CereCore Announces RCM Advisory Leveraging HFMA and FinThrive RCMTAM Benchmarking Assessment

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By CereCore | Jun 20, 2024

2 minute read CereCore News| IT Advisory| IT Strategy

CereCore has become the first approved partner to deliver Revenue Cycle Management Technology Adoption Model (RCMTAM) consulting and advisory services to healthcare providers. RCMTAM was introduced by Healthcare Financial Management Association (HFMA) and FinThrive as a peer-reviewed, five-stage benchmarking framework to help financial leaders design a personalized RCM modernization roadmap with the goal of optimizing key revenue cycle outcomes.  

“At FinThrive, we believe healthcare RCM is ready for modernization and deserves a focus on empowering and enabling providers to optimize their revenue and deliver exceptional patient experiences. Partnering with CereCore on RCMTAM advisory services will help us accelerate awareness and utilization of this vendor-agnostic, freely-available tool. In addition, CereCore’s exclusive focus in partnering with healthcare provider organizations to achieve greater operational efficiencies aligns well with our original purpose for creating RCMTAM – to help healthcare providers reach their full potential,” said Hemant Goel, President and CEO, FinThrive.  

The partnership allows CereCore Advisory Services to provide the RCMTAM benchmarking assessment as a starting point in advising healthcare financial leaders on addressing revenue cycle concerns. The assessment report helps identify accomplishments and gaps in RCM performance, leverage industry or custom benchmarks, and develop a targeted strategy to improve technology transformation that supports financial outcomes. Operationalizing the findings of the RCMTAM assessment entails modernizing RCM technology stacks, and initiating enterprise projects that favor vendor consolidation, automation, AI, and platform approaches.  

First RCM Tech Adoption Strategy for Health Systems 

The model is the industry’s first revenue cycle management technology adoption framework specifically designed for health systems. It seeks to address findings by HFMA and FinThrive that show many health systems (42%) are at Stage 1 of RCMTAM’s five-stage model, with nearly two thirds reporting their intent to evolve to an RCM platform in the next two years. 

FinThrive’s research shows organizations that rank in RCMTAM’s Stage 5 outperform organizations in Stage 1 across a number of notable financial performance metrics, including POS collections, AR improvements, and denials reductions.   

“Our focus at CereCore has always been to provide services to our healthcare clients that enable them with better IT operations so they can fulfill the mission of delivering the highest quality healthcare. Just as HIMSS maturity models provided strategic roadmaps for digital transformation, the RCMTAM model is the framework that will help provider organizations modernize their revenue cycle,” said Curtis Watkins, President and CEO, CereCore.  

“We are eager to start helping healthcare leaders chart a path toward achieving greater RCM maturity using a proven model that will lead to increased revenue and collections and ultimately improved patient care,” said Watkins. 

Visit our Advisory services page to learn more about revenue cycle optimization and how to leverage the Revenue Cycle Management Technology Adoption Model for your organization. 

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. Three out of five healthcare providers are using FinThrive today. For more information, visit finthrive.com.

 

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