Here are five of the factors that will contribute to the significant growth, according to Grand View:
- Current systems in practice for managing revenue are gradually becoming obsolete due to lack of expertise in new payment models and revenue management tools.
- Providers are facing increasing challenges in managing claims and reimbursement, resulting in losses.
- Outsourced billing companies are developing new, advanced technological solutions that allow them to provide more efficient and cost-effective services.
- Providers are struggling to keep up with ever-changing, ever-growing regulatory billing requirements.
- Growth in bad debt and uncollectable accounts (likely due to in-house billing shortcomings) have cut into providers' revenue and profitability.
As Grand View notes, "Large medical groups with high claim volume are experiencing significant revenue growth due to outsourcing. ... Implementation of RCM by medical providers has improved their cash flow, reduced claim denials, and helped them gain an analytical approach to allocate resources and ensure effective revenue management."