Healthcare Revenue Cycle Management Market – Advanced HRCM models have revolutionized the workflow in hospitals
increasing emphasis of major players on providing best-in-class pricing and billing management system will increase its acceptance thereby, ensuring the Healthcare Revenue Cycle Management Market segmental growth.
Revenue cycle management (RCM) is the financial process with a number of steps right from utilizing medical billing software that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance. Revenue Cycle Management (RCM) in simpler words refers to the process of recognizing, collecting and managing the monetary funds or revenue obtained from the services provided to the payers
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Companies covered are McKesson Corporation, Allscripts Healthcare Solutions, General Electric Healthcare, AGS Health, Athenahealth, Accretive Health, Cognizant Technology Solutions, Siemens Healthcare, Cerner, CareCloud, Conifer Health Solutions, Emdeon, and Experian
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Healthcare providers currently, are facing drastic challenges due to increasing number of patients, need for well-equipped hospitals, increasing complexity and rising treatment costs. These factors are causing enormous strain on the healthcare authorities. Healthcare revenue cycle management (HRCM) comes in handy in such situations. Presence of upgraded software reduces humanitarian errors, duplication of work and minimizes confusion while handling tons of data. Major players are trying to focus on developing innovative HRCM software that would serve as one of the most important components in healthcare system, enhancing patient engagement along with simplifying the workflow. HRCM software is gaining popularity even in diagnostic laboratories. The prime factors driving the Healthcare revenue cycle management market growth are rising regulatory mandates for the adoption of system like HRCM in healthcare sector and ineffectiveness of the conventional billing systems in administration of on-going billing operations. Parallely, there has been a notable rise in the adoption of cloud-backed revenue cycle management solutions, as they are attributed with flexiblility, security and cost-effectivity. These factors are expected to drive the market growth over the period of time. The government reforms also play an active role in boosting the adoption of the revenue cycle management system. For example, the Affordable Care Act (ACA) introduced in the U.S., focuses on expanding health insurance services to people with low income. This extended insurance can be managed effectively only through revenue cycle management solutions.
- Web-based services
- Collection and storing of clinical data
- Medical coding and billing
- Claims and denial management
Key benefits of the report:
- This study presents the analytical depiction of the global healthcare revenue cycle management industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Healthcare revenue cycle management market share.
- The current market is quantitatively analysed from 2020 to 2027 to highlight the global healthcare revenue cycle management Healthcare revenue cycle management market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the Healthcare revenue cycle management market.
- The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the Healthcare Revenue Cycle Management Market research report:
- Who are the leading market players active in the healthcare revenue cycle management market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that will help in taking further strategic steps?
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