Global Healthcare Revenue Cycle Management (RCM) Market is anticipated to grow at a decent CAGR of 11 to 12% by 2027
Summary
Demand for workflow optimization in healthcare, regulatory requirements and government initiatives to fuel the adoption of healthcare RCM, increasing adoption of cloud based healthcare RCM, strategic initiatives associated with healthcare revenue cycle management, are some of the major factors driving the growth of the healthcare revenue cycle management market.- Author Company: Medi-Tech Insights
- Author Name: Avez Shaikh
- Author Email: aves.s@meditechinsights.com
- Author Telephone: +32498868079
- Author Website: https://meditechinsights.com/
Healthcare Revenue Cycle Management refers to the overall process of identifying, collecting and managing the practice’s revenue from payers based on the services offered. A successful healthcare revenue cycle management process is necessary for a healthcare practice to maintain financial viability and continue offering good patient care.
Rising Potential of RCM Outsourcing in the Healthcare Segment Triggers the Growth of the Healthcare Revenue Cycle Management Market
Advanced medical technologies provided by outsourcing partnerships can provide streamlined workflows, enhanced efficiency, major emphasis on patient care, timely and enriched reimbursement, bug-free billing, enhanced payments, and overall accuracy, all of which can lead to decreased costs and further increased revenue collection. Thus, the companies are nowadays following digitally enabled modular solutions to enhance their healthcare RCM operations by collaborating with other leading service providers who can combine manpower, work processes, and technologies into one reliable healthcare revenue cycle solution.
Growing Adoption of Healthcare Revenue Cycle Management (RCM) Solutions
An efficient, high-functioning revenue cycle is important for the operational success of any healthcare company. Healthcare RCM helps the healthcare organizations and companies to enhance their cash flow, enrich the overall staff performance and offer a good patient experience, optimize company revenue, prevent revenue wastage, decrease unnecessary costs, improve results and efficiency, and ensure product compliance within regulatory needs. Thus, a clinically driven revenue cycle empowers companies to drive their outcomes, limiting denials, improve clean claim rates, reduce re-work, and preventing the chance for any missed reimbursement opportunities.
Market Challenges impacting the Growth of Healthcare RCM Market
The higher pricing and costs of maintenance of Healthcare RCM solutions, shortage of developed IT infrastructures, dynamic healthcare norms and regulations, complex reimbursement models which are introduced every few alternate years, receiving payments from patients and training the healthcare staff or team are some of the chief factors which are most likely to impact the growth of the healthcare revenue cycle management market during the forecasted time period.
North America Accounts for the Larger Market Share in the Healthcare Revenue Cycle Management Market
Geographically, North America accounts for the larger market share in the healthcare revenue cycle management (RCM) market. This can be mainly attributed to the global adoption of Healthcare RCM solutions in all the leading healthcare segments, worldwide adoption of cloud-based healthcare RCM solutions, a rapidly growing demand to manage all unstructured healthcare data, growing adoption of electronic health records (EHRs) and the presence of leading market players in this region.
Competitive Landscape Analysis: Healthcare Revenue Cycle Management Market
Some of the top and well-established players operating in the global healthcare revenue cycle management market are The SSI Group, Veradigm Inc, R1 RCM Inc and McKesson Corporation, etc.
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