RCM in healthcare sector has held its significance for a long time in the US and consequently, the outsourcing market has kept growing at a striking pace. For the healthcare players, choosing the right vendor for outsourcing of RCM remains a major decision which requires critical thinking and consideration of all the relevant factors. In healthcare, as and when a patient heads for pre-registration of an appointment, the RCM comes into the picture and functions till the final zero balance invoicing takes place. This entire cycle of revenue management involves multiple transactions, processing of appointments, reimbursement and payment forms, physician practice association, collection issues and much more. While in the past, these procedures remained paper-intensive, the advancement in technology brought fully automated processes for RCM. With this came the growth of RCM outsourcing market, which is expected to grow at a CAGR of 15.51% during the period of 2015 to 2019 in the US according to a report published by Markets and Markets.
The outsourced RCM solutions bring along legacy IT applications and technologies that are way better than the previously employed technologies that were short of advanced functionality. The RCM outsourcing companies in the US deploy automated systems to carry out RCM processes. These are efficiently designed to deal with the complexities of medical billing and collections that earlier reported losses for the healthcare players. Now, the automated RCM processes are being considered largely as a capable solution to manage the revenue cycle processes and workflows, hospitals and health systems. The outsourced RCM services enable maximum collections when challenges prevail and even ensure to minimise the possibility of potential revenue leakage for varied RCM processes.
With the demand for these processes and their capability for precise management, a steady growth for RCM outsourcing market in US has been anticipated. Based on a detailed market analysis and the inputs of industry experts, this anticipation of a significant growth in the CAGR during 2015 to 2019 has been made for RCM outsourcing market of the US. This analysis puts across a gleaming picture of the growth prospects of the country’s healthcare RCM outsourcing market in the years to come. The report which stated this growth is inclusive of a discussion with reference to the key vendors operating in this industry. The healthcare RCM sector in the US consists of Front-end Services, Middle Services, and Back-end Services. There exist numerous factors that would drive the growth of these services which include the need to comply with government compliances, increasing number of audits, and the need to increase business productivity.
CIOReview Client’s: PROFITECT, Flagship, PCMI, Beqom
Check Out Review Of CIOReview: Crunchbase, Glassdoor
Check This Out: CIOReview Overview, Muckrack