Healthcare Revenue Cycle Management Market Research Report, By Type (Integrated Software, Standalone Software), By Component (Software, Services), By Deployment (On-premise, Cloud/Web-Based) and By End-user (Hospitals, Ambulatory Services) - Global Forecast till 2027
Global Healthcare Revenue Cycle Management Market- Overview
The Global Healthcare Revenue Cycle Management Market is growing with the rapid pace; mainly due to lack of time, busy schedule, cost effective alternative option, consistently increasing primary, secondary and tertiary healthcare centers, consistently increase in healthcare infrastructure, increasing number of hospitals day by day, growing acceptance rate of RCM software, changing new terms and condition and regulatory rules, increasing pressure to curb healthcare cost and rapidly increasing patient inflow drive the market growth. It has also been observed that, increasing number of claims day by day and rising need for better management software also fuel the growth. Market has witnessed certain barriers such as, limited availability of well-trained employ, professionals, and high cost of the software may slow the market growth over the review period.
The global healthcare revenue cycle management market has registered strong growth in recent years and expected to registered lucrative growth in upcoming years. The market for healthcare revenue cycle management (RCM) is growing at a healthy pace. RCM market is predicted to grow at a healthy CAGR of 12.2% during the forecast period and is estimated to reach USD 43,500.0 million by 2027
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Global Healthcare Revenue Cycle Management Market- Regional Analysis
Based on region Global Healthcare Revenue Cycle Management Market mainly divided into America, Europe, Asia Pacific and Middle East & Africa. America dominates the global healthcare revenue cycle management (RCM) market due to high better healthcare infrastructure, healthcare revenue, and developed technology, adoption of the better management services and the presence of the leading players
Global Healthcare Revenue Cycle Management (RCM) market - Competitive Analysis
As the market has registered lucrative growth and expected to registered strong growth in upcoming years, many players are expected to enter into the market. It has also been observed that, existing players are seen expanding their business and became more aggressive in market. There is a strong rivalry among existing players have been observed.
Many major players in RCM such as: Epic Systems Corporation (US), Siemens Healthcare (Germany), General Electric Company (US), Allscripts (US), Quest Diagnostic (US), Cerner Corporation US, , AdvantEdge Healthcare Solutions (US), CareCloud (US), Acelerartech (US), 3M (US), McKesson Corporation (US)
Recent Happenings In Healthcare Revenue Cycle Management Market : - Epic Systems Corporation (US), is on process to launch medical billing service, the new service, is aimed at smaller customers hoping to outsource revenue cycle management. Epic think, this could be huge opportunity for the organization, and will help to target smaller customers. Epic’s goal is to simplify the payment process by helping Epic organizations with the complexities of submitting claims & posting payments. Attention to detail is crucial as you will be posting payments & denials, reconciling payment files, claims & statements, resolving posting errors & calling payers to follow up on outstanding or unpaid claims. The ability to offer billing could be a new opportunity for Epic's efforts to grow its business with resource strapped small hospitals, super specialty doctor & physician practices
A recent ad appeared on the website of Verona, Wisconsin based electronic health record colossus Epic Systems Corp. for "bright, motivated individuals to join their new billing services team as Epic enter the world of medical billing. The ad showing that Epic is seeking billers who have good communication and customer service skills, and familiar with medical terminology & remittance or denial codes, having knowledgeable about Medicaid, Medicare and other insurance guidelines, and have a coding certification or background.
Epic is targeting organizations such as those as it rolls out the new streamlined EHR versions it announced earlier this year: a mid-range utility version & a system called “Sonnet” who’s scaled back features & lower price point could make it appealing to smaller providers. Epic finding that people need different things, Epic CEO Judy Faulkner told Healthcare IT News at HIMSS17 in February-2017. "If you are a critical access hospital, you don’t need the full Epic." The value add of billing service could make the choice for a simpler EHR that much more convenient and appealing.
With a billing presence across all 50 states, Epic is well-positioned and excited to share their best practices and take on some of the billing work and associated IT functions, for their Resolute Professional Billing customers, said Epic spokesperson Meghan Roh.
The new offering will help those who are struggling to scale their billing services, looking to keep a light operational footprint, or those who are just simply hoping to step away from revenue cycle management.
Key Takeaways: -
MRFR analysis it clearly shows that, Healthcare Revenue Cycle Management market seems to be very good opportunity for existing players as well as new entrants. Market has witnessed business expansion by existing players, by adapting various methods. For example, new product/services launch, acquisition and joint venture. For example Epic enters into medical billing segment specifically targeting to small customers. Epic partners with M*Modal on AI to improve EHR workflow. Epic partners with Mediware for blood bank tech.
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Lean Six Sigma principles are used in a range of industries to improve process efficiency by eliminating waste and reducing defects.
When applied correctly, these methodologies can lead to happier customers and increased revenue.
In the healthcare industry, defects not only affect revenue and customer satisfaction they can mean the difference between life and death.
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The new Healthcare Revenue Cycle Management Market report offers a comprehensive study of the current scenario of the market including major market dynamics.
Also, it highlights the in-depth marketing research with the newest trends, drivers, and segments with reference to regional and country.
Further, this report profiles top key players and analyze their market share, strategic development, and other development across the world.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Healthcare Revenue Cycle Management Market include AGS Health Inc., AllScripts, Accretive Health (R1 RCM), Cerner Corporation, Athenahealth CareCloud Corporation, Change Healthcare (Emdeon), Conifer Health Solutions, Gebbs Healthcare Solutions, Experian Information Solutions, Inc., Optum (The Advisory Board Company), and McKesson Corporation and SSI group..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Healthcare Revenue Cycle Management Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/healthcare-revenue-cycle-management-market/download-sampleMarket SegmentationThe broad Healthcare Revenue Cycle Management Market has been sub-grouped into the Product, Function, Deployment, End User and Region.
The report studies these subsets with respect to the geographical segmentation.
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