According to the 2023 Black Book healthcare survey, revenue cycle outsourcing has become a powerful solution to optimize revenue cycle management (RCM) processes in the healthcare industry. The Black Book healthcare survey highlights the increasing adoption of outsourcing RCM services, driven by the need to maximize ROI and adapt to a changing healthcare landscape. Key survey findings reveal that 17% of hospitals are synchronizing RCM transition activities through advisors and consultants. As the industry shifts towards value-based care, 78% of healthcare providers have yet to select technology vendors, leading to a surge in revenue cycle outsourcing. Medical group practices (73%) are collaborating with consultants to devise accountable care reimbursement strategies and explore revenue cycle outsourcing options. CFOs recognize the importance of outsourcing, with 79% aiming to eliminate vendors not associated with ROI in revenue cycle management. Over half of health organization CFOs (54%) believe outsourcing RCM processes will enhance productivity and financial stability. The survey emphasizes the need for RCM system upgrades, as 89% of healthcare providers acknowledge the requirement for improved solutions. Delayed RCM transformation programs impact smaller hospitals (40% of those with under 200 beds), affecting financial health and patient care. CFOs increasingly consider outsourcing services as a stop-gap measure, with 80% perceiving them as vital until new RCM software is installed. For hospitals with under 200 beds, end-to-end RCM outsourcing is viewed as the most effective solution (72% of CFOs). Larger hospitals (58% of CFOs) plan to outsource at least two revenue cycle management functions. The survey emphasizes the combined approach of automation and outsourcing RCM to enhance operations. Hospitals under 200 beds (73%) and those with over 200 beds (93%) are considering this strategy. In conclusion, the Black Book healthcare survey highlights the significance of revenue cycle outsourcing in addressing industry challenges and achieving financial stability. Hospitals must adapt promptly to the changing healthcare landscape by embracing outsourcing as a transformative solution. To know more...https://bit.ly/3WrRrQc

1. CFO Black Book
Healthcare Survey
on Outsourcing RCM
and ROI

2. of surveyed hospitals are synchronizing RCM
transition activities.
Majority of healthcare providers (78%)
failed to select technology vendors.
Key survey findings reveal that 1
7% of hospitals are
synchronizing RCM transition activities through advisors and
consultants. As the industry shifts towards value-based care,
78% of healthcare providers have yet to select technology
vendors, leading to a surge in revenue cycle outsourcing.
Medical group practices (73%) are collaborating with
consultants to devise accountable care reimbursement
strategies and explore revenue cycle outsourcing options.
1
7%
78%

3. Reduces costs and increases efficiency.
Optimizes ROI revenue cycle management.
Allows healthcare providers to focus on delivering
high-quality patient care.
CFOs recognize the importance of outsourcing, with 79%
aiming to eliminate vendors not associated with ROI in
revenue cycle management. Over half of health organization
CFOs (54%) believe outsourcing RCM processes will enhance
productivity and financial stability.

4. 80%
of Hospital CFOs consider RCM outsourcing
services a valuable stop-gap measure.
Two-thirds seek RCM outsourcing
agreements extending 18-36 months.
End-to-end RCM outsourcing seen as
best solution for hospitals under 200 beds.
2/3
200
The survey emphasizes the need for RCM system upgrades, as
89% of healthcare providers acknowledge the requirement for
improved solutions. Delayed RCM transformation programs
impact smaller hospitals (40% of those with under 200 beds),
affecting financial health and patient care.

5. 50% 50% of US hospitals failed to initiate a sustainable
RCM plan.
Smaller hospitals prioritize vendor
relationships over RCM performance.
200 Delays in RCM transformation programs
for hospitals under 200 beds.
CFOs increasingly consider outsourcing services as a stop-gap
measure, with 80% perceiving them as vital until new RCM
software is installed. For hospitals with under 200 beds, end-to-
end RCM outsourcing is viewed as the most effective solution
(72% of CFOs). Larger hospitals (58% of CFOs) plan to outsource
at least two revenue cycle management functions.

6. Combination of automation (RPA) and
outsourcing services to improve RCM operations.
Hospitals considering supplementing
existing RCM software with outsourcing
services.
Coding repercussions and value-based
reimbursement opportunities driving
the need for outsourcing.
The survey emphasizes the combined approach of
automation and outsourcing RCM to enhance
operations. Hospitals under 200 beds (73%) and those
with over 200 beds (93%) are considering this strategy.

7. In conclusion, the Black Book healthcare survey
highlights the significance of revenue cycle
outsourcing in addressing industry challenges and
achieving financial stability. Hospitals must adapt
promptly to the changing healthcare landscape by
embracing outsourcing as a transformative solution.
Conslusion

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