Revenue cycle management (RCM) is increasingly becoming one of the major concerns in the healthcare industry. Amid the current tumultuous market dynamics, the existing pattern of RCM services is also seeking transformation. While the organizations that provide healthcare support are focusing more on enhancing patient experience and improving financial performance, their lack of technical expertise hurls challenges in the way of managing revenue cycle effectively. As a result, several new RCM service providers are emerging in the market to fill this void.
From the time a patient makes an appointment and till the successful payment collection, RCM service providers constantly strive to make this cycle work more smoothly so that it ensures a better patient-provider relationship. To help this process align with the ever-changing landscape of technologies and regulations, the top RCM services companies always keep themselves updated. Besides replacing the fee-for-service model with value-based care model to enhance the overall patient experience, the service providers are also hinting toward the adoption of a POS retail model in the healthcare industry. The RCM service providers have also started accentuating the importance of the total well-being of the patients, which includes medical, social, emotional, and financial aspects.
Digital and technological innovation working as a boon in this scenario has made it easier for the healthcare industry to ensure total well-being with wearable devices that provide continuous monitoring. RCM services are getting intelligent with robotic process automation and AI solutions. RCM service providers have started stressing more on the adoption of connected technology because it ultimately enhances the user experience, reduces cost, and improves cost transparency. Adoption of telemedicine, a fruit of increased investment in the healthcare industry by the technology companies and a key component of the value-based model, is showing ways to reduce cost and expand access to the providers. The RCM platforms have also started strengthening cloud-based models, resulting in increased flexibility between the in-patient and out-patient care.
In addition to the aforementioned RCM services, another complex area which has started getting commendable focus by the service providers is medical billing. The healthcare industry has either started outsourcing RCM service providers or depending on RCM software to address issues like inaccurate or incomplete billing, medical claim reimbursements, denials, and more. Data analytics has started playing a major role in the deployment of services that address billing issues.
On collaborating with the RCM service providers, the healthcare organizations no more need to worry about revenue management and can concentrate more on their job. RCM services also detect potential errors and can review revenue shortfalls. With the RCM service providers ensuring tight cybersecurity, the healthcare organizations also need not worry anymore about the protection and security of the patient’s personal information.
To help your organization choose the perfect RCM service provider that would cater to your distinct needs, the editorial team at Healthcare Tech Outlook, in conjunction with an illustrious panel of CEOs, CIOs, VCs, and industry analysts, has put together a list of the ten most promising revenue management consulting or services companies in the industry. The list intends to help organizations find a trustworthy ally.
We present to you Healthcare Tech Outlook’s “Top 10 Revenue Management Consulting/Services Companies 2019”.
