Healthcare Industry Seeks Efficiencies
Healthcare providers across the globe are waking up and recognizing the incredible benefits outsourcing revenue cycle management can have on their practices.
According to a new market report, global healthcare revenue cycle management outsourcing market is projected to increase significantly from $11.7 billion in 2017 to $23 billion by the end of 2023. This projection could mean a growth of 11.9% during this period.
There are a few reasons outsourcing is becoming so essential to these medical providers. The healthcare industry is going through a shift in which competition is steadily increasing, pushing providers to provide quality care at lower prices to their patients.
As these changes take impact, it is essential for healthcare organizations of all kinds to focus on reducing costs and increasing efficiencies.
In order to make some headway in this area, medical practices are turning their attention to simplified administrative costs to offset their expenses. In fact, a recent Black Book survey showed that 80% of hospitals are vetting or considering full revenue cycle management outsourcing by 2019.
Revenue Cycle Management Offers Solutions
Revenue cycle management (RCM) is the fundamental process that enables companies like Billing Savi to be paid for providing their services. For most medical practices, RCM includes everything from pre-registering a patient all the way through settling any balances for a particular visit.
Outsource medical billing providers are gaining traction thanks to their ability to align activities and documentation of front-end physician practice administrations and the back-end central billing office.
Their work also provides valuable analytics that can help deliver insightful results while streamlining operations and improving patient collections, workflows, and care.
Practices that outsource their revenue cycle management function to third-party experts like Billing Savi typically experience significant improvements in their collection rates, denial resolution efficiency, patient satisfaction rates, and revenue.
These practices also gain assistance in dealing with the hefty regulatory burdens and bureaucracy within the health care industry.
In today’s challenging circumstances, outsourcing the administrative functions to third-parties seem to be a reasonable solution. This will not only help physicians focus on their core task by freeing up their time and resources but will also improve their practice’s revenue.
Continuous Industry Innovations Predicted
Innovations will continue to impact the future of outsourcing and its effects on the healthcare industry. Investors remain optimistic and are willing to invest more in developing technologies that can help medical practices become even more efficient and effective in providing quality patient care.
As the healthcare industry continues to change, it is becoming increasingly important for medical practices to reduce the complexities that exist within their organizations.
Outsourcing medical billing and revenue cycle management is a great way to simplify operations and divert attention back to patient care. It is of course essential to properly research and analyze any potential partners of third-party vendors to ensure a high level of quality and service.
To learn more about Revenue Cycle Management (RCM) and how it can help your organization, please contact us by clicking here. We offer free consultations and enjoy helping medical practices make decisions that improve their operations and levels of success.