The points that are discussed within the report are the major market players that are involved in the Revenue Cycle Management market such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, distributors and etc. The growth factors of the market is discussed in detail wherein the different end users of the market are explained in detail. Data and information by manufacturer, by region, by type, by application is given and custom research can be added according to specific requirements.COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
Global “Revenue Cycle Management Market” Report 2021 studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter’s Five Forces Analysis. Also, Revenue Cycle Management Market is predicted to grow at a CAGR of 11.5 during the forecast period. And report provides a complete market overview, a list of top manufactures, the scope of the report, key market trends of the Revenue Cycle Management market, and the main aspect of the report- why do you have to buy this research report? So don’t miss it.
The report gives – Who are the global key players in this keyword market? What are their company profile, product information, and contact information? What Was the Global Market Status of Revenue Cycle Management Market? What Was Capacity, Production Value, Cost and PROFIT of Revenue Cycle Management Market?
Revenue Cycle Management Market Overview 2021:
The global revenue cycle management market is expected to register a CAGR of 11.5% during the forecast period, 2018 to 2023. The profit margins for healthcare providers are shrinking as most of them fail in proper submission of claims for payment. There is a decrease in Medicare payments after implementing Affordable Healthcare Act. With projected growth of hospital care accounting on account of increased insured population most care providers are implementing RCM either in-house or outsourcing to service providers in countries like India.
Revenue Loss Due to Billing Errors
Revenue for healthcare providers depend on accurate processing of medical claims. For improving the financial outcome a healthcare organization need to maintain a quality revenue cycle and insurance billing. The revenue cycle management team comprise accounts receivable (A/R) management and denial management. 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. Most hospitals are now dependent on third party providers for denials management service as they lack the expert knowledge, time to manage the reimbursement process.
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.
High Pricing and Maintenance of RCM Solutions
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.
US Leads the Revenue Cycle Management Market in North America Region
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.
Revenue Cycle Management Market
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Top Key-players/Leading Manufacturers of Revenue Cycle Management Market:
- Allscripts Healthcare Solutions
- Cerner Corporation
- Conifer Health Solutions
- Constellation Software
- EPIC Systems
- GE Healthcare
- Gebbs Healthcare Solutions
- and Mckesson Corporation among others.
With tables and figures helping analyze the worldwide Global Revenue Cycle Management market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
The Global Revenue Cycle Management market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.
Key Developments in the Revenue Cycle Management Market:
This Revenue Cycle Management Market Research/analysis Report Contains Answers to your following Questions
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Revenue Cycle Management Industry?
- What Was the Global Market Status of Revenue Cycle Management Market? What Was Capacity, Production Value, Cost, and PROFIT of Revenue Cycle Management Market?
- What Are Projections of Global Revenue Cycle Management Industry Considering Capacity, Production, and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply, and Consumption? What about Import and Export?
- What Is Revenue Cycle Management Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
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- What Is Economic Impact On Revenue Cycle Management Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- Which Manufacturing Technology is used for Revenue Cycle Management? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Revenue Cycle Management Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Is the Current Market Status of the Revenue Cycle Management Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Revenue Cycle Management Market by Taking Applications and Types in Consideration?
- What Are Market Dynamics of Revenue Cycle Management Market? What Are Challenges and Opportunities?
Reasons to Purchase Revenue Cycle Management Market Report:
- The report analyses how stringent emission control norms will drive the global Revenue Cycle Management market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major Revenue Cycle Management market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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