"Leading Health IT information since 2005"
Search in HealthTechnologyReview.com
Hospitals Replacing Revenue Cycle Management Solutions, Study Finds
According to the recently-released 2012 U.S. Revenue Cycle Management (RCM) Study conducted by research firm CapSite, more and more hospitals are unhappy with their revenue cycle systems and actively looking for replacements. The report is part of a group of studies evaluating the impact of the HITECH Act on the adoption of EMR software and health information exchange solutions.
“Our study clearly shows an active RCM market over the next 24 months as more than 20 percent of U.S. hospitals will be replacing their core RCM solution while another half will be investing in upgrades of their current core RCM solution,” CapSite reported in a press release.
Healthcare organizations seeking to replace their current systems, or introduce add-ons to existing ones, are specifically looking for solutions with advanced insurance eligibility verification and coding abilities.
In addition, 19 percent of surveyed hospitals have plans to replace their lab information systems, according to a sister report, the 2012 U.S. Laboratory Information System (LIS) Study. “Our study indicates that efficiency improvements are by far the primary driver behind hospitals decision to replace their current LIS,” said CapSite’s senior vice president Gino Johnson.
Investigators also found that buyers are shopping around for products that can easily integrate with their EMR software. This is likely due to the fact that a greater emphasis is being placed on EMRs and practice management systems, making it crucial for other software solutions to easily interface with the two.
As new technologies emerge and office efficiencies improve with the introduction of these software systems, healthcare professionals are eager to upgrade and reap the benefits, especially in the case of revenue cycle management systems, which affect the amount of money coming into a practice or hospital.