KLAS: Providers find revenue consulting services worth the investment
As the healthcare industry shifts to the use of revenue cycle consulting services, a report published Nov. 18 by market research firm KLAS analyzed whether the return of services were worth the often costly investment.
In the report, researchers examined consulting services that offered extended business office (EBO) services, revenue cycle transformations and full-revenue cycle outsourcing to healthcare facilities.
Based on survey results, the authors compared Affiliated Computer Services, Perot Systems, Cymetrix, Deloitte Consulting, Healthcare Resource Group, MedAssist, NCO Healthcare Services, PHNS and Pricewaterhouse Coopers (PwC) consulting services.
They found that Perot Systems came out on top with performance scores reaching 88.3 out of 100 points for the EBO category.
As for returns in the revenue cycle transformation category, Deloitte Consulting earned the highest scores (91.4) while Huron and PwC placed second and third.
The researchers found that an organization's size did not hinder its ability to locate high-quality consulting services and that a number of services were available for small, medium and large care facilities.
According to KLAS, findings showed that performance ratings varied greatly between the C-suite (CEOs, CFOs and CIOs) compared to the business office, even within the same facility. Authors noted that executives appraised revenue cycle transformation consultants giving them lofty ratings, while business office employees within the same facility gave consultant services a much poorer evaluation.
“The C-suite hires the consulting firm, but it is the business office staff, particularly directors, who are most impacted on a daily basis for the duration of the project – and the beginning of a project can be painful as existing processes are heavily scrutinized and changed,” said Mike Smith, KLAS general manager of financial and services research. “Other than being held accountable for results, the C-suite is somewhat insulated from daily operations.”
In the report, researchers examined consulting services that offered extended business office (EBO) services, revenue cycle transformations and full-revenue cycle outsourcing to healthcare facilities.
Based on survey results, the authors compared Affiliated Computer Services, Perot Systems, Cymetrix, Deloitte Consulting, Healthcare Resource Group, MedAssist, NCO Healthcare Services, PHNS and Pricewaterhouse Coopers (PwC) consulting services.
They found that Perot Systems came out on top with performance scores reaching 88.3 out of 100 points for the EBO category.
As for returns in the revenue cycle transformation category, Deloitte Consulting earned the highest scores (91.4) while Huron and PwC placed second and third.
The researchers found that an organization's size did not hinder its ability to locate high-quality consulting services and that a number of services were available for small, medium and large care facilities.
According to KLAS, findings showed that performance ratings varied greatly between the C-suite (CEOs, CFOs and CIOs) compared to the business office, even within the same facility. Authors noted that executives appraised revenue cycle transformation consultants giving them lofty ratings, while business office employees within the same facility gave consultant services a much poorer evaluation.
“The C-suite hires the consulting firm, but it is the business office staff, particularly directors, who are most impacted on a daily basis for the duration of the project – and the beginning of a project can be painful as existing processes are heavily scrutinized and changed,” said Mike Smith, KLAS general manager of financial and services research. “Other than being held accountable for results, the C-suite is somewhat insulated from daily operations.”