"Designing Growth Strategies is in our DNA"
Region : Global | Published Date: Upcoming | Report ID: FBI100275| Status : Upcoming
In April 2018, the association of Healthcare Compliance Pro and Healthcare Business Management Association initiated the program to formulate Healthcare Business Management Compliance Accreditation which has to be followed by revenue cycle management companies, software vendors and medical practice management organizations. The accreditation is formulated in order to safeguard patients’ information as per the Office of Inspector General (OIG) standards. Revenue cycle management process includes steps such as system installation, patient eligibility, and benefits verification, claims submission, payment posting, denial management, and reporting.
Further integration of technological advancement like big data with revenue cycle management system is projected to lead to added benefits such as comprehension of future financial risk and opportunity, constant evaluation of key performance indicators and deeper analysis of existing financial and patient information. Quadax, one of the players in global revenue cycle management initiated to work on decision intelligence, which is the biggest challenge faced by healthcare institutions.
To get information on various segments, share your queries with us
The Global Patient Population is increasing exponentially, on the other side, hospitals are facing shortage of resources to manage the processes. In order to streamline the hospital spending and to optimize the profit, revenue cycle management systems are expected to play a major role. Moreover, the rising prevalence of chronic diseases resulting in an increasing burden on hospitals, rising need for effective financial management and increase in healthcare spending are significant factors for the growth of global revenue cycle management market
Certain barriers such as lack of proper training and education of staff, high installation and maintenance costs, and poor workflow are restraining factors for the growth of the global revenue cycle management market.
Some of the major companies that are present in the global revenue cycle management market are GENERAL ELECTRIC COMPANY, Cerner Corporation, McKesson Corporation, AdhereTech., Allscripts, athenahealth, Inc., IBM Corporation, Inc., Microsoft, Medical Information Technology, Inc., Dell Inc., Greenway Health, ZirMed, Inc., LLC, Epic Systems Corporation, GeBBS Healthcare Solutions, Experian plc., and others.
· Standalone Systems
· Integrated Systems
By End User
· Ambulatory Surgery Centres
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Among the component segments, the software component is projected to hold major share in the global revenue cycle management market owing to higher number of market players and increasing popularity of software solutions due to real-time benefits offered by the systems.
North America is projected to dominate the global revenue cycle management market owing to growing emphasis by national agencies on reducing economic cost burden, combined with developed healthcare and hospital infrastructure in the U.S., leading to increasing adoption and subsequent growth of the global revenue cycle management market in North America. Also, certain benefits served by revenue cycle management systems over traditional financial transactions such as fraud detection in the billing process, faster payment activities, organized payment and billing reports, and reduction in revenue leakage are prominent factors for growth of global revenue cycle management market. Asia Pacific is expected to register comparatively higher CAGR owing to increasing adoption of software solutions in the healthcare domain.