The Healthcare system has undergone a lot of changes with new challenges popping up every day amidst rapid technological advancements and efficient processes. It is very evident from the current scenario to take into account a lot of statistics and research highlighting the changes and newer ways of approaching the problems. Let’s have a look at where the numbers are pointing this year.
1. Medical Trends
- The global average Medical Trend Rate for 2022 is 7.4% (7.2% in 2021)
- Medical Trend Rates continue to grow over general inflation, with average Net Medical Trend Rate being 5.0% in 2022.
- More than 60% of the countries observed utilization of employer-sponsored medical plans lower or much lower during 2020/2021 than the 2019 pre-pandemic levels.
- The pandemic also brought an important global reduction on the usage of Preventive Care, Dental, Hospitalization and Vision services.
- 15% of enrollee in national plans were exposed to a significant increase (7.5 percent or more) in premiums.
- 82% of all plan type offerings are managed-care plans.
2. Tele Health Trends
- Mental Health and Telehealth services have seen a global spike on the usage numbers during 2020/2021, namely in Asia-Pacific and Europe, with more than half of the countries reporting a higher or much higher utilization level.
- Utilization of Telehealth services is also expected to increase during 2022, continuing the strong increase observed in 2020/2021, with Europe and Asia-Pacific taking the lead.
- 39% of patients with chronic diseases or current conditions had a virtual consultation in 2021. An increase was seen in use of electronic health records—with 31% using EHRs this year (38% for our patient cohort).
- CAQH’s latest annual study asserts that the industry could save over $13 billion if it implemented full electronic transactions.
- According to the AMA survey, the digital health tools that garner the most enthusiasm among physicians are tele-visits (57%) followed by remote monitoring devices (53%)
3. Revenue Cycle Management
- From 2017 to 2021, market value of the Revenue Management Software Market increased at around 12.3% CAGR.
- The United States is expected to account for the highest market share of Revenue Management Software Market of US$ 36.8 Bn by the end of 2032.
- The most wanted services in back-end services segment include denials management and account receivable management.
- According to Numerof & Associates, The State of Population Health: Sixth Annual Numerof Survey Report Most health systems, hospitals and practices have under 20% of revenue exposed to upside or downside reimbursement risk.
Conclusion:
The ramifications of pandemic and the result driven strategies will help in utilising the most of the metrics stated above. RCM outsourcing can help you monitor the costs and leverage the revenue generating capacities. Get in touch with us today for result driven RCM path!