Providers are increasingly outsourcing to ensure maximum collections amid changing payment models.
The revenue cycle management outsourcing market in the United States will grow by 15 percent over the next five years, according to a new report by Research and Markets, as need to comply with government regulations drives investment in these services.
Lacking platforms to handle changes in billing, reimbursement and collections, healthcare service providers will continue to outsource to third-party vendors to avoid gaps and inefficiencies leading to the loss of revenue.
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Providers are increasingly turning to outsourcing to ensure maximum collections amid these changing payment models, especially the shift from fee-for-service to value-based payment, the report states.
Consolidation in the market is also a factor as large vendors acquire small service providers to increase market share, according to the report.
Niche vendors specialize in three RCM segments: front-end services; middle services; and back-end services, the report states. Key vendors include Conifer Health Solutions, Emdeon, MedAssets, Parallon Business Solutions, and The SSI Group.