Published on : Jun 27, 2016
ALBANY, New York, June 27, 2016: A new report, titled ‘Healthcare RCM Market in US 2016-2020,’ featured on ResearchMoz.us studies the key insights of the healthcare revenue cycle management market in the U.S., with a focus on the changing trends in RCM outsourcing. The analysts state that the healthcare RCM market in the U.S. will grow at a steady 12.89% CAGR from 2016 to 2020.
Revenue cycle management (RCM) is a popular process used by organizations in the healthcare sector to track patient information. RCM comprises information from patient registration to the final stage of payment. A medical billing software or a similar management software is required to keep a track record of patients efficiently. The healthcare revenue cycle management procedure comprises determining patient eligibility, the collection of co-pay, tracking claims, coding claims, collecting payments, and a follow-up.
Before automated systems were introduced in the U.S., the healthcare sector had to tackle many challenges related to complex medical billing procedures. IT applications such as EHR and hospital information systems had technology platforms with limited advanced functionalities to solve revenue cycle management issues. This resulted in revenue loss for many organizations in the healthcare sector. The introduction of revenue cycle management (RCM) automated procedures helped the healthcare service providers to better manage the medical collections and billing procedures. This motivated hospitals and healthcare service providers to outsource their RCM services. Since then, there have been many changing trends in the healthcare RCM market in the U.S.
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According to the findings of the report, the healthcare RCM market in the U.S. is predicted to face major challenges due to the frequently changing trends in healthcare compliance requirements. The selection of vendors as per specific needs would limit the use of revenue cycle management applications. Limited access to patient records is one of the biggest challenges, which vendors of RCM need to deal with. However, advancements in the already existing RCM systems and the introduction of new applications would benefit the market in the near future. The analysts also predict that the healthcare RCM market in the U.S. will benefit from a strong clinical network connectivity with healthcare practitioners.
The healthcare RCM market in the U.S. will demonstrate a steady growth as leading players such as Allscripts, Cerner, GE Healthcare, McKesson, and SSI Group are concentrating on introducing new RCM procedures for the healthcare sector. Adreima, Alleviant, Avadyne Health, Cardon Outreach, Health Systems Management Network, MediRevv, Precyse Solutions, Source Medical Solutions, and Sutherland Global Services are the other prominent players operating in the healthcare RCM market in the U.S.
The introduction of advanced revenue cycle management technologies by leading players has made the market competitive. With a goal to maintain their dominance in the U.S. healthcare RCM market, key companies are also focusing on mergers and acquisitions with the new entrants.
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