With the recent phrase after the pandemic hit, the reimbursement policies and the healthcare industry have observed series of changes. While the healthcare practices are still recovering from the unprecedented emergency crisis; today many healthcare practices are still struggling to maintain its revenue regeneration and the cash flow and thus resulting in outsourcing of revenue cycle management.
According to the market report by the year 2023, the revenue cycle outsourcing market is expected to reach up to $ 23 billion with a growth rate at a CAGR of 11. 9 percentage because outsourcing today is one of the most effective and reasonable solutions in this rising cost and increasing administrative headache. Furthermore, with technological advancement, more expenses are additionally added to the pressure of the practice. In this situation, reports have also show outsourcing revenue cycle management has increased and improved KPIs for many practices.
Being a critical function due to the complex reimbursement policies, frequently wrought of billing mandates etc, managing a billing operation often result in workflow overhauls, and additional hires, installation of new software etc; which while outsourcing, you no longer have to worry about.
Improving your collection space, outsourcing your RCM help you grow as a practice that too not only the billing operation side of the business.
With a better reimbursement output rate, an operational extension further reduces the expenses like operational cost which continue to climb with years.
Dipak Nandi, M.D, a recipient of several entrepreneurial awards and a proud member of the prestigious AIIMS alumni and a board certified psychiatrist, who is also a pioneer in the field of healthcare outsourcing and telehealth solutions also stated, improving patient experience, outsourcing RCM further increases the practice’s ability to perform and finds ways for improving ROI. In fact, helping you achieve all your strategic initiatives for a better billing and organization approach, outsourcing today is the future of healthcare practices for better and effective results.