by: Sarah Joson
Friday, July 10, 2015 |
Market Research Store releases the “Global RCM Outsourcing Market in the Healthcare Sector” report where it is indicated that the global revenue cycle management (RCM) outsourcing market will post a CAGR of 16.93 percent this year and throughout the period of 2013-2018.
It is also stated that analytical solutions may be the answer for providers which are trying to dig deeper into what’s happening within their operation. Analytical solutions will likewise enable organizations to come up with better offerings - and a better grasp of what RCM, treatment outcomes, readmissions, and patient satisfaction are all about.
When outsourcing RCM work in the healthcare sector, choosing the right service provider is a pivotal step that requires deliberation and understanding. Healthcare service providers of RCM process begin with the pre-registration of a patient, processing and filing, to final zero balance invoicing for a certain visit. However, with all the digital upgrades the healthcare RCM sector is seeing, process automation has helped organizations to be more efficient. Healthcare service providers are slowly rolling out automated systems to reinforce RCM processes.
Factors that are contributing to the growth of RCM outsourcing market are the evolution of business processes, reimbursement and payment reforms, accountable care participation, ICD-10 coding reforms, collection issues, declining margins, and physical practice association.
Healthcare service providers have long since deployed automated systems to address RCM processes. However, since the IT applications are already outdated, they lack the capability to address the challenges brought on by new reimbursement models for RCM. The mismatch in technologies used resulted in gap and inefficiencies which eventually led to revenue loss. Through RCM outsourcing, healthcare service providers are ensured that they achieve maximum collections despite the challenges. It also helps reduce potential revenue leakage in other RCM functions.