Majority Of Providers Replacing PM, RCM Systems

By Katie Wike, contributing writer

It’s not just EHRs that are being replaced this year; according to a new survey, the majority of providers are shopping for practice management and revenue cycle management software as well.

Providers are in need of an IT update as older practice management (PM) and revenue cycle management (RCM) technologies become outdated and mandates such as ICD-10 come ever closer. In fact, the majority of providers are shopping for a new PM or RCM system. Sixty-three percent of the nearly 400 providers surveyed by practice management research group  Software Advice say they are replacing existing software.

“The most common reason buyers cited for wanting to replace an existing practice management or billing system was that they weren’t confident their current system would be ICD-10-ready in time for the October 2015 switch to the new code set. Indeed, nearly one-quarter of buyers replacing software cited compliance concerns,” writes Software Advice.

“Compliance with the new code set is a major driver not only of practice management purchases in general, but specifically of replacements,” said Melissa McCormack, an analyst for Software Advice in an article for EHR Intelligence.  “Despite the implementation deadline having been extended to October 2015, we’re seeing practices give a lot of thought to preparation, and they’re realizing the software they use will play a major role in their own readiness.”

Other reasons respondents cited were that their current system was outdated or too cumbersome, they wanted a solution that integrated with an EHR system, they needed one that would improve their efficiency, or that their current system was too expensive or glitchy. By far the top most requested feature of such systems was EHR integration (40 percent). This was followed by mobile support and coding assistance.

“The trend of PM buyers looking for robust EHR integration grows more pronounced each year, and shows no signs of tapering off since EHR meaningful use requirements increasingly require physicians to utilize charting, billing and scheduling in tandem,” McCormack says. “Vendors who can offer seamless integration between these applications will have a clear advantage over those who cannot.”