Transparency Market Research (TMR) delivers key insights on the global Technology Spending on Revenue Cycle Management in its latest report titled, “Technology spending on Revenue Cycle Management: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024”. In terms of revenue, the technology spending on revenue cycle management is projected to increase at a CAGR of over 6.9% during the forecast period (2016–2024) owing to various factors, regarding which TMR offers vital insights in detail in this report.
Healthcare facilities use revenue cycle management (RCM) as a financial process to track the patient’s treatments from the registration to appointment and scheduling the final bill payment. Revenue cycle management couples the administrative data and other personal details and the treatment given to the patient. Revenue Cycle Management solutions have been able to resolve financial matters regarding the revenue cycle process to analyze patient safety, quality of treatment and assist in financial and clinical decision support.
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Revenue Cycle Management solutions can improve patient outcomes and provide enhanced patient care solutions which are compliant with healthcare regulations. Revenue Cycle Management solutions also increase the revenue generation for the healthcare providers. The resolution rate of claims processing is around 99%; this is achieved by minimizing the number of insurance claims denied by improving the quality of information shared, by automating the process and by streamlining denial management. Revenue Cycle Management involves patient engagement, starting from the appointment with the provider to the payment of balance by the patient. Revenue Cycle Management supports the process of making reimbursements and payments based on the specified ICD code associated with the patient.
Revenue Cycle Management is primarily adopted in North America; this region has a significant share in the global technology spending on revenue cycle management. Changing regulatory scenario and implementation of the recently introduced ICD-10 guidelines has increased the demand for revenue cycle management solutions globally as healthcare providers are not able to conduct certain revenue cycle related functions like claims management, billing, payer solutions, payroll, etc. internally, therefore are opting for revenue cycle management solutions.
Technology spending on revenue cycle management is segmented on the basis of platform into integrated and stand-alone platforms. Integrated platforms are anticipated to dominate the North America technology spending throughout the forecast period; whereas stand-alone platforms are expected to be attractive to payers and providers in the Asia-Pacific regions expanding at a relative CAGR over the forecast period. By solution, technology spending on revenue cycle management is segmented into in-house and outsource. The in-house solutions are further segmented into hardware, software, and services.
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Technology spending on revenue cycle management on the basis of deployment is divided into cloud-based and on-premise deployment models. On the basis of end users, technology spending on revenue cycle management is segmented into providers and payers. Providers are further divided into hospitals, ambulatory surgical centers & clinics and others (including durable medical equipment companies, home medical equipment companies, and healthcare specialty processes). Payers are further divided into insurance companies, government and others.
On the basis of region, the technology spending on revenue cycle management is segmented into North America, Europe, Latin America, Asia-Pacific (APAC), and the Middle East and Africa (MEA). North America is anticipated to dominate the technology spending on revenue cycle management globally in 2016. However, the technology spending on revenue cycle management in Asia Pacific is expected to gain maximum growth by the end of 2024.
Some of the players in revenue cycle management include McKesson Corporation, Cerner Corporation, Optum, Inc., Allscripts Healthcare Solutions, Inc, Perot Systems (a NTT DATA company) and CPSI, among many others.
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