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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Global
Top Manufacturers
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.
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. 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.
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.
Healthcare
Revenue Cycle Management Market Taxonomy
On
The Basis Of Deployment:
-
On-Premise
-
Cloud-Based
-
Web-Based
-
Others
On
The Basis Of Component:
-
Software
-
Services
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