Why Outsourcing Revenue Cycle Management Can Benefit Your PracticePosted by snehal shaha on February 14th, 2023 Introduction to Revenue Cycle Management Revenue Cycle Management (RCM) is the financial process used by healthcare organizations to manage patient care events from registration to final payment. RCM includes all the steps in the process from the moment a patient is identified to the point of receiving payment for services. RCM is a critical component of managing a healthcare organization’s finances and operations. It is responsible for accurately tracking and collecting payments for services rendered and for managing the cost of providing those services. RCM is also responsible for ensuring that any outstanding claims are resolved in a timely manner. RCM systems help healthcare organizations reduce the cost of providing care and improve the patient experience. Market Size and Forecast of Revenue Cycle Management Market The global Revenue cycle management (RCM) market is projected to reach USD 67.8 billion by 2026 from USD 40.9 billion in 2021, at a CAGR of 10.6% during the forecast period. The growing adoption of RCM solutions and services by healthcare providers to streamline revenue cycle processes is a major factor driving the growth of the market. Moreover, the increasing adoption of cloud-based solutions and the growing need for improving patient experience are expected to fuel the growth of the revenue cycle management market in the coming years. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153900104 Emerging Trends in Revenue Cycle Management
Drivers and Challenges for Revenue Cycle Management Drivers:
Challenges:
Adoption of Revenue Cycle Management Solutions Revenue cycle management (RCM) is a key component of healthcare organizations, as it is responsible for managing the entire process of patient care from initial billing to final payment. The adoption of RCM solutions can help healthcare providers optimize their revenue cycles by streamlining processes, reducing errors, improving efficiency, and driving revenue growth. The use of robust and comprehensive RCM systems can help healthcare organizations better manage their revenue cycles, allowing them to focus on providing high-quality patient care. Additionally, RCM solutions are essential for ensuring compliance with healthcare regulations and providing access to accurate and timely financial information. Adopting an RCM solution can help healthcare organizations reduce costs, maximize revenue, and increase patient satisfaction. Regional Analysis of Revenue Cycle Management The market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Middle East & Africa is the fastest-growing market for global market during the forecast period. The Middle East Africa market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the growth in medical insurance adoption due to new regulatory requirements, increasing demand for patient data management services owing to the COVID-19 pandemic, government initiatives to promote digitalization, growing awareness, and the growing demand for quality healthcare. Request Sample Pages: -https://www.marketsandmarkets.com/requestsampleNew.asp?id=153900104 Recent Developments:
Key Players in Revenue Cycle Management Market R1 RCM (US), Cerner Corporation (US), Optum (US) are the leading players in the market. Other players include McKesson Corporation (US), Change Healthcare (US), 3M (US), Experian plc (Ireland), Conifer Health Solutions (US), Allscripts Healthcare Solutions (US), GE Healthcare (US), Cognizant (US), athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US) Conclusion In conclusion, the revenue cycle management market is anticipated to witness a healthy growth in the coming years due to the increasing demand for efficient healthcare services and technological advancements. Moreover, the growing demand for patient-centric services and the emergence of AI-based solutions are expected to create opportunities for market players. Like it? Share it!More by this author |