Revenue Cycle Management (RCM) in healthcare industry has fast become a buzzword over the past few years. It enables the healthcare organizations to manage payments, claims processing, and revenue generation, thereby accelerating the whole revenue cycle in an efficient manner. RCM solution begins when a patient enters or schedules an appointment. It automates the whole procedure with initiation of the process by the patient, quick follow ups, determining the eligibility of the patient, collecting their payment, effective tracking of the claims process, and working on rejected claims among others. The rising need for streamlining the whole process has further boosted the demand for RCM solutions, thereby triggering the growth of the RCM market.
The
global Revenue cycle management market is projected to reach USD 67.8 billion by 2026 from USD 40.9
billion in 2021, at a CAGR of 10.6% during the forecast period.
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The
combination of data and artificial intelligence (AI) has the potential to
improve outcomes and reduce costs by applying machine learning algorithms and
predictive analytics to reduce drug discovery times, provide virtual assistance
to patients, and reduce the diagnosing time for ailments by processing medical
images. The adoption of AI in healthcare is rising due to its ability to
optimize clinical as well as non-clinical processes, thereby solving a variety
of problems for patients, providers, and the overall healthcare industry.
Manual and redundant tasks that occur during patient access, coding, billing,
collections, and denials can be automated with the help of AI. AI integrated
with RCM can perform these functions more accurately by imitating intelligent
human behavior through algorithms that find patterns and plan future actions to
produce a positive outcome.
What’s driving the Market?
The
growth of the global revenue cycle management market is primarily propelled by
the following factors:
- Declining reimbursement scenarios
- Increased initiatives and support from
the government
- Reduced healthcare costs
- Consolidation of healthcare providers
Although
this market is set to witness a healthy growth ahead, higher costs of RCM
solutions and limited number of investments being made in healthcare IT sector
are likely to inhibit the growth of this market over the forecast period.
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Key Market Players
The
major players in the global revenue cycle management market are R1 RCM (US),
Cerner Corporation (US), Optum (US). Other prominent players in the market
include McKesson Corporation (US), Change Healthcare (US), 3M (US), Experian
plc (Ireland), Conifer Health Solutions (US), Allscripts Healthcare Solutions
(US), GE Healthcare (US), Cognizant (US), athenahealth (US), SSI Group LLC
(US), AdvantEdge Healthcare (US), and Huron Consulting Group (US).
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