The U.S. revenue cycle management market size was valued at USD 120.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2021 to 2028. The rising need for optimization of organizational workflow coupled with growing innovation in synchronized management software and systems is anticipated to promote the growth of the revenue cycle management (RCM) market. Also, the establishment of teams by federal agencies for regulatory reforms leads to the possibility of reclassification of various healthcare products within the medical industry. The healthcare industry can leverage the efficacy & economic value presented by third-party RCM service providers and focus more on a key purpose, which is patient care.
The major advantages of outsourcing RCM tasks include the availability of skilled & trained professionals, cost-effective & efficient services, and compliance with rules & regulations. Therefore, the increase in outsourcing of services as many healthcare services mandatorily require resources & skillsets for the implementation of RCM solutions is driving the market growth. The Covid-19 pandemic has significantly affected almost all industries across the globe, specifically the healthcare sector. The healthcare providers in the country have reported a significant rise in patient volume, which has also impacted the healthcare costs and medical billing complexities.
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Key Player Mentioned:
· The SSI Group, Inc.
· McKesson Corp.
· AllScripts Healthcare, LLC
· Athenahealth, Inc.
· Epic Systems Corp.
· NXGN Management, LLC
· Oncospark, Inc.
· eClinicalWorks
Product Segment Analysis:
· Integrated System
· Standalone System
Furthermore, the pandemic has also created unstable staffing requirements for front-, middle- and back-office RCM functions owing to the fluctuation in claim volumes. The current staffing models in the hospitals tend to handle normal operations. The manual RCM workflows don’t enable effective remote operations. Due to this, the demand for outsourced RCM services increased rapidly during the pandemic.
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Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
Moreover, as the healthcare industry continues to progress, health systems and hospital revenue cycle managers have to adapt to rapid market developments and hurdles by identifying opportunities to enhance patient fulfillment, efficiency, and financial condition of organizations. A one-stop shop dealer version can produce better productivity in RCM. Opportunities for better effectiveness include condensed organizational overhead & vendor supervision time, creation and implementation of best practices, better profit collection rates, improved accounts receivable outstanding days, improved patient satisfaction to decrease downside consequences, and incentives for attaining a higher ranking.
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