Fortune Business Insights in report, titled, “Healthcare Revenue Cycle Management Outsourcing Market: Global Market Analysis, Insights, and Forecasts, 2019 – 2026,” gives detailed insights into the drivers and restraints impacting growth. According to the study, the prevalence of chronic diseases and rising expenditure on treatments are fueling demand in the global revenue cycle management outsourcing market.
Insurance Verification and Claim Checking to Propel Demand in Market
The increasing prevalence of chronic diseases and the need for medical attention are increasing burden on healthcare centers such as hospitals for managing patient’s records.
With the advent of advanced technology such as artificial intelligence, machine learning, and blockchain technology, the global healthcare revenue cycle management outsourcing market is likely to witness remarkable growth.
The implementation of these systems helps the medical sector maintain records of patients, facilitating automated medical billing, and virtual healthcare. Patient records include appointment scheduling, claim checking, insurance verification, charge entry and others. Such innovations are likely to bode well for the revenue cycle management outsourcing market.
In addition to this, the rise in healthcare expenditure has compelled governments take step towards helping the middle class population by introducing various healthcare schemes. Under such schemes, either healthcare expenditure is reduced or certain treatments for a certain stratum of the society come attached with exclusive reimbursement facilities. Maintaining such detailed information for a number of people is difficult. Also electronically managing revenue cycle requires high speed internet, besides considerable investment on technology. These factors are enabling growth in the global market for healthcare revenue cycle management outsourcing in future.
Time and Cost Efficiency to Bode Well for Global Market
Revenue cycle management for healthcare also saves time and expense, and this has proved to be reliable source for most healthcare centers all over the world. The fact that end user cost is reduced from using revenue cycle management outsourcing is helping the market gain more popularity, as more and more organizations are adapting this technique.
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However, the market may be hampered by the limited use of healthcare revenue cycle management. Other factors causing hindrance to the global healthcare revenue cycle management outsourcing market are increasing financial challenges, lack of proper training, complex rules and structure of this schemes, and high cost of implementation.
Nevertheless, the rising demand for cloud-based services will attract more revenue into the market. Besides this, government initiatives taken to improve revenue billing errors and increase in reimbursement policies will help the market witness lucrative opportunities in the future.
Advent of Cloud-based Solutions Will Help Europe and Asia Pacific Emerge as Fastest Growing Regions
The rise in patient population and increasing demand for medical aid are helping the global revenue cycle management outsourcing market in North America to emerge dominant. Other factors contributing to the growth of the market in this region includes reduction in unnecessary medical costs, limitations on traditional financial processes and advancement in cloud based solutions.
Asia Pacific and Europe on the other side, are expected to exhibit fastest growth rate on account of emerging healthcare infrastructure, better medical tools, advanced technological approaches and emerging research centers.
Major companies of the global healthcare revenue cycle management outsourcing market are Pulse Systems Inc., Cognizant, Flatworld Solutions Pvt. Ltd., Meridian Management Group Inc., IBM Corporation, Connvertex Technologies Inc., MEDVERTEX, GENERAL ELECTRIC COMPANY, drchrono Inc., and Xtelligent Healthcare Media LLC.
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