But there is four-letter word that you could shout out to gain more confidence and control over your healthcare business future. That word is “next,” as in Crowe RCA Next.
Crowe RCA Next is the next generation of Crowe RCA, the groundbreaking net revenue software platform being used by more than 1,800 hospitals and 200,000 physicians today.
Crowe RCA Next will be one of the headliners at the upcoming 2023 Crowe Healthcare Summit in Nashville, Tennessee, Sept. 18-21. Registration is open. At least five interactive breakout sessions and roundtable discussions at this year’s Healthcare Summit will feature Crowe RCA Next:
- “The Future Unveiled: Crowe RCA Next Showcase”
- “Streamlining Month-End Close in Crowe RCA Next”
- “Building, Editing, and Sharing Reports in Crowe RCA Next”
- “Are You Ready? Preparing for Your Crowe RCA Next Conversion”
- “Questions and Answers to New Crowe RCA Next Features”*
After you register, you can build your own agenda for the four-day event to make sure you don’t miss these don’t-miss sessions on Crowe RCA Next.
Why should you sit in on these five Crowe RCA Next sessions at Summit? Let’s take a quick look at the change happening in healthcare – change that might be directly affecting your healthcare organization’s net revenue and revenue cycle performance:
- In October 2022, L.E.K. Consulting released its annual U.S. hospital study. The report, subtitled “Navigating Out of the Pandemic,” is based on a survey of 238 senior-level hospital executives, including CFOs. Two of the executives’ highest priorities for 2023 are attracting and retaining nonclinical staff and optimizing workflow. Further, 23% of the executives said that their organizations have made significant investments in digital health technologies to improve their claims and revenue management performance.
- In December 2022, the Center for Connected Medicine and KLAS Research released their “Top of Mind for Top Health Systems 2023” report. The report is based on a survey of 61 senior-level health system executives from 59 U.S. health systems. Sixty-five percent of the executives said price transparency will be a vital component of their organization’s overarching patient access strategy. But 25% cited the complexity in determining patients’ bills as the biggest barrier in delivering price transparency to patients.
- Kaufman Hall’s April 2023 monthly “National Hospital Flash Report,” based on data from more than 900 hospitals across the country, said hospitals’ operating profit margin had “slight improvement” in March. The bad news? The “slight improvement” was to 0.0%. But that’s better than -1.5% in February and -3.0% in April 2022.
That’s just a sample of the big changes happening in healthcare. For a much closer look, you can dig into the latest four Crowe revenue cycle key performance indicator benchmarking reports:
The reports, which are based on objective data generated by the Crowe RCA solution, will tell you the big changes happening at the claim level by type of patient, type of payor, and type of health plan. Examples include:
- The collection rate for self-pay patients is going down.
- The cost to collect is going up.
- Medicare Advantage plans are a tougher medical necessity sell.
- Commercial payors are holding on to health systems’ money longer for all kinds of reasons.
Then the question becomes how well prepared your organization and your finance or revenue cycle teams are to effectively manage these constant macro and micro changes. If attendees' feedback at the 2023 Crowe Healthcare Virtual Symposium is any indication, there is a lot of work to do.
During two of the symposium sessions, Crowe asked about the preparation status of attendees through a series of live polls.
When asked if they knew what value-based care (VBC) is:
- 59% said yes they do.
- 21% said they’re not sure.
- 6% said yes, but they’re not doing VBC contracting yet.
- 5% said no.
- 4% said yes, but they haven’t noticed any results yet.
- 4% said yes, and they are noticing results.
- 1% said they are not considering VBC in the near future.
When asked how prepared their organization is for price transparency and the No Surprises Act:
- 47% said they’re not sure.
- 28% said they’re prepared.
- 10% said they are prepared, but they haven’t noticed any results yet.
- 6% said they’re planning to be prepared but haven’t started yet.
- 6% said they’re prepared, and they are seeing results with new contracting and price sharing.
- 2% said they’re not prepared at all.
- 1% said they’re not considering price transparency or the No Surprises Act in the near future.
When asked to what level of granularity does their current reporting go to drive decision-making:
- 26% said the payor level.
- 21% said the patient level.
- 16% said the health plan level.
- 37% said “other” or “not applicable to my organization.”
Added together, the results of the Virtual Symposium attendee polls don’t add up to a lot of confidence or control over their healthcare organization’s business future.
How would you or your teams answer the same questions? Would the results give you more confidence in and control over your healthcare organization’s business future?
If your answer is anything less than an unequivocal yes, you have all the more reason to attend this year’s Crowe Healthcare Summit and sit in the front row at all of the Crowe RCA Next sessions.
After that, the next word out of your mouth will have three letters: “Wow!”
Attend the 2023 Crowe Healthcare Summit in Nashville and find out whether you should be Crowe RCA Next.
