Earlier this month (January 2016), Elevate Recoveries asked 800 providers to share their insight on the revenue cycle process. The response rate was more than anticipated, and we are pleased to share the results.
The first question asked was which type of revenue cycle services were currently used by their hospital. Nearly 70% reported they use Early Out vendors, 85% use Primary agencies, 53% use Secondary agencies and 21% indicated they use a Debt Purchasing vendor.
Next we asked providers if they used a Request for Proposal (RFP) process to select their vendors. Only 33% indicated they used a RFP while a full 50% reported not using a RFP process (the remainder were unsure).
The last revenue cycle question we asked was related to when they last reviewed their revenue cycle vendors. Nearly 65% responded they had reviewed their vendors within the past 12 months, with the rest of the responses evenly split with reviews between 1-2 years and over 2 years.
We also asked providers the last time they attended a Healthcare Financial Management Association (HFMA) event. Over 75% indicated they attended an event within the past 6 months, with 18% indicating it had be over 1 years since attending an event; only 5% indicated they had never attended a HFMA event.
We want to thank all of the providers who participated in our survey, and hope this information has proved useful to those of you on the front lines of the revenue cycle process.