Maintaining a good revenue cycle in today's healthcare market is a tough challenge. With so much at stake, healthcare organizations are constantly on the lookout for revenue cycle management strategies that will increase revenue and reduce costs while still putting the patient first.
Among many trends, adoption of RCM automation driven by a value-based care model has been increasing as providers reap the benefits of digital, streamlined processes while ensuring the providers are paid based on the quality of care rather than the number of services rendered.
This approach to RCM automation is becoming a must-have for healthcare organizations facing increasingly complex payer rules and regulations, new modes of care delivery (e.g., telehealth), and a potential uptick in denials after the pandemic.
Driven by such trends, the global revenue cycle management market is expected to grow at a CAGR of 11.4 percent to reach $246.40 billion by 2029.
To put the spotlight on other key developments in the industry, Healthcare Tech Outlook illustrates how companies are providing end-to-end revenue cycle management services by utilizing sophisticated software technology in order to deliver smooth and seamless revenue payments. The edition also features thought provoking articles from Garland Goins, Senior Director of Revenue Cycle Management at Avance Care, who dives into the importance of instilling revenue integrity in a hybrid revenue cycle management.
In this edition of Healthcare Tech Outlook, we also bring to you the story of some of the top revenue management solution providers that leverage disruptive automation technologies to deliver revenue cycle excellence. The list comprises FrontRunnerHC, a leading SaaS solutions provider that helps labs and healthcare organizations ensure accurate, efficient, and cost-effective reimbursement for all the services; Healthcare Professional Consulting Services Inc, that provides premier consulting services for skilled nursing, assisted living, home health, hospice care, and outpatient care providers; Velocity Made Good Healthcare, for providing clients with end-to-end revenue cycle consulting and expertise designed to supplement their internal business operations; and Vital Solutions with their 20 years of experience in offering high-level, hospital revenue cycle management solutions.
Through the following pages, we aim to shine a light on the innovative trends and latest developments in revenue cycle management in the healthcare industry. We would like to know your thoughts.