HFMA Aligns with FinThrive to Introduce the Industry's First Revenue Cycle Management Technology Adoption Model for Health Systems

Freely available, company-agnostic benchmarking assessment to help revenue cycle leaders prioritize and plan for technology modernization using a five-stage model

CHICAGO, Nov. 30, 2023 /PRNewswire/ -- The Healthcare Financial Management Association (HFMA) announces a strategic alliance with FinThrive, Inc., a healthcare revenue cycle management software-as-a-service (SaaS) provider, to co-launch a peer-reviewed, five-stage Revenue Cycle Management Technology Adoption Model (RCMTAM) designed to help health systems leverage industry benchmarks to assess their current state of RCM technology maturity and build best-practice plans to optimize revenue cycle outcomes.

Health systems increasingly signal a need to modernize their RCM technology stacks, initiating enterprise projects that favor vendor consolidation, automation and AI, and platform approaches. Nearly two-thirds of recently surveyed healthcare finance leaders expressed their intention to evolve to an RCM platform in the next two years. Until now, there has been no comprehensive resource to help healthcare leaders align their progressive strategies to relevant industry benchmarks and best practices.

"Our initial analysis of more than 30,000 individual data points shows the majority (42%) of health systems are at Stage 1," said Hemant Goel, CEO of FinThrive. "This affirmed our hypothesis that although many health systems know they need to transform and automate their revenue cycles, they haven't had a blueprint to guide them. Through collaboration with HFMA and health system early adopters, we are eager to contribute valuable insights that empower revenue cycle leaders on their path to financial excellence in healthcare."

This alliance represents a significant advancement in the healthcare industry by offering a peer-reviewed adoption model for healthcare provider RCM leaders. HFMA's collaboration in the design of the model empowers financial leaders to make informed decisions rooted in financial outcomes within RCM digital transformation. Key features of the RCMTAM include:

• Industry Benchmarks. The model sets technology adoption benchmarks for RCM leaders within the healthcare sector, providing a basis for organizations to assess progress against newly introduced industry standards.
  
  
• Correlation with Financial Outcomes. The adoption model leverages HFMA-defined MAP Key definitions to capture financial performance during the assessment and benchmark variance compared to the upper stages of the RCMTAM.
  
  
• Personalized Organizational Roadmap. RCMTAM presents a clear and customizable adoption roadmap that enables all healthcare organizations, regardless of their current RCM vendor landscape, to tailor digital transformation strategies to their unique needs and objectives.

"In a departure from conventional models, this approach prioritizes the deliberate implementation of technology within healthcare organizations. Positive change in healthcare demands innovative solutions," said Senior Vice President at HFMA, Richard Gundling. "We believe in the enhanced problem-solving capabilities of using maturity models, particularly RCMTAM, to guide organizations toward sustainable and effective revenue cycle management."

To learn more about the RCM Technology Adoption Model, join Vice President of Revenue Cycle at Banner Health, Adrienne Moore, and Vice President of Health Insights at FinThrive, Jonathan Wiik, on December 13 for an HFMA-hosted webinar, "A New Framework for Measuring RCM Success." Register for this live online event here.

About HFMA
The Healthcare Financial Management Association (HFMA) equips more than 103,000 members to navigate a complex healthcare landscape. Finance professionals in the full range of work settings, including hospitals, health systems, physician practices and health plans, trust HFMA to provide the guidance and tools to help lead their organizations, and the industry, forward. HFMA is a not-for-profit, nonpartisan organization that advances healthcare by collaborating with other key stakeholders to address industry challenges and providing guidance, education, practical tools and solutions, and thought leadership. We lead the financial management of healthcare.

About FinThrive
FinThrive helps healthcare organizations increase revenue, reduce costs, expand cash collections, and ensure regulatory compliance across the entire revenue cycle continuum. Providing one of healthcare's most comprehensive revenue cycle management SaaS platforms, FinThrive's holistic approach to revenue management offers patient access, charge integrity, claims management, contract management, machine learning & robotic process automation, data & analytics, and education solutions. More than 3,200 healthcare providers are using FinThrive today. For more information, visit finthrive.com.

HFMA Media Contact:
Gregory Akroyd, CDMP, PCM Digital Marketing
Director, Marketing and Creative Services, HFMA
(708) 492-3359
[email protected]

FinThrive Media Contact:
Audra Murphy
VP, Strategic Communications, FinThrive
(717) 476-4864
[email protected]

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SOURCE FinThrive