According to Black Book’s 2017 Revenue Cycle Management survey, a staggering 82% of medical providers and 92% of hospitals plan to abandon ‘time-intensive, error-prone, manual efforts to back-end process and reconcile bills’ by Q4 2018.
This data point is among other eye-popping insights found in a compilation of two focused polls conducted among consumers and healthcare providers.
The results confirmed what many revenue cycle professionals have observed anecdotally: There is an acute need for more medical debt financing options, early-cycle patient engagement, analysis of consumers' propensity to pay, and cost transparency. Black Book collected data between April 1 and September 30, 2017 from 2,698 healthcare providers, plus a focused group of 850 healthcare consumers insured under high deductible health plans (HDHPs).
The research study is designed to report trends in consumer satisfaction and patient experiences, outline payment challenges, and identify best corrective strategies for healthcare providers. The consumer portion of the survey aimed to determine how patient responsibility for medical costs, which shifted from employers to patients, is impacting uncollected provider revenue.
Among the survey’s other key findings: