EHRs with Integrated Billing Solutions Key to EHR Satisfaction and Improved Practice Profitability Reveals Black Book RCM study
In this segmented survey of healthcare financial leaders, over 8,000 respective CFOs, CIOs, administrators and support staff of US hospitals and physician practices contributed their perceptions to Black Book™ between April 2013 and August 2013.
KEY FINDINGS: Improving Practice Performance with Revenue Cycle Management (RCM) / Electronic Health Records (EHR) Systems
- 87% of all Physician practices agree their billing and collections systems/processes need upgrading.
- 42% are considering an upgrade of their RCM software within 6 -12 months.
- 92% of those seeking an RCM PM upgrade or system change out are only considering seamless EHR-centric applications.
- 71% of physician practices are considering a combination of new software and outsourcing services to improve their RCM systems.
- 89% of those state a preference for a single source vendor for all RCM PM and EHR modules.
- 89% of physicians currently replacing their EHRs are seeking a seamless single source vendor, and prefer vendors that offer software, outsourcing and consulting options in their EHR/RCM/PM transformation.
- 96% of practices achieving Meaningful Use 1 attestation and/or highly satisfied with EHR vendor performance agree that fully-integrated practice management/revenue cycle management systems equipped with EHR software is the key to ensuring practice survival and even independence from hospital or large group acquisition.
KEY FINDINGS: State of Physician Practice Profitability, Acquisitions & Technology
- 72% of physician practices, whether networked, independent or part of a large group or hospital system anticipate declining-to-negative profitability in 2014 due to diminishing reimbursements and underutilized or inefficient billing and records technology.
- 88% of business managers fear that the ramifications of their outdated and/or auto-piloted revenue cycle management systems, particularly those not integrated to EHRs, will force their physician to sell the entire practice operation to a larger physician group or hospital within 12 months or face practice dissolution.
- 86% of business managers are certain their old practice management and revenue cycle cannot accommodate upcoming regulatory requirements and updates. Nearly 100% state the practice’s financial software and workflows are unprepared for ACO participation.
- 97% of business managers confirm that an innovative, seamless RCM/PM/EHR system would ensure long term practice independence, and greatly improve productivity and profitability.
- 88% of Hospitals and 76% of Large Physician Groups procuring independent physician practices find there was little/no useful salvageable technology (EHR, PM, or RCM) in the acquisition of practice assets.
- 81% of practices acquired in last 12 months had attempted an EHR or upgraded PM implementation.
- 63% of independent practices believe an attempted technology upgrade or implementation was necessary to improve practice value prior to an acquisition. 98% of independent physicians claim that short sighted IT acquisitions, as part of their practice sell off plans to hospitals and larger clinics, actually devalued their practice’s worth.
Black Book Rankings, a division of Black Book Market Research LLC, provides healthcare IT users, media, investors, analysts, quality minded vendors, and prospective software system buyers, pharmaceutical manufacturers, and other interested sectors of the clinical technology industry with comprehensive comparison data of the industry's top respected and competitively performing technology vendors.
The largest user opinion poll of its kind in healthcare IT, Black Book™ collects over 400,000 viewpoints on information technology and outsourced services vendor performance annually.