Revenue cycle management (RCM) is an improvised financial process used by healthcare providers to track patient“s records, manage claims process, revenue generation, and reimbursements. RCM provides real time access to claim management and allows healthcare providers to manage their work in proper channel from registration and scheduling appointments to final balance payment stage.
It helps to improve payer performance and accelerates cash collection. It unifies business side of healthcare by gathering administrative data, such as a patient’s name, insurance provider and other personal information, with treatment details a patient receives and their healthcare data. RCM has proved advantageous for patients, healthcare providers, billing company and insurance provider. Some prominent features of RCM system include faster claims process, prompt denial management, and 99% claims processing resolution rate.
These advantages of revenue cycle management are key factors driving growth of the global revenue cycle management market. Rising administrative and operational costs of the healthcare organizations, cost-effectiveness arrived by replacing traditional paper-based systems, continuous process improvements, increased investments from private players in the market are fueling demand for revenue cycle management.
Furthermore, increasing geriatric population, prevalence of various diseases, illnesses, and disorders are indirectly expected to fuel growth of market. However, high cost of deployment, stringent regulations, and lack of trained professionals may hamper the industry growth.
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North America market is expected to account for largest market share of the global revenue cycle management market by 2026 end, followed by Europe owing high literacy rate, countries in the regions with high human development index, rising awareness and adoption rate, and government initiatives for installation of RCM and funds for further technological advancements.
Asia Pacific holds opportunities to be fastest growing region for revenue cycle management market during forecast period, due to rising adoption coupled with large patient pool in countries such as China and India. Currently, India is considered as a most favored medical tourist destination, which demands advanced health care infrastructure and streamlined procedure, which further propels growth of revenue cycle management market in this region.
Key players include Athenahealth, Cerner Corporation, Eclinicalworks, Mckesson, Quest Diagnostics, Allscripts Healthcare Solutions, Conifer Health Solutions, Epic Systems, Gebbs Healthcare Solutions, GE Healthcare, Experian, NueMD, Drchrono, Corridor Group, DAS Health, Quorum, BPS Billing, and RevenueMD.
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