Revenue Cycle Management Software Investments On The Rise
Summary
- Healthcare providers are doubling down on software investments and they are putting their money on revenue cycle management solutions to address key challenges, according to a new report from KLAS and Bain & Company. “These shortages led to a pandemic-era spike in wage inflation, which has been further exacerbated by rising wages and product cost inflation in the broader economy over the past 12 to 18 months.” “As a result, providers are looking to software solutions to boost productivity and automate tasks, with the ultimate goal of stronger financial outcomes and higher-quality patient care,” the report continues. Larger health systems will continue to invest in business process outsourcing and the adoption of enhanced revenue cycle management software modules, such as artificial intelligence and complex claim capabilities, researchers say. Many providers also invested in clinical and operational solutions during the pandemic and are now overwhelmed with their technology portfolio, which hinders them from staying current on new offerings in the market. Epic, for example, has “aggressively pursued product adjacencies to elevate its value proposition beyond core EMR,” which has included revenue cycle management capabilities.
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