Revenue Cycle Management Market Growth Factors, Applications, Regional Analysis, Key Players and Forecasts by 2023


Posted October 4, 2018 by pragatiseo

The increasing demand for cloud based revenue cycle solution and vendor consolidation to provide end-to-end solution are expected to create opportunities for the players in the market.

 
The worldwide revenue cycle management market is witnessing considerable growth due to increasing regulatory requirements for the usage of revenue cycle management, increase in recovery audits due to changing healthcare regulations and increasing government support for revenue cycle management. Moreover, process improvements in healthcare organizations, increasing prevalence of chronic diseases and growing geriatric population are resulting in increased demand of revenue cycle management. Increasing number of patients and growth in demand for health insurance, increasing healthcare delivery cost, and decline in reimbursement rates are further supporting the market growth. Based on product type, the market for integrated segment is estimated to increase at the faster rate during the forecast period, due to increasing demand of integrated solution to achieve process efficiency and cost reduction. Based on deployment method, the market for web-based segment leads the global market due to growing demand for mobile support system for better patient engagement solution.

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Inefficient manner of medical billing and collection resulted in revenue loss for many healthcare organizations. Revenue cycle management is the process that healthcare facilities use to pursue patient care. It is a financial process which starts when a patient enters the hospital and automates business process for speedy follow ups. It imitates from registration and appointment planning to the final payment of a balance. It includes administrative data such as patient’s name, other personal information, insurance provider, tracking claims, the treatment a patient receives and following up on denied claims. It can reduce the time involved while providing a service and collecting payment for it by networking with other health IT systems. It also allows patients to pay their bills online. It enables healthcare organizations to accelerate their revenue cycle.

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The key players operating in the global market are Cerner Corporation, McKesson Corporation, Athenahealth Inc., Eclinicalworks LLC., Quest Diagnostics Incorporated, Allscripts Healthcare Solutions Inc., GE Healthcare, and Epic Systems Corporation.

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Last Updated October 4, 2018