Accountable-Care Partnerships Cited as Top Industry Priority under Healthcare Reform, according to Firstsource Survey
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Following the Supreme Court’s decision to uphold Healthcare Reform, healthcare finance executives will be placing a renewed focus on developing accountable-care partnerships and implementing other healthcare reform changes, according to a survey conducted by Firstsource Solutions USA (“Firstsource”). The survey was conducted at ANI: The HFMA National Institute conference, held recently in Las Vegas.
Close to half of healthcare finance executives (43 percent) said healthcare reform changes should be the top priority for the healthcare finance industry as a whole for the remainder of 2012 and, according to 49 percent of respondents, developing accountable-care partnerships, allowing healthcare businesses to share risk, help lower costs and improve quality, should be the top priority for providers. This despite the fact that only 56 percent agree that a strong accountable care organization network will trim spending, improving the bottom lines of clinics and hospitals.
“The priorities for the industry as a whole differ from the current priorities of individual organizations right now,” said Mitzi Winters, President and CEO, Global Healthcare Solutions, Firstsource. “This, coupled with financial system overhauls, is creating an extremely complex environment for healthcare finance executives to navigate. Healthcare reform changes have taken precedence and ICD-10 conversions have been put on the back burner for the time being.”
In light of the Supreme Court’s decision on the healthcare reform law, 27 percent of executives surveyed said that technological solutions that simplify financial and administrative processes should be the top priority under healthcare reform, while 24 percent said working on their information technology infrastructure, readying themselves to participate in health information exchanges should be.
“Healthcare reform will undoubtedly create new priorities for the healthcare finance industry,” said Brenda Snow, Executive Vice President, Strategic Planning and Analysis, Firstsource. “Despite the unknowns, health care finance executives are shifting their focus to health care reform priorities.”
While healthcare reform changes were cited as the top priority for the industry going forward, only 22 percent said it was the top priority for their organization at the current time. Twenty-eight percent of respondents indicated that meaningful use mandates were the top priority for their organization, followed by clinical and financial system conversions (27 percent). Only three percent of respondents said conversion to ICD-10 was currently a top priority for their organization.
Although survey respondents stated that developing accountable-care partnerships should be the top priority for the industry under healthcare reform, only nine percent are currently focused on it. Additionally, over half (53 percent) said that their organization was undergoing a technology overhaul of their financial system due to electronic health record system adoption.
Respondents also noted the benefits of social media with over two-thirds (69 percent) agreeing that it is relevant to a hospital’s financial operation.
The survey of 100 professionals in the healthcare finance industry was conducted by Firstsource at ANI: The HFMA National Institute on June 24-27, 2012 in Las Vegas.
Firstsource (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL@IN) is a global provider of customised BPO (business process outsourcing) services to the Banking & Financial Services, Telecom & Media and Healthcare sectors. Its clients include FTSE 100, Fortune 500 and Nifty 50 companies. Firstsource has a “rightshore” delivery model with operations in India, US, UK, Philippines and Sri Lanka. ().
With a heritage that dates back to 1989 and headquarters in Louisville, Ky., Firstsource Solutions USA (Firstsource) is a leading full-service revenue cycle solution provider. Firstsource provides eligibility, enrollment and other recovery solutions to help hospitals and health systems maximize reimbursement, increase cash flow and reduce bad debt. The company employs people, experience and technology to improve revenue processes and create value for providers and payers nationwide. Its performance excellence initiatives, combined with a tenured staff, operational capacity and financial strength, positions Firstsource to achieve superior results for clients while maintaining positive relations with patients and local communities.