An Everest Group Research Sponsored by Access Healthcare
Healthcare providers have been incurring enormous, wasteful expenditure on administrative activities, a majority of which is attributed to inefficient revenue cycle processes. These inefficiencies, caused by legacy issues and newer emerging challenges, are paving the way for a long over-due adoption of digital elements in Revenue Cycle Management (RCM).
"Digital" has been a buzzword across industries for a long time now. In markets such as banking and healthcare payer, enterprises adopted it early and now are at a stage where they are scaling it up. For healthcare providers, who are traditionally risk-averse, the adoption is relatively slow. Nevertheless, the scenario is changing with many hospitals experimenting with different technology elements such as analytics, automation, and platforms across functions – for both revenue cycle and clinical operations. The traditional digital focus on record management products, BPM tools, large venues, etc., is also giving way to nimble digital solutions (Exhibit 1 below) that can help healthcare providers address the evolving needs of patients and the market.
Exhibit 1 Key technology elements in healthcare providers digital strategy
This Everest Group research sponsored by Access Healthcare scrutinizes the key factors contributing to revenue cycle inefficiencies, makes a case for digital elements such as automation and analytics and analyzes these digital solutions' benefits across the RCM value chain. We also suggest collaboration strategies with third-party service providers for efficient and outcome-driven RCM investments.