Business
ISG Launches First-of-its-Kind Contract Framework for Revenue Cycle Management
Contracting and deal structure leverages AI and industry best practices to save U.S. healthcare organizations up to 50 percent on operating costs STAMFORD,
About this update from Information Services Group, Inc.
[{"type":"text","content":"\nContracting and deal structure leverages AI and industry best practices to save U.S. healthcare organizations up to 50 percent on operating costs\n\n\n STAMFORD, Conn.--(BUSINESS WIRE)--\nInformation Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm, has launched a standard for revenue cycle contract management for U.S. healthcare organizations that can cut operating costs by as much as half.\n\n\nThe ISG offering is the first standardized contracting framework for U.S. healthcare organizations seeking to engage providers of revenue cycle management – the end-to-end financial management of a patient's account from initial appointment scheduling to final payment collection.\n\n\n“As U.S. healthcare organizations face a surge in uninsured patients and steep, new operational and administrative burdens, revenue cycle management has become a critical tool for maximizing revenue and cash flow,” said James Burke, partner and ISG Healthcare lead. “Standard contract terms, flexible deal structures and AI-based platforms and services will bring this market the best practices and cost optimization it needs to meet its transformation mandates.”\n\n\nThe ISG approach makes revenue cycle management contractable, measurable and governable. With a portfolio that includes reusable, industry-leading templates, clause libraries, KPI and SLA catalogs, real-time market benchmarks and a staged process that spans strategy, transition and ongoing governance, the ISG revenue cycle management framework can help healthcare providers reduce rework and staffing costs, ensure compliance and improve financial stability.\n\n\nIt also leverages AI-based platforms and services to manage administrative tasks and increase efficiency, which can save healthcare organizations nearly 50 percent of their operations costs and drive millions of dollars in increased net patient revenue. In recent client engagements, the ISG revenue cycle management framework saved a children’s healthcare system $15 million over a five-year IT services contract and delivered a Midwest hospital network 50 percent savings and $45 million in annual revenue uplift.\n\n\n“U.S. healthcare providers are entering a period of intensified financial and operational pressure, making revenue cycle performance a must-have,” Burke said. “Properly structured,...