by: Sarah Joson
Tuesday, January 20, 2015 |
The healthcare revenue cycle management (RCM) market in the US is segmented into three parts: Front-end Services, Middle Services, and Back-end Services. Industry analysts predict that the market will expand at a CAGR of 15.51 percent for the period of 2014-2019.
At the Healthcare RCM Outsourcing Market in the US 2015-2019 report, it was found that the key driver of outsourcing activity within the market is the need to keep up with government stipulations, and one of the processes seen being outsourced by healthcare service providers is RCM.
Automation has been implemented and used by some healthcare service providers to help RCM processes. However, IT applications and software are inadequate and lack the complex functionalities needed to address new models for RCM and reimbursements.
The complicated nature of medical billing and collections processes led to erroneous data, which then resulted to losses. As more and more healthcare service providers face this issue, they are seen strongly considering outsourcing RCM operations.
RCM outsourcing enables organizations to maximize collection operations amid growing challenges in the industry. It is also expected to reduce potential revenue leakage in various RCM processes.
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