Global Revenue Cycle Management Market Growth, Trends, and Forecasts (2018-2023) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 11, 2018--The “Global Revenue Cycle Management Market Size, Share - Segmented by Deployment, Function, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
The global revenue cycle management market is expected to register a CAGR of 11.5% during the forecast period 2018 to 2023.
Revenue for healthcare providers depend on accurate processing of medical claims. With mounting pressure on hospitals to reduce costs, most care providers are losing revenue due to claims denial and their failure to submit or delay the denied claim. This has given an opportunity for speciality firms that provide revenue cycle management service.With their expertise, these providers are able to increase the cash flow of their clients which were otherwise neglected by the hospitals to resubmit the denied claims. It is estimated that over 90% of the claim denials can be prevented with support from providers who have systems and knowledge experts in this field.From the above it can be concluded that the revenue loss to hospitals due to billing errors that can be prevented by speciality revenue cycle management service providers is a major driver for RCM market.
The other factors such as government initiatives to boost the adoption of RCM solutions, and increasing adoption of EHR/EMR are driving the Revenue Cycle Management Market.
For small and medium size hospitals there is a little investment in developing their infrastructure that support or integrate with RCM systems. The adoption rate for these players for RCM solutions is low because of high price and maintenance costs.The need for modernized tech-based RCM for healthcare providers have put pressure to invest or partner with firms such as Gebbs Healthcare Solutions, Athenahealth etc.The other factors such as lack of proper IT infrastructure, and scarcity of skilled IT professionals are restraining the Revenue Cycle Management Market.
The US Revenue Cycle Management Market (RCM) holds the largest market share in 2017 in North America region due to the changing healthcare regulations.Most US healthcare providers are deploying revenue cycle management systems that reduces the time taken for receiving payment after providing a service. The RCM that automates many activities previously done manually are saving time. US healthcare firms are benefited as they get insights on claims denial and prompt to add required medical information for claims processing.With a push toward value based care by government, and its initiatives to adopt RCM solutions by all healthcare providers, the market for revenue cycle management may see a significant growth.
Major Market DevelopmentsGeBBS Healthcare Solutions announced a Healthcare Information Management (HIM) and Revenue Cycle Management (RCM) partnership with Prospect Medical Holdings, Inc.Companies ProfiledAllscripts Healthcare SolutionsAthenaHealthCerner CorporationConifer Health SolutionsConstellation SoftwareeClinicalWorksEPIC SystemsGE HealthcareGebbs Healthcare SolutionsMcKesson Corporation
Key Topics Covered
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Revenue Cycle Management Market Overview
6. Revenue Cycle Management Market Dynamics
7. Revenue Cycle Management Market Segmentation
8. Company Profiles & Competitive Landscape
9. Future of the Revenue Cycle Management Market
For more information about this report visit https://www.researchandmarkets.com/research/lh3v2b/global_revenue?w=4
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Related Topics:Managed Care
INDUSTRY KEYWORD: HEALTH MANAGED CARE
SOURCE: Research and Markets
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PUB: 10/11/2018 08:08 AM/DISC: 10/11/2018 08:08 AM