ABILITY recently conducted a survey of RCM companies, software vendors and industry consultants to learn their top concerns in the current healthcare climate. The results, summarized in our infographic, highlight the many interwoven challenges facing healthcare vendors as they work toward delivering innovation and value for their customers.
The survey asked industry professionals to rank the top three challenges facing them this year. While answers and rankings varied across specialties, common themes included:
One of the most frequently cited concerns in our survey was the need to reduce or maintain costs, reflecting the cost pressures felt throughout the healthcare chain. Vendors are searching for ways to hold costs down for their end users, or deliver a greater value to justify any cost increases.
For entities that work with Medicare, one sometimes overlooked tactic for reducing costs is to work with a partner like ABILITY to connect to Medicare directly, rather than via a clearinghouse. Direct connectivity removes the middleman and allows savings for both the vendor and customer in addition to enabling faster claim processing, which brings its own cost benefits.
Regulatory and compliance
Concerns about keeping up with regulations and complying with payer rules were also a top survey response. Many vendors find it very difficult to keep abreast of the ever-changing regulations regarding data security and other issues that may be specific to individual payers.
This is another area in which working with a partner can pay off. Rather than directly employing liaisons to CMS, HETS and other government organizations, many companies address this problem by partnering with organizations that provide that expertise, as ABILITY does. Our relationships with CMS and other payers help us keep our services up to date so that they meet or exceed regulatory requirements. We also work hard to keep our partners informed of future changes, so all parties have as much time as possible to plan for new rules.
It’s no surprise that staying competitive is a major concern for many of our survey respondents, and this challenge is intertwined with many of the other issues reported in the survey. After all, reducing costs and maintaining compliance with regulations are major contributors to staying competitive.
But insiders know this challenge is overarching as well—requiring vision, creativity and adaptability to achieve. Many Strategic Partners of ABILITY find that utilizing our APIs and other services helps them focus on the bigger picture for their product and company, so they can continue to keep their service cutting-edge without the additional worries of managing multiple point-to-point connections for payers, and the complexities of payer and regulatory changes.
Our full infographic provides additional detail on the survey findings. Whether your company’s challenges are similar or very different from the ones your peers identified, ABILITY is ready to help you meet them.
The post RCM companies and software vendors tell us their top challenges for 2017 appeared first on ABILITY Website.