Hospital revenue cycle management includes all clinical and managerial functions related to the management, collection of patient care revenue, and generation. In Revenue cycle management, the claims are being processed faster, there is a prompt denial management and the resolution rate of claims processing is around 99%. This allows the clients to experience increased cash flow and decreased claims in accounts receivable. Revenue cycle management solutions allows to monitor key business segment at any point of time, identify areas for improvement and increasing the revenue of the hospital/organization. Increase revenue generation, increased efficiency, accuracy and access of healthcare IT systems are the factors likely to drive the market in the forecast period. With the rising administrative and operational costs of the healthcare organizations, managements need to find cost-effective alternatives in order to sustain in the market. Revenue cycle management offers viable solutions by replacing the traditional paper-based systems to optimize cost.
Geographically, revenue cycle management market can be segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America was observed to be the largest revenue cycle management market owing to the favorable government policies, increased incentives and fastest adaptation of revenue cycle management. Countries such as the U.S. and Canada have been successful in implementing healthcare IT in their healthcare system, which as a result would boost the market growth. Moreover, presence of developed IT and healthcare infrastructure, promising government initiatives in executing revenue cycle management, highly regulated and maintained regulatory framework, and continued innovation in the region would further propel the market growth. Europe was observed to be the second largest market in the revenue cycle management owing to enhanced digitization and increasing focus on data integration, data quality, management and data governance.
The major players operating in this market include DST Systems, Inc., 3M Company, McKesson Corporation, Allscripts Healthcare solutions, Inc., Cerner Corporation, Optum Health, Inc., TriZetto Corporation, GE Healthcare, Computer Programs and Systems, Inc. and others.
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