Revenue Cycle Management Outsourcing is a Trend Set to Expand

The revenue cycle management market is expected to grow at a compound annual growth rate of 12 percent from 2014 to 2019, and it is one of the functions healthcare providers outsource the most, according to a recent report from MicroMarket Monitor.

The report's findings go along with a recent Black Book poll of healthcare CFOs, CIOs, business office managers and technology and financial services staffers that found the demand for large end-to-end outsourcing vendors for RCM is growing, as many healthcare leaders have realized RCM needs to be one of their organization's core competencies. 

The Black Book poll also revealed 21 percent of the CFOs who outsourced their organization's RCM functions said they were absolutely facing bankruptcy within the next four years if either state-of-the-art software or outsourced services were not implemented.

Along with financially struggling healthcare organizations looking for a way to stay in business, the shift in the healthcare environment to a focus on improving quality while reducing costs is "anticipated to ensure widespread adoption" of RCM outsourcing, according to the MicroMarket Monitor report. Specifically, accountable care organizations and their complexity will place more emphasis on the need to optimize RCM, according to the report.

Written by Ayla Ellison. January 08, 2015.  Copyright © 2016 ASC COMMUNICATIONS.