RCM Outsourcing on the Rise Due to COVID-19 and Changing Reimbursement Models
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The pandemic reinforced the need for healthcare organizations to digitalize and automate their customer-facing patient experience processes. Healthcare providers report higher digital engagement and telehealth utilization, as over 50% of patients expect providers to have digital capabilities. Key areas healthcare providers are focused on improving include patient scheduling, secure online auto-payment options, telehealth and remote patient monitoring, and financial counseling with increased price transparency. Further, the shift from fee-for-service reimbursement to value-based care is driving healthcare providers to focus on core operations and enhanced patient experience. This has increased the outsourcing of RCM middle- and back-office functions. COVID-19 and a move to value-based care have incentivized the adoption of digital operations in RCM. These trends are covered in Avasant’s new
Service Providers Helping More Firms Cash In On Digital Finance Transformation
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COVID-19 has revealed that many enterprises need to shift from in-house finance and accounting (F&A) process management to outsourcing it to F&A service providers. Technology is less and less being treated in a siloed manner, and instead it has now become an integral part of operations. As a result, F&A service providers are leveraging their existing technological capabilities and addressing enterprises’ demands, minimizing the siloes between technology and process management. Additionally, enterprises are striving for coverage of related functions, such as supply chain management, procurement, and order management, leading to a surge in multi-tower deals. To cater to diverse and emerging business needs, service providers’ offerings are playing a pivotal role in the business process transformation space. These trends are covered in Avasant’s new F&A Business Process Transformation 202