5 Proven Strategies To Improve Patient Engagement and Revenue Cycle Efficiency

Revenue Cycle Management – Like any other organization, hospitals, and healthcare providers need a continuous source of revenue to keep operating.

However, healthcare organizations frequently fail to accurately and promptly record the information related to their services provided.

This inability is because healthcare professionals’ primary focus is to provide care for the patient, and documentation is an afterthought.

Missing charges, loss of revenues, and lack of data insights are some of the biggest problems healthcare providers encounter daily.

Add the COVID-19 pandemic on top of that, and the job becomes even more difficult.

At intelyHealth, we created a mobile charge capture tool designed to address COVID-19 mass vaccinations and make healthcare providers’ lives easier: intelyCharge! 

According to the new market research report “Healthcare BPO Market by Outsourcing Models, Provider (Patient Care, RCM), Payer (Claims Management, Billing & Accounts), Life Science (R, Manufacturing, Sales & Marketing (Analytics, Research)), & Region (Source, Destination) – Global Forecasts to 2026″, published by MarketsandMarkets™, the global market is projected to reach USD 468.5 billion by 2026 from an estimated USD 296.4 billion in 2021, at a CAGR of 9.6%.Browse in-depth TOC on “Healthcare BPO Market”334 – Tables43 – Figures309 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=472Growth in this market is primarily driven by the need to reduce rising healthcare costs and the implementation of the Patient Protection and Affordable Care Act (PPACA) are compelling payers and providers to outsource their business processes to low-cost countries in order to reduce their operational costs.The major source geographies that primarily outsource most of their non-core activities to third parties include North America, Europe, and Rest of the World.The COVID-19 pandemic has had a significant impact on the world’s population and economy.

As a result of the pandemic, healthcare facilities are facing immense pressure to create a well-coordinated environment where all clinical functions are connected internally and where the organization operates in coordination with other healthcare units.

This is compelling healthcare organizations to outsource their non-core functions, including revenue cycle management, claims management, and patient engagement, among other functions, to third parties and focus on their core competencies for better patient outcomes.Revenue cycle management services to register the highest growth in the Healthcare BPO marketBased on type, the market is segmented into revenue cycle management, patient enrollment, and patient care.

The revenue cycle management services segment is expected to account for the largest share of 70.8% of the market in 2021.

The declining trend in reimbursements in the healthcare industry, reductions in overall healthcare costs, initiatives undertaken by governments for implementing revenue cycle management solutions and increasing expenditure by the healthcare IT industry are the key factors driving the growth of the revenue cycle management services market.Manufacturing services to account for the largest segment in the Healthcare BPO marketBased on type, the market is segmented into manufacturing, R, and non-clinical services.

The manufacturing services segment is expected to account for the largest share of 55.6% of the Healthcare BPO Market in 2021.

SISGAIN has been providing revenue cycle management software systems for the healthcare sector.

Our revenue cycle management software helps healthcare organizations in offering services and provide clinical contributions to make the financial processes easier.

Our revenue cycle management software systems are filled with features that help in unifying clinical medical files of the healthcare sector.

Our software applications use different tools and technologies to make administrative tasks easier.

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Top-down and bottom-up approaches were used to validate the size of the global Healthcare BPO market and estimate the size of various other dependent submarkets.

Major players in the market were identified through secondary research and their market revenues were determined through primary and secondary research.

Secondary research included the study of the annual and financial reports of top market players, whereas primary research included extensive interviews with key opinion leaders such as CEOs, directors, and marketing executives.Major Growth Drivers:In the current market scenario, there is a growing demand for healthcare BPO services.

The objective of this report is to define, describe, and forecast the market on the basis of outsourcing services including payer, provider, and pharmaceutical services and region.

It provides detailed information regarding the major factors influencing the growth of healthcare outsourcing market.Expected Revenue Growth:Healthcare BPO market is estimated to grow at a CAGR of 10.2% from 2017 to 2022 to reach $312.43 billion by 2022 from $191.68 billion in 2017.Accessories to Fuel the Growth of Healthcare BPO Market :Based on provider services, the Healthcare BPO market is segmented into revenue cycle management, patient enrolment & strategic planning, and patient care.

Growth in the revenue cycle management market can largely be attributed to factors such as decreasing reimbursements in the healthcare industry, reductions in the overall healthcare costs, initiatives undertaken by governments for implementing RCM solutions, and increasing expenditure by the Healthcare IT industry.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=472Based on payer services, the Healthcare BPO market is segmented into claims management, integrated front-end services and back-office operations, member management, product development & business acquisition, provider management, care management, billing & accounts management services, and HR services.