Technology Spending on Revenue Cycle Management Market - Revenue Generation Improvements a Positive Force for RCM Implementation

Technology spending on revenue cycle management is expected to experience a buildup in competitive rivalries over time, owing to the entry of more players into the global market. The market is in a very expansive stage, which coupled with the recent positive changes in the regulatory scenario, have created a very advantageous position for a lot of new entrants.

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The global market for technology spending on revenue cycle management is expected to reach US$51.56 bn by 2024. It is expected to expand at an optimistic CAGR of 6.9% within a forecast period from 2016 to 2024, and was calculated at US$28.50 bn at the end of 2015.

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Of the many plus points that go with a standard revenue cycle management solution, the leading factor that a lot of healthcare organizations are looking for is better revenue generation. Claims get processed much faster under revenue cycle management solutions, along with a speedy denial management, thereby helping an organization generate a higher resolution rate. Thus, time saved becomes money earned and that is what is driving the global market for technology spending on revenue cycle management currently,” states a TMR analyst.

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Another driver for the global technology spending on revenue cycle management market is the greater efficiency achieved in carrying out medical practice. When a revenue cycle management solution is implemented, a hospital can shift their focus off patient billing and paperwork, thereby becoming a more patient-centric organization and thus improving patient recovery outcomes.

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