RemitDATA Reveals Top Business Concerns Facing Healthcare Industry
Latest annual survey reveals varying opinions on the impact of high-deductible plans on business
Feb 21, 2017, 06:05 ET
PLANO, Texas, Feb. 21, 2017 /PRNewswire/ -- Unpredictable changes continue to sweep the healthcare market, driving a greater need for technology and the use of comparative data analytics to help organizations solve operational and revenue cycle issues, according to a new survey of healthcare providers, billing companies and vendors conducted by RemitDATA Inc.
RemitDATA, a pioneer of comparative data analytics technology that brings 360-degree data transparency to the healthcare industry, recently conducted its second annual healthcare industry survey to identify the top challenges around market consolidation, acquisitions, the adoption of alternative payment models and the use of technology to solve business problems.
The survey revealed that top concerns include maintaining profitability and keeping current patient populations, particularly for billing companies. In contrast, providers, billing companies and vendors all said market consolidation is not a major worry, however one-third of both providers and billing companies say they are looking to acquire others.
"As healthcare continues to evolve, this annual survey helps clarify what is truly on the minds of healthcare organizations," said Stacie Bon, vice president of marketing. "Although certain areas revealed less concern than we anticipated, it is very clear that the use of data and technology are critical for all healthcare organizations to leverage as they continue to achieve greater transparency, optimization and revenue."
Survey respondents were a diverse mix of providers, healthcare vendors and billing companies. Representing nearly 40 specialties from family practice to surgery and beyond. Each works with a payer mix, including government plans (Medicare, Medicaid, Tricare), commercial payers and worker's compensation.
Chief concerns among respondents revealed that nearly 70 percent of billing company respondents believe high-deductible plans are impacting the business, contrasted with a roughly 50-50 split among providers. When it came to revenue cycle management specifically, nearly half of respondents found it difficult to obtain the data necessary to effectively negotiate with payers—something RemitDATA is working to solve through its SaaS solutions.
For more information on the survey, RemitDATA and its comparative analytic solutions visit RemitDATA.com/resource/healthcare-keeping-pace-industry/ or visit booth #5847 at HIMSS on February 20-22 in Orlando, Florida.
About RemitDATA
RemitDATA is a healthcare technology company that delivers a comprehensive comparative data and analytics platform. Founded in 2000, with offices in Memphis, TN, Plano, TX and Lexington, KY, RemitDATA strives to bring collaboration and 360-degree data transparency to all entities within the healthcare industry by delivering a range of system agnostic, comparative analytic solutions. Through the use of Application Programming Interfaces (API), benchmarking and peer comparison tools, payers, providers, billing companies and other healthcare companies will gain actionable insights to better understand their business and improve operations so they can focus on what really matters, to them. For more information, visit www.RemitDATA.com.
Media contact:
Carrie Kelly
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SOURCE RemitDATA