paper, The Dollars and Sense of Revenue Cycle Management. This new resource for healthcare professionals offers insight into the trends, factors, and decision making that goes into purchasing and keeping an RCM solution in acute care environments.
Key insights include:
- Organizational growth (47%) and increases in claim denials and/or reimbursement delays (43%) were the most commonly cited factors driving interest in purchasing a new financial solution;
- Improved Accounts Receivable (AR) performance and management and increased revenue cycle efficiency are the biggest expectations for a new RCM software;
- Strategies and insights into action that can eliminate inefficiencies and allow accurate forecasting are critical to dealing with decreasing revenue trends;
"Our research and other studies in the market show that healthcare finance, accounting, and revenue cycle management professionals not only have buyer's remorse with the systems they are using, they believe they are less effective in their roles and report an inability to manage and forecast their business because of those systems," said Ken Miller, Senior RCM Strategy Consultant, Cantata Health. "In addition to continuing to help improve the financial health of more than 250 hospital and long-term acute care facilities that are successfully using our Optimum RCM+ solutions to grow and manage their business, we want to take an active role in sharing insights and ideas across the market – this paper does that."
The more than 100 hospital finance, accounting, and revenue cycle management professionals that were surveyed for Cantata Health's white paper offer unique insights into what their experiences have been with their current RCM solution, and what they are looking for from a new RCM vendor.
Other key takeaways from the survey include:
Eliminating manual processes and investing in RCM technology will help healthcare organizations swiftly and effectively respond to the changing industry. As survey respondents pointed out, technology investments are expected to improve financial management while increasing revenue cycle efficiency, reducing claim reimbursement denials and delays, and satisfying staff.
For a revenue cycle management solution to meet consumer expectations, the technology must have the right support behind it. Word of mouth, site visits, and professional recognition are all key to selecting the right technology but working with a vendor who acts as a partner is just as important.
"The business of healthcare is growing more and more complex," added Miller. "Unlike the incentives that came to adopters of EHR systems, the financial benefits to come from investing in RCM technology are internal. Even though 59% of systems surveyed recently purchased technology, they recognize that they need new and better systems because of the opportunity for increased revenue made possible with efficient and effective technology and personnel."
To read Cantata Health's "The Dollars and Sense of Revenue Cycle Management" white paper in its entirety, visit https://cantatahealth.com/resources/rcm-buyers-guide/. Briefly before the release of the white paper, Cantata Health conducted a webinar also based on the survey findings with Xtelligent Healthcare Media, a recording can be found here: https://cantatahealth.com/resources/rcm-buyers-guide-wbn/.
To learn more about Cantata Health's solutions for acute care facilities, visit: https://cantatahealth.com/products/optimum/.
About Cantata Health
Cantata Health delivers award-winning software for acute, post-acute, and long-term care (LTC) facilities that is purpose-built to improve the health of the facilities and their patients. Cantata Health's Revenue Cycle Management (RCM), financial management and Electronic Health Records (EHR) software is configurable to meet the unique needs of each facility or system; provide staff and administrators with greater visibility to patient care across the continuum of care; ensure predictable financial outcomes; improve back-office operations; clinical efficiency; and revenue recovery. Headquartered in Austin, Texas, our team of experts provides uncommonly attentive service and support.
SOURCE Cantata Health
Share this article