In Q3 and Q4 of 2023, we engaged in conversations with a number of healthcare CEOs, CFOs, COOs and RCM leaders to understand their biggest challenges in 2023 and goals for 2024.
Top Challenges Revenue Cycle Organizations Faced in 2023
- 80% of RCM leaders had trouble accessing deep dive reports and granular data.
- 80% of RCM leaders faced administrative challenges with eligibility and prior authorization workflows.
- 60% of RCM leaders took a reactive approach to denials management.
- 67% of CFOs faced challenges in getting reliable data and trends for financial forecasting
- 62% of all respondents reported not being able to analyze claims and payment data without having to manually clean up and compile the data.
The Status Quo of Performance
Our respondents reported the following metrics for their organizations:
- 17% denial rate on average
- 11 days from service to submission on average
- 83% net collections rate on average
2024 RCM Performance Resolutions
- 75% of C-Suite leaders will focus on increasing revenue collections while minimizing costs
- 75% of C-Suite leaders will prioritize the adoption of automation to limit human error and manual work
- 88% of C-Suite leaders aim to adopt technology solutions that can integrate easily with their organizations’ existing technology stack.
In 2023, Adonis' Revenue Intelligence platform played a pivotal role in enhancing clients' revenue outcomes. By leveraging predictive analytics and alerting, Revenue Intelligence empowered internal teams to proactively identify issues and implement corrective courses of action. In 2024, Adonis will continue to go above and beyond the industry standard in helping its partners solve their biggest RCM challenges and achieve their revenue goals. Learn more about how we can help you achieve your 2024 RCM goals.