Why Are Providers Prioritizing Software Investments?
Software investment has become a top priority for medical practices and enterprise medical organizations. According to a 2022 Bain & Company and KLAS Research report, 95% of all providers expect to make software investments over the next year.1 However, providers are determined to invest wisely; the study found that they are looking for solutions to help them increase productivity while streamlining bloated tech stacks.
It’s not surprising that Revenue Cycle Management (RCM) tops the list among software investment categories, given its ability to improve cash flow and reduce labor-intensive workflows.
Providers have several reasons for turning to new technology, including:
Margin compression resulting from inflation of wages, products and services
Labor shortages
Modernization of the patient experience
