Revenue cycle management (RCM) is the financial process with a number of steps right from utilizing medical billing software that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance. Revenue Cycle Management (RCM) in simpler words refers to the process of recognizing, collecting and managing the monetary funds or revenue obtained from the services provided to the payers. A successful RCM process is essential for a healthcare practice to earn profits, maintain financial viability and continue to provide quality treatment for their patients. Intensification of healthcare services and more holistic patient care approach on a large scale has pushed healthcare service providers to assess and upgrade their revenue cycle management.
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RCM works at the functional core of a healthcare organization and is a backbone in ensuring profitability whether it is a small practice or a large hospital. Poor billing practices can result in financial losses and potentially put at risk the ability to deliver quality care. Without healthcare revenue cycle management, that is a key financial process, healthcare organizations would find it difficult to sustain and at the same time keep their doors open to treat patients. It is the strategy that healthcare organizations use to earn revenue for their offered services.
COVID – 19 scenario analysis:
- The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
- Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
- Over 4 million people affected globally, with 300 thousand losing their lives due to novel coronavirus
- Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers, and now they have to face another set of challenges i.e. to maintain their revenue cycles
- Various governments have brought down the treatment costs for COVID-19, as the hospitals and diagnostic centers are flooding with huge in flow of patients
- In order to distress the healthcare providers, governments are thinking of initiating a disaster management and control plan via which the government would pay hospitals for their healthcare services
Constant upgrades and big data analytics ensure smooth data management
Advancements and constant upgrades in the HRCM software has positively affected the industry growth throughout the timeframe. Recently upgraded platforms are better than their predecessors, highly efficient and helps in providing enhanced patient care and patient satisfaction. In addition, upgraded HRCM software have reduced the amount receivable from outstanding accounts of several hospitals and healthcare facility providers. Moreover, adoption of centralized software for medical billing and coding has reduced manual errors and enhanced the clinical outcomes and maintained transparency among stakeholders. Henceforth, availability of such technologically advanced systems has spiked the healthcare revenue cycle management market growth.
Advanced HRCM models have revolutionized the workflow in hospitals
Hospitals are major end users of HRCM systems owing to increasing cash flows in hospitals, number of patients are increasing due to rising prevalence of diseases that forces healthcare providers to implement efficient and quick revenue cycle management system for patient data collection and administration. Hospitals try to optimize revenue by integrating advanced HRCM software developed by companies that ensures effective management of patient’s clinical data and financial data. Factors mentioned above are expected to escalate the segmental growth. Furthermore, it also offers greater control on data management that proves beneficial for the segmental growth. In addition, increasing emphasis of major players on providing best-in-class pricing and billing management system will increase its acceptance thereby, ensuring the segmental growth.
Key segments:
Product
- Integrated
- Standalone
Presence
- On-premises
- On-cloud
- Web-based services
Application
- Collection and storing of clinical data
- Medical coding and billing
- Claims and denial management
- Others
Key benefits of the report:
- This study presents the analytical depiction of the global healthcare revenue cycle management market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Healthcare revenue cycle management market share.
- The current market is quantitatively analysed from 2020 to 2027 to highlight the global healthcare revenue cycle management Healthcare revenue cycle management market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the Healthcare revenue cycle management market.
- The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in coming years.
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