Demand for RCM technology has increased due to staggering costs of healthcare and shortage of skilled resources. Even though the adoption rate is slow, market for RCM in the US is poised to witness growth of 6.8% by 2018.
Industry Facts :
| Revenue cycle management market in North America is expected to witness a growth at a CAGR of 7.2% by 2018 |
| RCM market will reach $14.6 billion by 2016 and $5280 million by 2018 |
Is your RCM Updated?
- An updated RCM technology will benefit claims processing and revenue generation process
- It will help providers keep a track of claims processing at every point
- Issues related to billing will get sorted in an organized manner, ensuring timely payments
- An effective RCM solution will help deal with claims denial issues
- Providers can use it to determine insurance eligibility of patients and enhance co-pay collections
How can Practices Optimize their Revenue Cycle?
Financial success of a practice depends on how well the revenue cycle has been managed. Providers need to reengineer RCM if they feel it is outdated.
Adoption of practice management solutions and EHR
Health insurers are transitioning from volume-based compensation to quality-based compensation. Practices can benefit from the new payment structures only when they ensure successful integration of EHR and PM systems.
Denial management
Practices need to develop a robust system for monitoring and managing denials. They can speed reimbursement by using an electronic claims clearinghouse. It will not just scrub claims but also help providers monitor and manage denials efficiently.
Improved rate of payment collections
Practices need to improve patient collections by offering incentives to check-in staff handling collections or by adding a bill payment module to online patient portals.
Smooth transition to HIPAA-5010 and ICD-10
Practices need to update to HIPAA version 5010 and ensure the readiness for EHR and PM systems for ICD-10 transition. Skilled coders should be hired so that ICD-10 compliance doesn’t affect the revenue cycle.
Reduced reimbursement, increased healthcare costs and growing expenditure on health IT are some of the factors that will increase the demand for RCM solutions in future. Changes in ICD guidelines and improvement in quality of patient care will also help the market grow. However, high cost of health IT continues to pose as a hindrance for physicians who wish to upgrade their RCM technology.
Reduced reimbursement, increased healthcare costs and growing expenditure on health IT are some of the factors that will increase the demand for RCM solutions in future. Changes in ICD guidelines and improvement in quality of patient care will also help the market grow. However, high cost of health IT continues to pose as a hindrance for physicians who wish to upgrade their RCM technology.
Reengineer your Revenue Cycle with MBC:
RCM solutions offered by MedicalBillersandCoders.com offer various benefits to practices. These solutions are perfect for providers who lack sufficient time, money and resources to update and enhance their revenue cycle.
RCM experts at MBC can assure of the following:
- Improved revenue collection
- Undisrupted cash flow
- Systematic business operations
- Streamlined operations of healthcare units
- Regular monitoring of revenue cycle
From scrutinizing various stages of RCM to identifying areas responsible for revenue leakage, MBC offers quality RCM services to practices across all 50 states in the US.