The Revenue cycle management (RCM) outsourcing market experienced stagnated growth, especially in Q2 and Q3 of 2020, on account of healthcare providers facing new challenges, adding to their legacy burden. Key issues such as reduction in patient footfall, delay in elective surgeries, and drop in revenue figures escalated troubles for healthcare providers that were already reeling under the immense pressure of fierce competition, cost pressures, and regulatory push toward value-based contracting. The providers, especially small- and mid-sized players, who were facing the brunt of high administrative expenditure owing to lack of comprehensive RCM strategy and RCM-related technology investments, struggled to stay afloat.
These issues have compelled many healthcare providers to do a full-fledged audit of their RCM requirements and look for experts to assist them in managing and transforming their revenue cycle operations. The buyers are increasingly seeking traditional third-party support along with technological elements such as analytics and Robotic Process Automation (RPA), particularly in claims management and billing. Enterprises are also showing a high degree of openness toward advanced, next-generation technologies such as cognitive automation. This pent-up demand of buyers is driving competition in the outsourcing market as service providers increasingly develop their RCM capabilities and offerings.
Scope
Industry: Healthcare provider
Contents
In this report, we focus on:
Key issues faced by healthcare providers
RCM outsourcing market size and outsourcing trends in the RCM BPS market
The RCM BPS outsourcing service provider / vendor landscape
