Just in case you didn’t realize there still is a world going on despite last week’s election. Back in health technology, a systemic change is happening as older client-server companies (like McKesson) retreat or open up their technology (Allscripts) while investors still believe that there’s a big market for SMAC technology and cloud-based systems to run the next generation of American health care. More evidence of that today with the news that CareCloud has raised another $31.5 million to double down on the already large bet placed on it by its investors as a platform for growing medical groups. I talked to CEO Ken Comee about the company, the state of the market, and what he expects to do with the money! — Matthew Holt
The new mantra for the medical practice is upgrade, integrate, and outsource according to the results of the Black Book Rankings™ 2014 Survey. Each year, Black Book gathers over 400,000 viewpoints on information technology through an interactive online survey and telephone discussions. The result is an annual barometer of HIT satisfaction and experiences.
This year, three clear trends emerged for practices looking to stay independent in a changing and challenging time in healthcare. While each trend holds its own unique benefits, it is clear from the survey that many practices are looking to implement all three—upgrade technology, implement integrated solutions, and outsource business functions like revenue cycle management.
According to the survey, nearly 90% of physician practices agree their billing and collections systems need upgrading. Over 65% of those practices are considering a combination of new software and outsourcing services. Here are the trends:
Move to Upgrade Outdated Software
Even with recent changes in the CMS EHR Incentive program, delaying the required use of a 2014 Edition CEHRT, many practices do not currently have an EHR that will enable them to attest for meaningful use. In addition, 91% of business managers fear that the ramifications of their outdated and/or auto-piloted revenue cycle management (RCM) systems, particularly those not integrated to EHRs, will force their physician to sell.
As a result of these challenges and other impending changes like ICD-10, 21% of practices are considering an upgrade of their RCM software within the next six to twelve months, and 90% of those are only considering an EHR centric module.
Practices considering upgrades to cloud-based solutions can see other benefits including reduced costs, seamless upgrades, more flexible access, and reduced concerns around storage and security.Continue reading…