We take a look in our crystal ball at what the year ahead holds for the RCM industry
April 3, 2023
Healthcare providers are facing challenges such as a labor shortage, increasing costs, and declining reimbursements. Remote job and outsourcing strategies are expected to mitigate the effects of the labor shortage.
Healthcare leaders must adopt automation technologies, such as AI and ML, to reduce tedious and repetitive billing and coding tasks. Private equity investors are putting their money into the consolidation of large healthcare systems, home care, and DME services, and urgent care chains to meet the growing demand for high-quality healthcare services.
Healthcare providers must prioritize denial prevention and billing compliance to increase revenue, along with improved coding accuracy, which can increase revenue by up to 20%. Patients are seeking greater transparency in services rendered and their out-of-pocket expenses, leading to emerging innovative solutions focused on enhancing patient access and experience. Value-based care is shifting emphasis from quantity to quality, with the emergence of wellness chains throughout the US leading to longer life expectancies and consequential shifts in healthcare demand.
Pricing transparency in healthcare is gaining momentum, with executive orders pushing for greater transparency, and RCM operations working to set up the necessary infrastructure.
Automation is proving itself useful in healthcare, particularly in administrative functions, leading to new initiatives and case studies.
Consumer concerns about data privacy and security are growing, leading to higher standards of security and compliance from all vendors.
Startups hoping to use ambient AI-driven transcription to free physicians from documentation are finding it difficult to achieve accurate and concise clinical notes.
Providers and payers are collaborating to align interests and reduce costs, particularly as value-based payment initiatives demonstrate positive returns.
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If you'd like to learn more about how Synaptec Health's fully automated coding software can help your business, reach out at hello@synaptechealth.com or (415) 234-0768.