Research points to the key reasons CFOs are shifting away from RCM point solutions toward holistic revenue management technologies.
Denver, CO /PRNewswire/ - FinThrive, Inc., backed by Clearlake Capital Group, L.P. (together with certain affiliates, "Clearlake"), a healthcare revenue management software-as-a-service (SaaS) provider with the industry's most comprehensive end-to-end platform, will release new research from its autonomous revenue management playbook and participate in three speaking sessions at the HFMA Annual Conference June 26-29.
The current state of healthcare has proved to be a costly problem for providers, payers and patients. Bolt-on solutions, from multiple vendors, have only exacerbated financial downfall, leading to recurring denials, underpayments, and high vendor management costs. Recent research sponsored by FinThrive reported that 29% of health system CFOs plan to invest in a single-vendor revenue management platform solution within the next 12 months; another 36% intend to go to market within the next two years. The rise of revenue management platforms represents the most significant technology shift since industry wide EHR (Electronic Health Record) adoption in 2015.
"Uncompensated care climbed to $42.7 billion in 2020. This means the current system is not working as well as it should," said Hemant Goel, President & CEO, FinThrive. "FinThrive is challenging the status quo, partnering with our customers to drive inefficiency out of healthcare revenue cycles with breakthroughs in technology. Our end-to-end platform leverages intelligent automation, integration, and human-centered design to create frictionless workflows across all stages of revenue management."
FinThrive will share new insights from its Autonomous Revenue Management Playbook at HFMA Annual, including the top reasons CFOs are shifting away from RCM (Revenue Cycle Management) point solutions, toward holistic revenue management. This never-before-published primary research will show how emerging technologies have the power to transform the healthcare industry. It is the research that helped shape FinThrive's own End-to-End Revenue Management Platform solution.
FinThrive's educational speaking sessions at HFMA Annual will cover the benefits of a frictionless payer-provider collaboration, offering insight on how to increase access to care, improve the patient financial experience and lower costs for all. FinThrive will also introduce new strategies to prevent revenue leakage and lead a discussion on education, and the significant role it will play in driving the culture change required to transform the healthcare economy.
Dates and times for FinThrive's HFMA Annual speaking sessions are:
- Payer-Provider Collaboration: Reimagining the Relationship between Payer, Provider, and Patient. Speakers: Jamie Davis, Executive Director Revenue Cycle at Banner Health and John Yount, Chief Innovation Officer at FinThrive. Monday, June 27, 10:50 – 11:40 a.m. MDT, HFMA Education Rooms 405-407.
- Rapid Fire Session: The Continued Need for Consumerism in Revenue Cycles. Speaker: Mary Beth Rozzell, Vice President of Sales Enablement at FinThrive. Tuesday, June 28, 12:40 – 1:40 p.m. MDT, HFMA Exhibit Hall.
- Revenue Cycle Resilience: Putting your Best Team and Technology Forward. Speakers: Jeff Neisen, Senior Director Billing and A/R Management at SCL Health and Jonathan Wiik, Vice President, Healthcare Insights at FinThrive. Wednesday, June 29, 9:05 – 9:55 a.m. MDT, HFMA Education Rooms 405-407.
Guests are invited to visit FinThrive at Exhibit #113 to view its End-to-End Revenue Management Platform. In-exhibit demos and interactive technology will demonstrate how FinThrive's market-leading revenue management platform will push the industry forward and help reshape the future of healthcare.
"HFMA Annual couldn't have happened at a better time," said Goel. "We've been moving fast toward achieving our vision. Our team, some of whom you'll hear from at the show, has helped us deliver the industry's most comprehensive end-to-end revenue management platform. HFMA will be a testament to the fantastic work that's being done across the FinThrive organization. We're excited to showcase our solutions and welcome all to FinThrive."
FinThrive is advancing the healthcare economy. Our 1,600-plus colleagues rethink revenue management to pave the way for a healthcare system that ensures every transaction and patient experience is addressed holistically. We're making breakthroughs in technology—developing award-winning revenue management solutions that adapt with healthcare professionals, freeing providers and payers from complexity and inefficiency, so they can focus on doing their best work. Our end-to-end revenue management platform delivers a smarter, smoother revenue experience that increases revenue, reduces costs, expands cash collections, and ensures regulatory compliance. We've delivered over $8.8 billion in net revenue and cash to more than 3,245 customers worldwide. When healthcare finance becomes effortless, the boundaries of what's possible in healthcare expand. For more information on our new vision for healthcare revenue management, visit finthrive.com.