The Healthcare Financial Management Association (HFMA) announces a strategic alliance with FinThrive, Inc., a healthcare revenue cycle management software-as-a-service (SaaS) provider, to co-launch a peer-reviewed, five-stage Revenue Cycle Management Technology Adoption Model (RCMTAM) designed to help health systems leverage industry benchmarks to assess their current state of RCM technology maturity and build best-practice plans to optimize revenue cycle outcomes.
Health systems increasingly signal a need to modernize their RCM technology stacks, initiating enterprise projects that favor vendor consolidation, automation and AI, and platform approaches. Nearly two-thirds of recently surveyed healthcare finance leaders expressed their intention to evolve to an RCM platform in the next two years. Until now, there has been no comprehensive resource to help healthcare leaders align their progressive strategies to relevant industry benchmarks and best practices.
“Our initial analysis of more than 30,000 individual data points shows the majority (42%) of health systems are at Stage 1,” said Hemant Goel, CEO of FinThrive. “This affirmed our hypothesis that although many health systems know they need to transform and automate their revenue cycles, they haven’t had a blueprint to guide them. Through collaboration with HFMA and health system early adopters, we are eager to contribute valuable insights that empower revenue cycle leaders on their path to financial excellence in healthcare.”
This alliance represents a significant advancement in the healthcare industry by offering a peer-reviewed adoption model for healthcare provider RCM leaders. HFMA’s collaboration in the design of the model empowers financial leaders to make informed decisions rooted in financial outcomes within RCM digital transformation. Key features of the RCMTAM include:
- Industry Benchmarks. The adoption model sets technology adoption benchmarks for RCM leaders within the healthcare sector, providing a basis for organizations to assess progress against newly introduced industry standards.
- Correlation with Financial Outcomes. The adoption model leverages HFMA-defined MAP Key definitions to capture financial performance during the assessment and benchmark variance compared to the upper stages of the RCMTAM.
- Personalized Organizational Roadmap. RCMTAM presents a clear and customizable adoption roadmap that enables all healthcare organizations, regardless of their current RCM vendor landscape, to tailor digital transformation strategies to unique needs and objectives.
“In a departure from conventional models, this approach prioritizes the deliberate implementation of technology within healthcare organizations. Positive change in healthcare demands innovative solutions,” said Senior Vice President at HFMA, Richard Gundling. “We believe in the enhanced problem-solving capabilities of using maturity models, particularly RCMTAM, to guide organizations toward sustainable and effective revenue cycle management.”
To learn more about the RCM Technology Adoption Model, join Vice President of Revenue Cycle at Banner Health, Adrienne Moore, and Vice President of Health Insights at FinThrive, Jonathan Wiik, on December 13 for an HFMA-hosted webinar, “A New Framework for Measuring RCM Success.” Register for this live online event here.