by: Sarah Joson
Thursday, January 8, 2015 |
Global market research firm MicroMarket Monitor recently released a report showing their projection that the revenue cycle management (RCM) system of North America will post a compound annual growth rate (CAGR) of 7.2 percent until 2019.
The report indicated that RCM is the leading process outsourced by healthcare providers as it helps resolve internal functionality issues efficiently and inexpensively for clinics and hospitals. Moreover, as healthcare reforms are set to take place in the US, healthcare facilities are expected to outsource more.
In another report done by Black Book Research, the RCM outsourcing industry could expand to $9.9 billion by mid-2016 from its current value of $7.7 billion. It also found that 45 percent of organizations that are struggling to keep up with the reforms will strongly consider outsourcing their complete RCM system.
Doug Brown, Managing Partner of Black Book Market Research, said hundreds of hospitals have started outsourcing their RCM processes in the last two years. He added that healthcare organizations are now starting to refocus on patient care and clinical service delivery soon after realizing that RCM is not their core process. They are now turning to large end-to-end revenue cycle management outsourcing providers for their RCM needs.
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