The idea of replacing or changing a patient accounting solution is frightening. Hospitals can lose a lot of money if they are unable to get their bills out correctly and on time. Being unable to bill patients and insurance companies for several months could quite literally bankrupt a facility while trying to get a new vendor product working.
With state and federal reimbursement, there are strict regulations as to the compensation forms that get completed and the data elements that go in them. Everything from coding the diagnosis and co-morbidities to the timing of the patient’s visit, including how soon the bill has to be produced after the patient’s discharge needs to be taken into account. For these and other reasons, virtually every acute care hospital bills for patient care and collects revenue through commercial software. As such, very few provider organizations have homegrown solutions for the patient accounting function.
In this perception study, KLAS investigates hospital revenue cycle management and the ability of software solutions to keep up with healthcare provider needs. The report addresses perceptions in the marketplace rather than actual performance scores and contains opinions from more than 170 healthcare participants.
KLAS found that thirty-eight percent of those interviewed plan to replace their patient accounting or revenue cycle management system. In addition, fifty-five percent of respondents stated that their core CIS vendor has a high impact on their accounting solution decision.
The eight vendors included in this research are Cerner, Eclipsys, Epic, GE, McKesson, Meditech, QuadraMed, and Seimens.
For more information about this and other software, professional services, and medical equipment healthcare research, visit KLAS’ website.
KLAS (klasresearch.com) is a research firm specializing in monitoring and reporting the performance of healthcare vendors. KLAS’ mission is to improve delivery, by independently measuring vendor performance for the benefit of our healthcare provider partners, consultants, investors, and vendors. Working together with executives from over 4500 hospitals and over 2500 clinics, KLAS delivers timely reports, trends, and statistics, which provide a solid overview of vendor performance in the industry. KLAS measures performance of software, professional services, and medical equipment vendors. For more information, visit the KLAS website, email marketing@KLASresearch.com, or call 1-800-920-4109 to speak with a KLAS representative.
All KLAS data and reports are © 2008 KLAS Enterprises, LLC. All rights reserved.