Eighty-seven percent of all physician practices agree their billing and collections systems need upgrading, according to a new survey. The majority favor moving to a fully integrated practice management, EHR and medical software product, accessible through the cloud on any browser or device.
The first of eight revenue cycle management studies to be released by Black Book, the "Top Physician Practice Management & Revenue Cycle Management: Ambulatory EHR Vendors," is an analysis of the convergence of the replacement EHR market with the needs of physician practices to upgrade patient billing processes.
According to Black Book Rankings, the RCM software and services industry recently surpassed the $12 billion in the ambulatory physician practice segment due to demands encountered from reimbursement and payment reforms, accountable care participation, ICD-10 coding challenges and declining revenues.
The new 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, Black Book officials said in a Sept. 3 press release.
Forty-two percent of those surveyed said they're considering an upgrade of their RCM software within six to 12 months. Ninety-two percent of those seeking an RCM PM upgrade or system change out are only considering an EHR centric application, the study found.
According to the study, 72 percent 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.
"Over the past year, the overwhelming desire to keep practices from being acquired or selling out has changed drastically," noted Doug Brown, managing partner of Black Book Market Research, in a news release.
"As evidenced by the growing number of meaningful use failures and immature EHR systems dropping off the competitive market, far too many EHRs falsely claimed to integrate seamlessly into practice and revenue cycle management systems," said Brown. "Fewer systems had evidence of seamless integration across revenue cycle management, clinical communications and analytics solutions."
"These innovative systems are transforming thousands of physicians increase collections, streamline operations, acclimate to reimbursement reforms, provide productive workflows and improve patient care, " added Brown.
The Black Book eight-part series also names the top-ranked vendors in customer satisfaction and client experience among RCM software and outsourcing services providers, as well as RCM transformation consultants.