Revenue Cycle Management Services and Its Relevance for the Future

1. August 4, 2017 Revenue Cycle Management Services and Its Relevance for the Future If there’s any remaining doubt as to the relevance of revenue cycle management services to healthcare institutions, new research studies showing an upward trend for the industry in the next several years ought to quell them. P a g e 1 | 3

2. According to the studies, the global healthcare RCM market is projected to grow by as much as 5% in terms of compound annual growth rate (CAGR) come 2021. Because physicians are the biggest users of RCM software, it only goes to follow that they will also be the ones benefitting the most from this development. With the implementation of upgraded and updated RCM services, they could easily improve on their overall processes and clear their administrative tasks more efficiently. The most obvious benefit coming from all of this is a better leeway to pay more attention and provide topnotch care to their patients who matter most. Improved Efficiency With the ongoing confusion as to the implementation or repeal of the ACA, healthcare establishments would do well to make sure that their records are kept up-to-date. In fact, the need for better organization and efficiency is only going to grow even further at a CAGR rate of 4.2%, according to the same study. Meanwhile, the medical lab market is expected to experience some growth as well, although not necessarily as robust as the other segments of the healthcare industry. The bottom line for all of these is that those in the industry can definitely look forward to smoother workflow processes with their properly implemented RCM systems. In-patient transactions can also be better resolved faster, including billing. Regulatory Changes As the benefits of RCM become better known, stricter compliance standards can also be expected in the near future. Meanwhile, those that are yet to adapt must endeavor to find that balance between the older workflow models that they’re used to applying vis-a-vis the new technologies and systems afforded P a g e 2 | 3

3. by RCM. In the United States, the advantage is that RCM is a lot more commonly recognized and applied than in other regions, making it a leader in growing the industry of RCM. The competition being advocated by this growth can only help further the developments and improvements of the system as a whole. Industry players will want to outperform each other, hopefully resulting in better customer service and experience. While RCM use is already established in North America, there is still a lot more room for improvement. Providers need to become better attuned to the changes in demand and needs of their markets to be able to serve them better. Agencies like DECO can help institutions improve and better establish their RCM systems to make it more efficient, flexible, and sustainable for the long-term. About DECO: DECO provides services complementary to existing revenue cycle management services for healthcare institutions so that they in turn can offer better frontend service to their patient-clients. We take pride in our advocacy for compassion-driven service, especially for the patients. We aim to help continually improve service through innovative technologies and cost-efficient workflow processes. Sources: Healthcare Revenue Cycle Management Software Market -- Forecast and Industry Analysis by Technavio. BusinessWire.com. The Research Study Analyzes the Revenue Cycle Management (RCM) Market on Its Major Geographies, Market Segments, and Current Market Trends. MedGadget.com. P a g e 3 | 3