Report commissioned by Ensemble surveys 100+ healthcare executives on how they’re navigating financial strain, regulatory complexity and cybersecurity challenges
CINCINNATI, Ohio, Dec. 5, 2023 — Ensemble Health Partners (“Ensemble”), the leading revenue cycle management company for hospitals, health systems and physician practices, has published its 2024 Healthcare Business Trends Report, which surveyed more than 100 healthcare executives to understand the driving forces behind their business strategies today and how they’re planning for the next four years.
According to the survey, which included senior executives representing healthcare providers ranging from multi-hospital health systems to specialty pharmacy groups, 95% said they would pursue revenue cycle managed services, or outsourcing, to solve their key business issues. Surveyed executives cite performance, not cost, as the primary factor driving their vendor selection process with more than 70% agreeing that managed services firms provide superior results to in-house operations.
“Leading a healthcare organization has never been more challenging and constant pressure is now the norm for hospitals and health systems. We’re witnessing more providers seeking strong partnerships to combat the growing financial strain, increasing regulatory complexity and emerging cybersecurity challenges,” said Ensemble President, Founder and CEO Judson Ivy. “They’re hyper-focusing on delivering exceptional clinical care for their patients and looking for reliable partners to tackle the rest.”
The report outlines four key themes that emerged from the survey:
- Implementing alternative payment models like value-based contracts will increasingly become a top strategic priority, with 63% of executives saying implementing new payment models will be a priority in 2028, versus 47% today.
- Growth, not cost cutting, will also become an important part of their financial strategies, with identifying acquisition targets and investing in talent and technology showing an average of 14 percentage points increase in prioritization over the next four years.
- Revenue cycle budgets will increasingly be invested into managed services, with 25% of organizations planning to spend over half their budgets on managed services in the next four years.
- Value and performance will drive revenue cycle management vendor selection versus cost, with 95% of executives saying they would pursue end-to-end managed services to solve key business challenges.
According to one health system executive, “There’s only so many levers of opportunity for improvement in margin that you can pull right now. And if you’re not focusing on your revenue cycle, you’re really missing one of the biggest opportunities out there to make an impact in your system.”
To view the entire report, including the complete survey results and key takeaways to set your organization up for success, click here.
To learn more about Ensemble, visit EnsembleHP.com.
About Ensemble Health Partners
Ensemble Health Partners is a full-service revenue cycle management company, delivering holistic financial health for more than 250 healthcare providers across the country. With a complete platform of services, technology, business intelligence and analytics, Ensemble manages the entire revenue cycle so providers can focus on delivering exceptional care in their communities