Advanced Revenue Cycle Analytics: An Overview
2018 brought more disruption to healthcare than ever before, and this trend will continue in 2019. One of the biggest disruptors this year was the entrance of big businesses such as Amazon, Apple, and Google into the healthcare field.
These giants are entering the field because they see its inefficiencies and want to pool together their own resources to improve it. There is an opportunity, and smart businesses like Amazon are looking to buy in.
At the beginning of 2018, Amazon partnered with Berkshire Hathaway and JPMorgan Chase & Co to improve employee healthcare. Their aim is to increase satisfaction while reducing costs.
Amazon’s CEO, Jeff Bezos, had this to say about their venture into the healthcare sector:
“The healthcare system is complex, and we enter into this challenge open-eyed about the degree of difficulty. Hard as it might be, reducing healthcare’s burden on the economy while improving outcomes for employees and their families would be worth the effort. Success is going to require talented experts, a beginner’s mind, and a long-term orientation.”
Tech giants will continue to enter and disrupt the medical field in 2019. There is plenty of incentive for the companies who have the resources to do so:
- Saving money on employee healthcare by offering it themselves
- Researching, innovating, and testing new healthcare technology without risk of leaks
- Entering the healthcare field and doing it well will be an opportunity to increase revenue
2019 is set to be a year of change in the healthcare sector. It is also a year in which staying on top of your revenue cycle will be harder than ever. That’s why we have written a free white paper, Top Revenue Cycle Trends of 2019, to help prepare you to take on your revenue cycle workload.