More Than 60 Percent Of Health Systems That Do Not Currently Use Revenue Cycle Automation Plan To Do So By End of 2021
SOUTH SAN FRANCISCO, Calif., Nov. 19, 2020 /PRNewswire/ -- Alpha Health, the first Unified Automation™ company for revenue cycle management in healthcare, released results of a national survey designed to assess adoption of automation in revenue cycle operations at health systems and hospitals across the U.S. According to the survey, more than 60 percent of hospital financial leaders in organizations that have never used automation plan to automate revenue cycle functions by the end of 2021.
The survey was commissioned by Alpha Health and conducted through the Healthcare Financial Management Association's (HFMA) Pulse Survey program. The survey was fielded between May 19, 2020 and June 22, 2020 among 587 chief financial officers and revenue cycle leaders at health systems across the United States. Approximately 40 percent, or 234 respondents, reported they are not currently using automation in their revenue cycle operations. The survey has a confidence level of 95 percent with a margin of error of plus or minus 5 percent.
The approximately 40 percent of respondents who said that they are not currently using automation in their revenue cycle operations were then asked, "Does your organization plan to automate any functions in your revenue cycle operations in the future?"
More than 60 percent said their organizations plan to automate revenue cycle functions by the end of 2021. Responses were statistically consistent across organizations of all sizes based on net patient revenues and regardless of organization type (health system or hospital).
"Provider organizations that closely consider maintenance costs of automation will be best positioned to ensure those projects stay on schedule, on budget, and provide the greatest return," said Malinka Walaliyadde, co-founder and CEO of Alpha Health. "The opportunity going forward for healthcare providers is to expand their ambitions and scope for automation. Instead of identifying dozens of small, discrete use-cases and never getting past the first few due to high setup and maintenance costs, it's now time to take a more comprehensive approach. Foundational end-to-end automation for entire revenue cycle functions will be key to driving giant leaps in efficiency."
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SOURCE Alpha Health