A report published to researchandmarkets.com May 4 identifies three trends affecting hospital revenue cycle management and how RCM companies can use these trends to grow.
One trend the "US RCM Growth Opportunities" report identified is a desire for better, more reliable systems. Providers are looking for improved efficiency, faster reimbursement and profitability by reducing billing errors, lowering cost and optimizing collection during the COVID-19 pandemic.
Another trend is the need for RCM procedures to adjust to healthcare in the COVID-19 era. The report said the pandemic has led to a surge of patients with long-term symptoms that vary from traditional chronic conditions. Robust clinical risk management is growing in importance due to these patients and has led RCM vendors to transform their platforms' underlying clinical logic, financial template and codes.
Finally, the report noted that providers use and prefer a mix of in-house and outsourced RCM services. Vendors for outsourcing appear to be very fragmented based on expertise in specific areas of need across front-end, middle, and back-processes, the report stated.
Read the full report here.