Daily TribuneHealthcare RCM’s global outsourcing market is expected to increase at a compound annual growth rate of 14.7 percent from 2024 to 2030, growing from $3.1 billion in 2023 to $8.7 billion in 2030, as revealed by the Verified Market Reports 2024 study.
A long queue of billing settlers inside Chinese General Hospital in Blumentritt St., Manila.
Raffy Ayeng
Healthcare organizations face a wide array of challenges, including staffing shortages, increasing operational costs, and the need to improve patient experience.
To address these issues, healthcare providers are increasingly outsourcing both administrative and clinical tasks to enhance operational efficiency and patient care, according to a top official of a leading provider of Revenue Cycle Management (RCM) process and analytics solutions in the country.
In an interview, Santosh Kesari, country manager of Omega Healthcare Philippines, said RCM has become one of the most common outsourced services in healthcare.
The revolutionary solution encompasses processes from patient scheduling and registration up to billing and payment collection, allowing healthcare providers to concentrate on direct patient care while ensuring accurate and on-time compensation for services rendered.
With its efficiency, the healthcare RCM’s global outsourcing market is expected to increase at a compound annual growth rate of 14.7 percent from 2024 to 2030, growing from $3.1 billion in 2023 to $8.7 billion in 2030, as revealed by the Verified Market Reports 2024 study.
Kesari said the growth is expected to create more jobs, especially in leading countries for business process outsourcing like the Philippines, which ranked 12th as the most compelling offshore business service location in the 2023 Kearney Global Services Location Index.
As healthcare providers explore viable solutions to address their challenges, discover why outsourcing RCM proves to be a game changer in this sector, he said.
Cost efficiency as benefit
“Cost efficiency is one of the many benefits of outsourcing RCM as this approach reduces operating expenses associated with staff training, investment in technology, and maintaining an in-house team. Outsourcing RCM enables companies to instantly have access to the right technology, expertise, and manpower while paying only for the services they use,” according to Kesari.
Administrative tasks require significant time and effort, which can divert healthcare staff’s attention from providing quality care.
With such workload being outsourced — from patient scheduling to billing, healthcare providers can focus more on delivering improved patient care.
“Additionally, this approach enables healthcare providers to deliver fast services for patients in terms of appointment scheduling, eligibility verification, and more. As a result, patients receive necessary checkups and treatments on time, increasing overall satisfaction with the healthcare provider,” he said.
Provides access to expertise
RCM service providers are equipped with highly trained professionals specializing in medical billing, coding, compliance, and reimbursement processes.
The official stressed that when healthcare providers partner with RCM companies, they gain access to these experts with up-to-date knowledge of the industry’s best practices and standards.
He said RCM minimizes errors, ensuring accurate and timely processing of claims to avoid delayed or denied payments.
“Healthcare providers can also leverage advanced technologies and tools utilized by RCM service providers, further improving their revenue cycle processes without the burden of management and maintenance. Aside from expertise and technology, RCM companies provide the flexibility to adjust services depending on demand, eliminating the need for healthcare providers to hire or lay off employees,” Kesari said.
Revenues upgraded
Outsourcing RCM allows healthcare providers to benefit from a dedicated and expert workforce focused solely on administrative tasks. This ensures that coding, billing, and other processes are handled efficiently and accurately, resulting in timely reimbursements. This improves the cash flow and financial stability of healthcare providers, leading to increased revenues.
As the demand for outsourced RCM continues to grow, he said Omega Healthcare remains committed to providing exceptional service, driven by unmatched domain expertise and technology-led solutions. In line with this commitment, the company has made significant efforts to create an empowered ecosystem that unlocks the potential of healthcare.
