R1 RCM Releases Two Reports Focused on Improving Financial Outcomes and Driving Efficiency in Revenue Cycle Management

Rhea-AI Summary

R1 RCM (NASDAQ: RCM) released two reports addressing significant financial challenges faced by the healthcare sector, emphasizing the impact of labor shortages, shrinking margins, and supply chain issues. Key findings from the 2022 Mid-Year Healthcare Financial Trends Report suggest that 96% of CFOs expect added strain on revenue cycle management (RCM) as elective procedures resume, while 46% are behind on revenue goals, adversely affecting patient experiences. The second report, Vetting the Right Revenue Cycle Partner, highlights strategies for effective RCM partnerships aimed at improving efficiency and financial outcomes.

Positive

• Reports provide valuable insights into overcoming financial challenges in healthcare.
• High engagement from healthcare executives, reflecting a strong interest in RCM solutions.

Negative

• 96% of CFOs anticipate increased strain on RCM departments.
• 46% of executives report being behind on revenue goals.

Independent reports highlight today’s top challenges and best practices during challenging financial times

MURRAY, Utah, Sept. 29, 2022 (GLOBE NEWSWIRE) -- R1 RCM Inc. (NASDAQ: RCM) (“R1”), today released two comprehensive reports that explore financial challenges facing the healthcare industry and novel ways executives are overcoming them through revenue cycle management (RCM) partnerships. Labor shortages, shrinking margins and supply chain issues are dramatically impacting the patient experience, and affecting the ability to deliver high-quality care both clinically and administratively. Healthcare leaders are charged with finding new, innovative ways forward.

The 2022 Mid-Year Healthcare Financial Trends Report discusses today’s top priorities, concerns and trends for health system and physician group executive leaders. The report contains key takeaways from the survey of over 200 CFOs and VPs of revenue cycle, including:

• 96% of respondents feel there will be additional strain on RCM departments as patients return to elective health procedures
• 46% are behind on 2022 revenue goals
• All respondents say that strains on the RCM department are negatively impacting the patient experience
  

The research brief, Vetting the Right Revenue Cycle Partner developed by The Health Management Academy and sponsored by R1 -- provides insights on driving efficiency and financial outcomes in revenue cycle management, including:

• Factors to consider when evaluating RCM partnerships
• Three major obstacles to a successful RCM partnership and how to overcome them
• Four reasons leading health systems pursue RCM partnerships
• The two primary approaches to an RCM partnership and the four differences between them

The brief includes insights from 40 quantitative survey responses and eight qualitative, in-depth interviews among C-Suite Executives well as VPs and Directors in finance and RCM roles at leading health systems.

About R1 RCM
R1 is a leading provider of technology-driven solutions that transform the patient experience and financial performance of hospitals, health systems, and medical groups. R1’s proven and scalable operating models seamlessly complement a healthcare organization’s infrastructure, quickly driving sustainable improvements to net patient revenue and cash flows while reducing operating costs and enhancing the patient experience. To learn more, visit: r1rcm.com.

About The Health Management Academy
The Health Management Academy (The Academy) powers our community to drive health forward. Our community is made up of healthcare’s most influential changemakers including executives from the top 150 U.S. health systems and the most innovative industry partners. We power our members by building our community and fostering connections through executive peer learning. We support professional growth through talent and development. We accelerate understanding by delivering timely and actionable data and insights on key challenges. And we catalyze transformation by building alliances in areas where the power of the collective is greater than the power of one.

More information is available at hmacademy.com.

Contact
Natalie Pacini
415.335.7641 ext 43
natalie@highwirepr.com

 

FAQ

What does the recent R1 RCM press release discuss?

The press release discusses two reports highlighting financial challenges in healthcare and effective revenue cycle management strategies.

What are the key findings from the 2022 Mid-Year Healthcare Financial Trends Report?

Key findings include that 96% of CFOs expect additional strain on RCM due to resuming elective procedures, and 46% are behind on revenue goals.

How do the reports address RCM partnerships?

The reports provide insights on evaluating RCM partnerships and overcoming obstacles to drive efficiency and better financial outcomes.

What challenges are impacting patient experience according to the R1 RCM report?

Labor shortages, shrinking margins, and supply chain issues are significantly affecting the patient experience.