With rising technological advancements and the adoption of the value-based care model, providers are focusing on implementing advanced patient-centric RCM solutions to enhance cash collections and reduce reliance on manual processes. They are developing unified payment gateways with digital payment options, cumulative patient billing, and data transparency to boost patient satisfaction. In 2023–2024, providers saw improved operating margins due to increased revenues. However, rising costs driven by inflation, labor shortages, and escalating drug prices remained a concern. Nevertheless, they continue to invest in technologies such as Gen AI-assisted coding, self-service scheduling, and Gen AI-powered denials recovery solutions to streamline operations and enhance efficiency.
Both demand-side and supply-side trends are covered in our Revenue Cycle Management (RCM) Business Process Transformation 2024 Market Insights™ and Revenue Cycle Management (RCM) Business Process Transformation 2024 RadarView™, respectively.
These reports present a comprehensive study of RCM service providers and closely examine market leaders, innovators, disruptors, and challengers.
Avasant evaluated 42 service providers across three dimensions: practice maturity, domain ecosystem, and investments and innovation. Of the 42 providers, we recognized 22 that brought the most value to the market during the past 12 months.
The RadarView recognizes service providers in four categories:
Figure 1 below from the full report illustrates these categories:
“Healthcare providers are developing integrated online payment gateways to enhance transparency and boost patient collections,“ said Avasant Partner Avinash Baliga. “They are transitioning to digital billing systems with e-statements, automated texts, and a single payment source to streamline the patient payment experience and improve RCM.”
“ The reports provide several findings, including the following:
“Increased administrative costs and low collections strain healthcare providers despite better margins,” said Aditya Jain, principal analyst at Avasant. “Challenges like inflation, delayed claims, drug shortages, and rising labor costs persist. Providers are turning to technology and workforce optimization to ease financial pressures.”
The RadarView also features detailed profiles of 22 service providers, along with their solutions, offerings, and experience in assisting enterprises in their RCM services journeys.
This Research Byte is a brief overview of Avasant’s Revenue Cycle Management (RCM) Business Process Transformation 2024 Market Insights™ and Revenue Cycle Management (RCM) Business Process Transformation 2024 RadarView™ (click for pricing).
Avasant’s research and other publications are based on information from the best available sources and Avasant’s independent assessment and analysis at the time of publication. Avasant takes no responsibility and assumes no liability for any error/omission or the accuracy of information contained in its research publications. Avasant does not endorse any provider, product or service described in its RadarView™ publications or any other research publications that it makes available to its users, and does not advise users to select only those providers recognized in these publications. Avasant disclaims all warranties, expressed or implied, including any warranties of merchantability or fitness for a particular purpose. None of the graphics, descriptions, research, excerpts, samples or any other content provided in the report(s) or any of its research publications may be reprinted, reproduced, redistributed or used for any external commercial purpose without prior permission from Avasant, LLC. All rights are reserved by Avasant, LLC.
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