PUNE, India, May 26, 2016 /PRNewswire-iReach/ -- Access
Report: Healthcare revenue cycle management (RCM) market Research
Report- Global Forecast to 2027
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About RCM:
The meaning of Revenue Cycle Management (RCM) in healthcare is
the procedure of dealing with your office's cases, installment and
revenue generation processes. In order to efficiently manage the
patient revenue cycle of any organization, institute or office. In
this era it is required or essential to have medical billing
software, practice administration program which permits the
management to successfully monitor the process. The entire
healthcare revenue cycle process incorporates everything from
determining patient eligibility, collecting their co-pay, coding
claims correctly, tracking claims, collecting payments or
installments and following up on denied claims.
A system running effectively prevents denials of claims and
maintaining a visible, gathering their co-pay, efficient billing
process, gathering installments and catching up on demand claims.
For RCM's successfully running in an organization it needs to
consider coding of diagnoses, symptoms and signs, services or
procedures, supplies involves the process of assigning numbers to
narrative diagnostic and procedural statements. The narrative and
explanations statements become coded data that can easily be
collected, stored and manipulated for internal and external
purposes.
Findings of Healthcare RCM:
For some organizations, the responsibilities of the revenue
cycle can become overwhelming and conflict with other office duties
(managing employees, keeping up with government programs like
Meaningful Use and PQRS or other administrative tasks). However, it
shouldn't keep an office from becoming financially strong and
efficient. If an organization is interested in optimizing their
revenue cycle, they can consider a Revenue Cycle Management company
that will partner with an organization to get the most out of an
organization revenue cycle.
Healthcare RCM Applications and Market Segmentations:
The major application for the RCM market is the Healthcare
industry which has a wide range of segmentation like:
Healthcare market segmentation by end users:
- Hospitals
- Labs
- Clinics
- Others
Healthcare market segmentation by product type:
- Integrated Revenue cycle
management
- Standalone Revenue cycle
management
Healthcare market segmentation by component:
- Service
- Software
Healthcare market segmentation by deployment:
- Cloud based
- Web based
- On Premises
Healthcare market segmentation by Data base:
- Billings and claims
- Patients Contacts
- Patients Documents
- Financials
Market Key driver:
While preserving profits and income is a repercussion of a more
precise patient record, healthcare institutes can utilize CDI
information to enhance quality results, which provide clear value
to clinicians and to patients. For instance, accurate data enables
hospitals to perform better against peer organizations on hospital
rankings, which are especially important in today's information age
when patients can easily access hospital and physician performance
online and choose providers based on rankings. Hence these factors
can enable a Healthcare organization or an institutes to excel in
various ways
Request for TOC @ Healthcare revenue cycle management (RCM)
market Research Report- Global Forecast to 2027
Major market players:
McKesson Corporation, Cerner Corporation, Quest Diagnostics,
Athena health Inc., Allscripts, eClinicalWorks, CareCloud
Corporation, The SSI Groups Inc., GE Healthcare, Epic Systems ,
Siemens Healthcare, and Kareo Inc., AGS Health.
Regional analysis
North America
Globally North America is the
largest market for healthcare revenue cycle management, large share
of this market is focused on the rise in new, updated and faster
versions of RCM. The demand for healthcare revenue cycle management
is high because of consolidation of Healthcare Providers.
Healthcare industry is such an industry which needs to be efficient
and fast at the same time, they cannot be efficient and slow or
fast and inefficient in their process and proceeding. In North
America US and Canada is home to
some of major healthcare institutes and hospitals in the world
hence demand for healthcare revenue cycle management is always
growing. North America also has
developing countries with emerging market for healthcare industry
and thus requirement of healthcare revenue cycle management in
these developing countries will increasing making the North
American market grow even faster. Hence revenue cycle management in
the healthcare industry for North
America will play a major role for quality, efficient and
fast work.
EUROPE
Europe is the second-largest
market for healthcare revenue cycle management (RCM). After the
Eurozone crisis of 2008, the European RCM market is gradually
moving towards the recovery path. During the crisis, the market was
affected by low funds allocation to hospitals, slowing down the
rate of adoption of RCM solution. Furthermore, limited support from
government bodies adversely affected the European RCM market.
Healthcare providers in Europe are
now undergoing consolidation, thus improving their purchasing
capacity for RCM solutions in healthcare industry.
The reports also covers brief analysis of Geographical Region
includes:
Americas
North America
Latin America
Europe
Western Europe
- Germany
- France
- Italy
- Spain
- U.K
- Rest of Western Europe
Eastern Europe
Asia– Pacific
Asia
- China
- India
- Japan
- South Korea
- Rest of Asia
Pacific Countries
The Middle East& Africa
Every report of Market Research Future comprises of extensive
primary research along with the detailed analysis of qualitative as
well as quantitative aspects by various industry experts, key
opinion leaders to gain the deeper insight of the market and
industry performance. The report gives the clear picture of current
market scenario which includes historical and projected market size
in terms of value and volume, technological advancement, macro
economical and governing factors in the market. The report also
gives a broad study of the different market segments and
regions.
Enquire about Report @ Healthcare revenue cycle
management (RCM) market Research Report- Global Forecast to
2027
Media Contact: Norah
Trent, WiseGuy Reports, +1 646 845 9349,
sales@wiseguyreports.com
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SOURCE Market Research Future