One-third of providers have buyer’s remorse when it comes to purchasing revenue cycle outsourcing services, according to a recent KLAS report. Provider organizations investing in outsourced revenue cycle services to relieve cost and resource burdens need their firms to take true ownership of the complex revenue cycle and deliver accordingly.
For the report, KLAS spoke to 140 provider organizations using RCO or EBOS to determine which firms are delivering and which are falling behind. The KLAS report reveals the majority of leading RCM firms are falling short of provider’s expectations and is driving them to report more success with extended business office services (EBOS), which are more focused in scope.
Key findings of the report include:
– Since 2017, multiple firms have seen declining overall satisfaction— Cerner by 18 points (out of 100), nThrive by 13 points, and Parallon by 10 points
– 70% of interviewed Cerner clients would not use the firm’s RCO services again with nearly half of respondents report nickel-and-diming, and many feel Cerner oversold their services; some describe resources as inexpert and slow to work on outstanding claims.
– nThrive clients report there are few consequences for the firm if they underperform and that little strategic guidance is offered to help improve clients’ revenue cycle.
– Parallon clients feel resources are quick to give up on hard to resolve claims and slow to respond to concerns.
– Organizations using Conifer Health Solutions report a cookie-cutter approach and insufficient staffing, and they would like the firm to more proactively identify and resolve revenue cycle inefficiencies.
– Navigant and R1 customers are the most likely to be using a wide scope of services (business office, patient access, and HIM services).
– R1 RCM clients feel the firm’s tools bring value by providing clear visibility into revenue cycle weak spots
– PwC reported the highest impact on financial and efficiency outcomes due to strong financial analytics tools that identify trends and new revenue opportunities.
– MediRevv’s strong pre-engagement planning, which focuses on setting clear expectations and understanding clients’ objectives has a strong positive impact on financial, efficiency-related, and patient satisfaction outcomes. MediRevv also incorporates patient complaints into resource training.
– Bolder clients are highly satisfied as well and see increased patient satisfaction, due to its customer-centric resources who walk patients through the billing process