BRUSSELS, BELGIUM, May 23, 2023 (GLOBE NEWSWIRE) --
Healthcare Revenue Cycle Management refers to the process of identifying, collecting, and managing the practice’s revenue from payers based on the services provided. A successful healthcare RCM process is essential for a healthcare practice to maintain financial viability and continue providing quality patient care.
Growing Potential of RCM Outsourcing in Healthcare Drives the Global Healthcare Revenue Cycle Management Market
Leveraging technologies offered by outsourcing partnerships can offer streamlined workflows, increased efficiency, focus on patient care, timely and improved reimbursement, error-free billing, improved payments, and accuracy, all of which can lead to reduced costs and increased revenue collection. Thus, the companies are gradually adopting digitally enabled modular solutions to revamp their healthcare RCM operations by collaborating with third-party service providers who can combine people, processes, and technology into one robust healthcare revenue cycle solution.
An Increasing Adoption of RCM Solutions in Healthcare Fuels Its Global Demand
An efficient, high-functioning revenue cycle is key to any healthcare organization’s operational success. Healthcare RCM helps healthcare organizations and companies to improve their cash flow, improve staff performance and patient experience, optimize revenue, prevent revenue leakage, reduce costs, improve efficiency, and ensure compliance with regulatory requirements. Thus, a clinically driven revenue cycle empowers organizations to drive results, like limiting denials, increasing clean claim rates, minimizing re-work, and lessening the chance for delayed or missed reimbursement opportunities.
Automation, Data Analytics, Patient-centric Approach and Payment Reforms Are Expected to Drive the Growth of the Healthcare RCM Market
By integrating next-generation digital technologies, vendors can enhance consumer centricity, improve patient touch-points, optimize reimbursement, and minimize denials to improve cash flow across the healthcare ecosystem. The most significant healthcare RCM trends that will amplify the organization's financial health are as follows: -
- Automation
- The Vital Role of Data Analytics in the Healthcare Revenue Cycle
- More Focus on a Patient-centric Approach by Medical Practices
- Payment Reforms
Key Constraints/Challenges to Healthcare Revenue Cycle Management Market
High pricing and maintenance of Healthcare RCM solutions, lack of proper IT infrastructure, ever-changing healthcare regulations, complex reimbursement models that are introduced every few years, collecting payment from patients, tracking a claim through its entire cycle, and staff training are some of the major factors that are likely to hamper the growth of the healthcare RCM market in the forecast period.
North America is Expected to Continue to Hold a Larger Share in the Healthcare Revenue Cycle Management Market
From a geographical perspective, North America holds a major share of the healthcare revenue cycle management market. This can be mainly attributed to the growing adoption of Healthcare RCM in healthcare segment, an increasing adoption of cloud-based solutions, an emerging need to manage unstructured healthcare data, rising adoption of electronic health records and the presence of key market players in this region.
Competitive Landscape Analysis: Healthcare Revenue Cycle Management Market
Some of the key and promising players operating in the global healthcare revenue cycle management market are The SSI Group LLC, Veradigm Inc, R1 HEALTHCARE RCM Inc, and McKesson Corporation, among the others.
Organic and Inorganic Growth Strategies Adopted by Key Players to Establish Their Strong Foothold in Healthcare Revenue Cycle Management Market
All major players operating in the healthcare revenue cycle management market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner a larger market share.
For instance,
- In January 2023, Optum and Owensboro Health announced that they have entered into a partnership to enhance patient care and experience while meeting the community’s evolving healthcare needs.
- In August 2022, R1 RCM Inc. announced that they have entered into a 10-year partnership with St. Clair Health to serve as its primary provider of end-to-end Healthcare Revenue Cycle Management services.
Explore More Detailed Insights on Healthcare Revenue Cycle Management Market @ https://meditechinsights.com/healthcare-revenue-cycle-management-market/
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