October 20, 2022 – A new report from Bain & Company and KLAS Research has found that 50% of surveyed providers listed revenue cycle management as a top five software investment priority over the next year.
The report found that RCM software is a critical component in the current environment given the direct link with cash collection as well as the labor-intensive nature of revenue cycle processes.
“This is especially true for smaller provider organizations navigating complex payer landscapes and physician groups that lag health systems on the adoption of RCM software,” the report stated. “Large health systems also continue to make investments in RCM, however, via both business process outsourcing and adoption of enhanced RCM software modules (e.g., complex claims, artificial intelligence–enhanced features).”
Providers are increasingly streamlining bloated tech stacks and looking to their electronic medical records (EMR) providers and other existing vendors for new solutions before evaluating new vendor offerings. Competition in the provider IT space shows no signs of abating: Early-stage capital, big tech, and scale EMR players continue crowding into more segments.