IMARC Group’s latest study, titled “Healthcare RCM Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global healthcare RCM outsourcing market crossed a value of US$ 11.7 Billion in 2018. 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$ 21.9 Billion by 2024, registering a CAGR of 11% during 2019-2024.
Global Healthcare RCM Outsourcing Market Segmentation:
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