Salucro’s New Provider-Focused Report Shows that Providers Are Most Concerned with Timely Patient Collections Among Leading Revenue Cycle Challenges in 2024
Healthcare leaders are seeking patient payment and billing solutions that support achieving more timely patient collections, and deep workflow integrations with their EHR or Patient Accounting System ranks as the highest feature priority when evaluating new vendors
Salucro Healthcare Solutions, a leading healthcare payment technology company, today released its inaugural Healthcare Provider Fintech Insights Report. This latest research provides revenue cycle and finance professionals insights into where their peers and other healthcare financial leaders are investing into healthcare payment technology, patient-centric strategies, and operational efficiencies in 2024 and beyond. Based on a survey of 176 healthcare professionals, the report delves into the current state of revenue cycle management, key challenges revenue cycle leaders are facing, where existing patient payment and billing platforms surpass or fall behind provider expectations, and more.
Key findings from the report include:
- 48% of revenue cycle leaders say that timely patient collections are their biggest concern moving into 2024, in comparison to 36% concerned with denial management and 32% on hiring and staff training;
- 49% of the healthcare professionals surveyed say they are either somewhat or very likely to invest in new revenue cycle technology in the next 18 months;
- 96% of healthcare professionals say it is important for their organization’s payment solutions to integrate into existing revenue cycle applications and workflows.
“With the breadth of technology platforms available to healthcare finance and revenue cycle teams today, it’s surprising to see that nearly half of surveyed revenue cycle leaders continue to cite timely patient collections as one of their biggest hurdles heading into 2024; notably higher than staffing challenges, insights and analytics, and more,” said Rebecca Grossman, Senior Vice President of Strategy and Business Development at Salucro. “By investing in patient payment and billing platforms that offer seamless workflow integrations with existing applications, healthcare organizations can begin to bridge the gap in perceived efficiency between leadership and frontline revenue cycle teams while improving on the key metrics that allow their teams to be successful.”
The report goes on to highlight that the adoption of a new patient payment and billing solution is heavily influenced by the ability to drive revenue cycle improvements and lower the overall cost to collect. Supporting and sustaining a healthy revenue cycle ensures that providers can continue to focus their efforts on what matters most – the delivery of quality care. Platforms that can expedite and increase payment collections are a critical part of that system, showcasing the increased value in shifting toward digital-first solutions.
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