Revenue cycle executives for healthcare organizations are focusing their attention on improving patient collections, according to a recent survey of finance executives.
The survey, released Monday, shows that some 94 percent of responding executives say improving collections on patient payments is among their organizations' top three revenue cycle priorities.
Executives are concerned about collection improvement, according to the survey of 173 senior level finance and operations decision makers. The survey was conducted by (italics) Healthcare Finance News (end italics) for Connance Inc., a Waltham, Mass.-based developer of patient collection applications.
When asked to identify the biggest challenge for improving patient collections, some 43 percent of respondents said they fear the pace of patient revenue growth will exceed their organization's ability to respond.
After that, executives said the next challenge they face is the increasing cost of patient collections.
Executives hope to counter these pressures by working smarter, with technology playing a key role.
Some 47 percent of responding executives say their organizations are planning to install new technology. That trend is particularly pronounced among large providers, with revenues in excess of $500 million, of which 57 percent say they are looking for IT solutions.
By contrast, 32 percent of respondents say they plan to restructure or consolidate their collections operations; 30 percent say they are looking to invest in modeling tools developed specifically for self-pay collections; and only 25 percent say they will hire more staff.
Survey results affirm "fundamental industry pain points: patient payment is the fastest growing revenue class in healthcare and the most difficult to manage," said Stephen Farber, Chairman and CEO of Connance. "Industry executives are committed to investing in new technologies and tools in response, and are confident that they can realize real and quantifiable returns on these investments. With the right technology, hospitals can improve collections, control costs and ensure a better patient experience."