Revenue Cycle Management Market - Growth, Trends, and Forecast (2019 - 2024)
NEW YORK, June 24, 2019 /PRNewswire/ --
Market Overview
The growth of the revenue cycle management (RCM) market is attributed to the increase in government initiatives to boost the adoption of RCM solutions, increasing revenue loss due to billing errors, and increasing adoption of EHR/EMR.
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Revenue for healthcare providers depends on the accurate processing of medical claims. For improving the financial outcome, a healthcare organization needs to maintain a quality revenue cycle and insurance billing. The revenue cycle management team comprises of accounts receivable (A/R) management and denial management. With mounting pressure on hospitals to reduce cost, most of the care providers are losing revenue due to claim denials and their failure to submit or delay the denied claim. This has given an opportunity for specialty firms that provide revenue cycle management service.
Most hospitals are now dependent on third-party providers for denial management service, as they lack in the expert knowledge and the time to manage the reimbursement process. Most common billing errors include failure to verify insurance, filing an incomplete claim, coding errors, lack of specificity, and missing filing deadlines. Most of the care providers are now addressing the challenge by working with third-party medical billing professionals, who are expert in the overall revenue cycle management. With their expertise, these providers are able to increase the cash flow of their clients, which was otherwise neglected by the hospitals to resubmit the denied claims. It is estimated that over 90% of the claim denials can be prevented with support from providers (who have systems) and knowledge experts in this field. From the above, it can be concluded that the revenue loss to hospitals due to billing errors can be prevented by specialty revenue cycle management service providers. Thereby, this factor is expected to drive the market studied over the forecast period.
Scope of the Report
As per the scope of this report, the term revenue cycle management refers to solutions that support various hospitals and medical facilities to increase their revenue, by addressing the mistakes in billing, and by helping with efficient billing, documentation, and claim management.
Key Market Trends
Cloud-based is the Segment Under Deployment that is Expected to grow Fastest During the Forecast Period
The web-based segment held a maximum share in 2018 as it is installed off-site and is supervised by a third party. It is used over the internet and with a web browser, which does not require any additional storage or hardware. So, the data can be retrieved by various healthcare providers from different geographical locations.
The cloud-based segment is forecasted to show significant growth during the forecast period due to the flexibility and scalability offered by these solutions. The cloud-based delivery model makes the software extremely flexible regarding scalability (pay-as-you-go storage utilization). It simplifies and consolidates storage resources to reduce cost and enhance workflow, by eliminating departmental silos of clinical information. The storage and server power for the organization is hosted off-premise. The cloud vendor provides all the off-premise system support resources. This feature about cloud technology is a key market driver.
North America holds the Largest Market Share of the Revenue Cycle Management Market Currently and is Believed to Follow the Same Trend over the Forecast Period
The North American healthcare revenue cycle management market dominated the global market and is estimated to show a similar trend during the forecast period. This growth is due to factors like significant changes in regulations that have largely affected the finances, organization, and delivery of healthcare services. Most US healthcare providers are deploying revenue cycle management (RCM) systems that reduce the time taken for receiving payment after providing a service. The RCM that automates many activities previously done manually is saving time, which is a major factor for the growth of the market.
Competitive Landscape
The RCM market is moderately competitive, and consists of several major players, including Allscripts Healthcare Solutions, Athenahealth, Cerner Corporation, etc. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships that help them in strengthening their market position. For instance, in April 2015, CareCloud entered into a partnership with Marshfield Clinic's IT arm. CareCloud merged its medical billing software and services and Concierge practice management with Marshfield Clinic's clinical solutions, such as electronic health record, population health management tool, and patient portal. The strategic partnership enabled the company to capitalize on market opportunities and rendered the company with profits.
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