Sixty-one percent of CFOs that self-identified their hospitals as struggling foresee being fired by 2016 because their revenue cycle management, staff and solutions were stuck in fee-for-service mode too long, according to recent Black Book survey results.
The CFOs at struggling hospitals identified health IT as the primary reason for their revenue cycle management issues, with 40 percent of CFOs saying they were forced to postpone revenue cycle software transformations due to a misjudged EHR, and health information exchange and portal expenses. In addition, 94 percent of struggling hospital CFOs said failed health IT implementations have significantly impacted their organizations financial position.
However, CFOs at fiscally healthier hospitals had a different story, with 91 percent of them saying they have either fully committed to next generation revenue cycle management, currently have implementations underway, or plan on either outsourcing or purchasing new revenue cycle manage software by the third quarter of 2015.
“Hospital viability has never been more thoroughly secured to a single organization venture as revenue cycle management transformation,” said Doug Brown, managing partner of Black Book. “And CFOs in struggling hospitals are in a very perilous position as the risk models are still being charted while limited funds remain for next generation RCM tools.”
The survey results were based on responses from 590 hospital and inpatient organizations across 45 states.