The revenue cycle management (RCM) sector is expected to boom in this coming year. According to data from MicroMarket Monitor, the RCM market is expected to grow at a compounded annual rate of 7.2% from 2014 to 2019. More and more hospital CEOs are realizing that RCM isn’t their organization’s core competency and are outsourcing the procedures to specific RCM companies. This has been helpful for hospitals to instead refocus more of their time on patient care and clinical service delivery.
At the end of 2014, Black Book estimated that the total market was worth about $7.7 billion, which could grow to nearly $10 billion by the end of 2015. Many different RCM companies are increasing their growth but six have stuck out as the ones to watch for in terms of technological advancement:
McKesson’s RCM system is divided into five clear parts (Horizon Business Folder, Paragon Hospital Information System, Intelligent Coding, Performance Analytics, and Revenue Management Solutions) to integrate clinical and financial information with the goal of maximizing revenue and lowering costs. This company, currently worth $54 billion, has worked hard to improve its internal RCM model and be able to annually process over 160 million procedures.
President Dan Johnson has embraced technology by using mobile computing on iPads to send patient information directly from hospitals to financial executives in real time. He has urged the company to keep track of its overall data and release this to the industry so hospitals and clinics can understand how they are performing compared to their peers. Yet, the biggest and most recent success of Experian has been its collaboration with AxiaMed and Ingenico Group “to provide efficient and secure payment processing devices to healthcare organizations” which reduces fraud and re-establishes trust.
Jan De Witte, President and CEO, understands the transition of the healthcare industry to a value-based system to provide the most efficient services at a low cost for patients. He believes that every organization needs to change its RCM model to accommodate this and has implemented new software solutions that have financial transparency into GE Healthcare. Some of the latest products and services include Centricity Business 6.0 to increase patient collections, and others to stay ahead of evolving systems and to prepare for ICD-10.
Over 350 medical billing companies use this cloud-based practice management and billing system that can be accessed from anywhere. According to Black Book data, 86% of providers aim for integrated EHR, with ADP AdvancedMD ranked as one of the top companies in 2015 to help these operations run smoother.
Recently, Dartmouth-Hitchcock has chosen Conifer Health for its sole end-to-end RCM system in order to enhance patient engagement and capture revenue. With Conifer Health’s growing success and partnerships, it has planned to add 660 jobs to its headquarters in Frisco, Texas, adding to its current 1050 current employees.
At the beginning of last month, Emdeon reported its first quarter financial results, which were drastically up 9.4%. This is largely due to its acquisition of Capario, a California-based healthcare technology firm that specializes in cloud-based RCM, last year. Emdeon has proved to stay up to date with its technology, connecting its customers to nationwide health plans and enabling hospitals to complete a wider array of transactions.
To learn more about the progression of each company, click here.