Future of the Healthcare Revenue Cycle Management Market Adds New DimensionPosted by Rajkumar on March 6th, 2019 Revenue cycle management or RCM is a combination of revenue generation, payment, and claims processing. In layman’s terms, it is a healthcare system’s financial system. Its components include all clinical and administrative functions that consist of the management, collection, and capture of revenue gained from patient service. It is primarily the entire lifespan of a patient account in a healthcare organization. Revenue cycle management incorporates the use of specific technological tools to track claims throughout patient’s lifecycle, ensuring that the payments are collected without any hurdle, and claims are addressed successfully. RCM tools let healthcare providers do the billing and identify issues quickly, thereby allowing for the secure stream of revenue. A system that runs efficiently thwarts rejection of claims and preserves an efficient and transparent billing process. Revenue cycle management also includes everything from deciding on patient’s insurance adequacy and eligibility to regulating claims through ICD-10. Request Sample Copy of Research Report @ https://www.coherentmarketinsights.com/insight/request-sample/157 Integrated solutions is likely to be the primary growth segment in the healthcare revenue cycle management market owing to improved operational competences and smooth economic and clinical structure with better management of treatments, outcomes and most importantly, costs related to these treatments. Healthcare Revenue Cycle Management Market Taxonomy On the basis of deployment, the global healthcare RCM market is classified into: On-Premise Cloud-Based Web-Based Others On the basis of component, the global healthcare RCM market is classified into: Software Services On the basis of product type, the global healthcare RCM market is classified into: Standalone Integrated Others On the basis of end user, the global healthcare RCM market is classified into: Hospitals Laboratories Physicians Others Among deployment types, the cloud based solutions holds the majority share in the healthcare revenue cycle management market. The primary factor for the dominance of this segment is high rate of adoption of electronic medium for maintaining health records, thereby ensuring well-organized data mining, superior accessibility of the data and precise evaluation of the data corresponding to health information. This in turn will fuel the growth of the overall healthcare revenue cycle management market. Request For Customization of Research Report @ https://www.coherentmarketinsights.com/insight/request-customization/157 According to the American Hospital Association, the total number of registered hospitals in the U.S. was 5,564 in 2015. Moreover, it states that in 2015, the total number of admissions in these hospitals was 35,061,292, i.e. around 35 million patients. Increasing number of hospitalizations, in turn fuels growth of the global healthcare revenue cycle management systems market. Maintaining well organized records of patients is the need of the hour. Additionally, the emerging economies, especially countries such as China and India are likely to show significant growth prospects over the course of the forecast period. Increasing spends on healthcare, availability and accessibility of better healthcare facilities, increasing incidence of diseases and the rising importance of studying historical patient profile across the healthcare industry will augment the overall growth of the market. Government initiates and strict regulatory framework will shape the future of the global healthcare revenue cycle management market. Major manufacturers in the market compete on the basis of price, and technology (ease of use). Some of the major players operating in the healthcare revenue cycle management market are GE Healthcare, Experian PLC., Eclinicalworks, LLC, Mckesson Corporation, Cerner Corporation, Gebbs Healthcare Solutions, Conifer Health Solutions, LLC. Epic Systems Corporation, Quest Diagnostics Incorporated, Allscripts Healthcare Solutions, Inc., and Athenahealth, Inc. About Coherent Market Insights Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity. Contact Us Mr. Shah Coherent Market Insights 1001 4th Ave, #3200 Seattle, WA 98154 Tel: +1-206-701-6702 Like it? Share it!More by this author |