Global Healthcare revenue cycle management market Research Report by Deployment, By component, By Product type, By data - Forecast to 2027

PUNE, INDIA, May 26, 2016 /EINPresswire.com/ -- 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.

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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

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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

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. With the development and growth of Europe after the Euro zone crisis the healthcare industry of Europe has stabilized and is moving at a high pace towards developing and upgrading their healthcare industry, in this process healthcare revenue cycle management (RCM) will play a huge role for developing and upgrading the market, thus demand for RCM in healthcare industry Europe will be huge market which will be expected to be growing at a faster rate.

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Norah Trent
WiseGuy Research Consultants Pvt. Ltd.
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