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Healthcare Revenue Cycle Management Market - Industry Analysis, Size, Share, Growth, Trends and Forecast to 2024

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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
HEALTHCARE REVENUE CYCLE
MANAGEMENT MARKET
Global Industry Insights, Trends, Outlook, and
Opportunity Analysis, 2016–2024
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REPORT DESCRIPTION
Healthcare Revenue Cycle Management Market Overview
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.
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HRCM or healthcare revenue cycle management is an important architecture in a healthcare
infrastructure. Healthcare organizations employ EHR or Electronic Health Records and
computerized performance management to save costs related to the maintenance of their
books.
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REPORT DESCRIPTION
This is achieved by lessening the total number of claims denied and by facilitating individuals for
adopting online payment platforms. The advent of superior automated elucidations has assisted front
desk and clinical staffs, coders & billers, and providers to boost their performance levels in addition to
saving time. With the growing business, patients are adopting more than a few payment gateways to
make their payments against the services received at hospitals or clinics. Multiple advantages will propel
the growth of healthcare revenue cycle management market in the near future.
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.
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.
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Rising incidences of hospitalizations will drive the overall healthcare revenue cycle
management market
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.
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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.
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