Study States, Providers Look to Outsource Revenue Cycle Management Services

Outsource Revenue Cycle Management Services

In their quest to enhance cash flow and deliver exceptional customer care, healthcare providers are actively seeking suitable vendors to outsource their Revenue Cycle Management Services.

To overcome staff shortages and financial challenges, healthcare providers are mostly planning to outsource revenue cycle management processes, according to a study.

From the research conducted by PatientPay in 2022, it is found that each healthcare provider is working hard to balance their financial goals in order to accelerate cash flow and reduce debt by offering excellent customer services and better payment options to patients.

Currently, after the COVID pandemic, fewer workforce led to abnormal patient collection rules. Almost 63 percent of the respondents say there is a workforce shortage in their RCM department.

In the future, healthcare providers plan to outsource patient collections and other revenue cycle management processes. A majority of providers, specifically over 60%, expect to increase their use of third-party patient financing within the next two years. About 31% of executives are also seeking additional financing options.

The main reason for this change is to improve the patient experience as only 42% of providers were satisfied with their current payment solutions. Providers plan to improve check-in and payment capabilities, known as the digital front end, to provide patients with a retail-like payment experience.

All providers consider patient payments to be a high or moderate priority, with their top concern is finding a vendor who can accelerate cash flow and reduce days outstanding.

Excellent customer service is a top priority for nearly 70% of providers who are interested in outsourcing patient payment solutions. Despite investments in educational collateral and financial counselors, 59% of providers assessed patient financial literacy as poor.

Healthcare providers are also outsourcing other revenue cycle management operations, with 22% of surveyed revenue cycle leaders managing inpatient services themselves and outsourcing some outpatient services. Anesthesiology, gastroenterology, and urology were the most commonly outsourced outpatient services.

Additionally, a recent survey found that more medical billing companies have a positive outlook on revenue cycle outsourcing, with 43% of companies citing outsourcing medical bills as an opportunity to leverage technology and optimize services, boost revenue, and reduce repetitive tasks. This is an increase from 27% in 2018, indicating a growing trend toward outsourcing in the healthcare industry.


Leave A Comment


Request a Free Quote

    Enter the Captcha: captcha