This can be attributed to the numerous benefits offered by RCM service providers including efficient allocation of financial and human resources, reduced staffing issues, improved coverage of unpaid accounts, and enhanced overall productivity.
IMARC Group’s latest study, titled “Healthcare RCM Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global healthcare RCM outsourcing market crossed a value of US$ 10.6 Billion in 2017. Revenue cycle management (RCM), also known as medical billing, is one of the vital aspects of a healthcare business. Successful RCM activities can help an organization in optimizing non-medical services which range from registration and scheduling appointments to final balance payments. In recent years, an increasing number of healthcare organizations have shifted from in-house management towards outsourcing RCM activities as it helps in efficient allocation of financial and human resources. Moreover, technological advancements and changing government regulations have led various healthcare organizations to seek expert assistance for their RCM activities.
Global Healthcare RCM Outsourcing Market Trends:
Healthcare RCM outsourcing provides a number of other benefits besides reducing the non-clinical task burden on hospitals and physicians. An expert RCM provider offers improved coverage of unpaid accounts along with enhancing the cash flow. In addition, outsourcing reduces staffing issues and training as the organizations stay acquainted with the latest coding systems and other changes in healthcare regulations. This helps in increasing the overall productivity of the healthcare organization as well as improves patient and physician satisfaction. Moreover, RCM service providers offer the ability to easily scale up the provider’s requirement, thereby creating opportunities for business expansion without any need for either human or infrastructure resources. However, outsourcing is not a viable option for healthcare providers with limited budget as the fee is higher for smaller number of claims. Looking forward, the global healthcare RCM outsourcing market is projected to reach a value of US$ 19.8 Billion by 2023, registering a CAGR of 11% during 2018-2023.
Global Healthcare RCM Outsourcing Market Segmentation:
On the basis of type, the market has been segregated into pre-intervention, intervention and post-intervention. Amongst these, pre-intervention RCM services are the leading category, holding the majority of the market share.
Based on services, back-end services which handle claim management and reimbursements represent the leading segment, accounting for the largest share. Other major segments include middle services and front-end services.
On the basis of application, hospitals account for the majority of market share as an increasing number of hospitals are outsourcing RCM activities so as to reduce costs and focus on providing value-based healthcare.
Based on geography, North America leads the global healthcare RCM outsourcing market on account of the growing adoption of latest technologies such as hospital information systems and electric health record (EHR). Other major regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.
The competitive landscape of the market is highly fragmented with the key players being Emdeon Business Services, McKesson, Conifer Health Solutions, Parallon Business Solutions, The SSI Group and MedAssets.
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