LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the healthcare RCM outsourcing market in the US to grow at a CAGR of around 13% during the period 2018-2022, according to their latest report.
This market research report segments the healthcare RCM outsourcing market in the US based on the type of service that includes back-end services, middle services, and front-end services. The front-end service generally includes patient facing and pre-intervention activities such as appointment scheduling, eligibility verification, insurance cover, and patient admission. This service is essential as the efficient delivery of reimbursement is directly dependent on the accuracy of patient data.
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In this report, Technavio analysts highlight the improvement in healthcare administrative processes as a key factor contributing to the growth of the healthcare RCM outsourcing market in the US:
Improvement in healthcare administrative processes
The major driver for the healthcare RCM outsourcing market in the US is the improvement in healthcare administrative processes, optimization, and operational efficiency. Manual processes lead to data redundancies and errors, creating a complex and inefficient system. This results in healthcare providers facing problems in vital processes such as contracts management, denials management, billing, claims management and value-based reimbursement. This increases the overall costs associated with operations and payment models.
There is a growing need and demand for processes and solutions, which can result in fast and error-free billing cycles, driving productivity and cost optimization for an enterprise. As the patient experience is increasingly becoming the top-priority for the healthcare sector, there is a rising demand for efficient bill reimbursements, appointment scheduling, claims processing, and minimizing medical billing errors. An RCM service provides the needed operational efficiency. An RCM solution improves the healthcare administrative processes pertaining to RCM by intelligently managing the critical processes such as collections, coding, reimbursement, denials management, contract management, customer service, patient billing, advisory, and follow-up.
Also, with the deployment of an RCM service, the overall healthcare industry is expected to witness a smooth transition from service-based to value-based payment models. Furthermore, the rising costs and administrative expenses in the evolving regulatory environment have fueled the increased usage of the RCM outsourced service and made it an attractive proposition for healthcare providers.
According to a senior analyst at Technavio for ITO and BPO, “The market has been continuously evolving with technological advances, and an RCM solution provides both operational and cost reduction advantage. In the current data-driven economy, it is continually being recognized as a tool for competitive advantage. A healthcare RCM solution contributes to revenue growth, compliance and overall improvement in organizational transparency. Therefore, all these factors expand the end-user base and drive the consumption of healthcare RCM outsourcing market in the US.”
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