Every year, a colossal $350 million is spent to submit and process claims in the healthcare industry, stated a Dell report. No wonder, the number is only going to up and further up in the future. It is equally disheartening to see how hospitals and healthcare centers are finding it difficult to liquidate various streams of revenue. Reimbursements are down from both government and commercial payors. Issues like juggling several major initiatives at one go because the gigantic ICD-10 storm is about to hit the shore, lack of experienced talents in high priority areas, narrowing margins, etc., are complicating things even more.
So, how is healthcare as an industry poised for the changes, challenges and subsequent growth? What undercurrents are influencing the sector now? What problems are hospitals struggling with? Take a look at the trends that healthcare professionals must know to stay relevant in the game. Click to learn more about how medical billing and coding outsourcing are evolving in the changing revenue cycle management milieu.