RCM

Although the healthcare industry has been slow in adopting digital technologies, the pandemic accelerated the need for healthcare providers to digitally transform their revenue cycle management (RCM) processes. The need for effective RCM is driven by the fact that healthcare providers are finding it difficult to maintain profitability. This is prompting the trend toward RCM outsourcing, which has increased by 15% year over year 2021–2022. The US government also plays a part in increasing RCM outsourcing, with more than $450 million in funding to promote telehealth among healthcare providers. Furthermore, RCM service providers are reacting to the increased government spending on insurance programs by developing specialized Medicare and Medicaid solutions. These trends are covered in Avasant’s new RCM Business Process Transformation 2022 RadarView™.

June, 2022