The global revenue cycle management services market is increasing exponentially by the year. According to the latest sources, the global RCM market will be valued at $160.3 billion in the next five years. The projectile seems positive for the industry in the longer future too.
If you are in the revenue cycle management services industry or are aspiring to join the industry in the near future, here are some RCM trends to learn about and look forward to.
1. Automation
Automation is not a new concept when it comes to revenue cycle management services. Automation, however, is here to stay. The kind of automation that RCM processes have started bringing to the table has improved over the years. Right now, it is time for intelligent automation to take over.
Many RCM service providers have started working on artificial intelligence technologies that think and automate, and this is going to be the future.
Patient experience
Patient experience has always been thought of as a front-end service. However, right now, revenue cycle management service experts think otherwise. Good patient experience helps improve RCM efforts, and well-planned RCM efforts, in turn, help improve patient experience. These two seem to be interrelated to one another.
If you want your RCM efforts to reap benefits, apart from focusing on backend progress, the patient experience should also be on your list.
RCM outsourcing
Outsourcing is also not a new trend and has been practiced for several years now. However, outsourcing now and outsourcing a few years ago are two completely different ideas. Outsourcing sometime back was just a money-saving strategy.
Right now, outsourcing is done to improve the quality of services rendered and to bring efficient changes to the overall revenue cycle management service processes. RCM service providers in countries like India are extremely skill-driven and add value to the clients.
RCM near sourcing
If outsourcing is not in your cards right now, it is time for near sourcing. Near sourcing is outsourcing, except that the service provider stays closer to the client, probably in the next city or within the same country. You could call revenue cycle management services near sourcing a baby step towards outsourcing, and this is in trend, too, now.
Improving patient financial responsibility
Patient financial responsibility is the practice of educating patients about their financial responsibility and ensuring the revenues are not stalled because of the patients. Right now, deductibles are at an all-time high, and many of the medical insurance plans include co-deductibles.
As a result, healthcare providers struggle to collect payments from the patient’s end. Revenue cycle management services must include good practices that teach the staff to educate the patients in advance about their financial responsibilities and ensure the bills are sent to all payers and co-payers at the same time and collected.
Takeaways
The following are some of the top trends in revenue cycle management services that are set to rule the industry in the coming years. Experts in this industry are pushing for growth and development in these five segments, and those wishing to enter the healthcare RCM industry would benefit from learning these specialties to find ground in what they do.
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