From patient access to reimbursement management, these companies are working to improve the end-to-end process.
The US healthcare system has the highest administrative cost of any country in the world.
A major reason for this is the healthcare industry’s complex payment system, also known as revenue cycle management (RCM). In 2012 alone, the complexities of this payment system added $375B to total healthcare costs in the US, according to a study from BioMed Central.
This is increasingly top-of-mind for healthcare provider executives, as heavier financial responsibilities for patients, increasing penetration of managed care, and value-based contracts add more layers to RCM operations — making the patient experience more cumbersome and lowering providers’ margins.
Additionally, clinicians often cite extraneous documentation as a major contributor to burnout. On average, physicians spend over 2.5 hours a day on administrative tasks related to the electronic health record (EHR), according to an AMA study.
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