The rapid adoption of electronic medical records and electronic health records by companies across the world drives the global revenue cycle management market or Healthcare Revenue Cycle Management (RCM) Market. Fortune Business Insights in its new report, titled “Healthcare Revenue Cycle Management: Global Market Analysis, Insights and Forecast 2018-2025” predicts the market to grow at a remarkable rate during the forecast period. North America is expected to contribute significantly towards the growth of the revenue cycle management market.
The rising adoption of RCM among end users and the presence of well-established healthcare infrastructure is expected to drive the Healthcare Revenue Cycle Management (RCM) Market in North America. In addition to this, revenue cycle management solutions offer long-term benefits, which is a key reason behind its high uptake in the region. Furthermore, the increasing presence of physicians and hospitals in North America will fuel the demand for revenue cycle management services in the coming years.
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According to studies, Asia Pacific is projected to exhibit high growth in the global Healthcare Revenue Cycle Management (RCM) Market. The growth is primarily attributable to the rising target population looking for medical claims and treatment. Moreover, the market is expected to witness exceptional growth opportunities in India, China, Singapore, and Japan.
Lack of Experts and High Deployment Cost of RCM Solutions May Limit Growth
Certain factors may negatively impact the growth of the Healthcare Revenue Cycle Management (RCM) Market. The dearth of well-trained professionals is the primary reason that may hamper the growth of the market in the coming years. In addition to this, high deployment costs associated with the RCM solutions are likely to restrict the growth of the market. Another challenge hindering the Healthcare Revenue Cycle Management (RCM) Market’s growth is denial identification. According to the Healthcare Information and Management Systems Society or HIMSS, around 31% of the healthcare providers are still using manual claims for denial identification.
Advent of IT and Analytics in Healthcare Industry Boosts the Market
“Cloud-based solutions are in high demand across the world for seamless data sharing,” stated a lead analyst at Fortune Business Insights. “Several companies are increasingly adopting cloud-based platforms to offer advanced revenue cycle management services,” he added. Robust government initiatives, coupled with a decrease in healthcare reimbursements, are likely to drive the Healthcare Revenue Cycle Management (RCM) Market in the coming years. The rising use of analytical tools and IT in the healthcare industry is expected to increase the revenue generated by the Healthcare Revenue Cycle Management (RCM) Market between 2018 and 2025.
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As per a survey conducted by a research organization called Black Book, out of 500 U.S. hospitals surveyed, 400 hospitals implemented revenue cycle management systems. With the help of analytical tools, RCM services provide better remote assistance and reduce vendor fees. They also help in streamlining the robotic process automation, encouraging companies to adopt RCM technologies. IT and analytics in RCM can help clinicians, healthcare managers, and physicians to automate the medical assessment based on insurance eligibility and medical financial coverage. Fortune Business Insights predicts the above factors to give tailwinds to the revenue cycle management market over the forecast period.
Strategic Collaborations May Help Companies to Improve their Market Positions
Some of the leading companies operating in the global Healthcare Revenue Cycle Management (RCM) Market include Eclinicalworks, Cerner Corporation, LLC, Gebbs Healthcare Solutions, Allscripts Healthcare Solutions, Inc., Epic Systems Corp. Experian PLC, Mckesson Corporation, GE Healthcare, Athenahealth, Inc., and Quest Diagnostics Incorp. Recenetly, Change Healthcare and Experian Health joined collaborated in January 2019 to offer identity management solutions.
The main objective of the partnership is to solve issues of duplication errors and patient identification. Some other developments in the Healthcare Revenue Cycle Management (RCM) Market are:
Quest Diagnostics disclosed the newest version of its Quanum Enterprise Content Management Solution in June 2018. This RCM solution will help healthcare organizations improve the patient care driving efficiency and low costs.
A well-known market leader in ambulatory clinical systems called eClinicalWorks announced eClinical Works Revenue Cycle Management (RCM) in October2018. The main focus of this service was to aid medical practices in terms of optimizing billing. This solution launch will further expand the company’s product portfolio and growth rate.
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