Top Players Healthcare Revenue Cycle Management Market 2018 Revenue, Industry Success Milestones and Forecasts by 2027

The Healthcare Revenue Cycle Management Market report gives manages organization claims processing, payment, and revenue generation. The major role of the software is managing patient revenue cycle of hospital or other healthcare organizations. During the last decade, RCM has got huge attention. Increasing recovery audits, changing government regulations, increasing healthcare revenue and increasing adoption of the RCM software by healthcare organization, and growing number of hospital & healthcare services drive the market growth. According to the U.S. Census Bureau, in 2015, total hospital care expenditure was USD 831.5 billion. In addition to this, according to the Centers for Medicare & Medicaid Services, in 2014, recovery auditors identified and corrected USD 2.39 billion as overpayment and USD 173.1 million as underpayment. Integrated care or integrated health is a concept of bringing inputs, delivery, management, and organization of services related to diagnosis, treatment, care, rehabilitation and health promotion.

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Rising healthcare spending has led to an increase in the use of the software, ultimately driving the market’s growth. Moreover, increasing pressure to curb the surmounting healthcare cost, developing healthcare technology, and inclination towards integrated healthcare system will also fuel the market’s growth over the forecasted period. However, to operate the RCM software, the staff of the hospital/organization have to coordinate properly. RCM is like a supply chain, if one person does incorrect work, it affects the total outcome. Dearth of well-trained professionals to handle RCM processes, infrastructural loop holes in emerging markets and high cost of deployment may slow the growth of the market.

Many major players in RCM such as: Epic Systems Corporation (US), Siemens Healthcare (Germany), General Electric Company (US), Allscripts (US), Quest Diagnostic (US), Cerner Corporation US, , AdvantEdge Healthcare Solutions (US), CareCloud (US), Acelerartech (US), 3M (US), McKesson Corporation (US).

A recent ad appeared on the website of Verona, Wisconsin based electronic health record colossus Epic Systems Corp. for "bright, motivated individuals to join their new billing services team as Epic enter the world of medical billing. The ad showing that Epic is seeking billers who have good communication and customer service skills, and familiar with medical terminology & remittance or denial codes, having knowledgeable about Medicaid, Medicare and other insurance guidelines, and have a coding certification or background.

As the Healthcare Revenue Cycle Management Market has registered lucrative growth and expected to registered strong growth in upcoming years, many players are expected to enter into the market. It has also been observed that, existing players are seen expanding their business and became more aggressive in market. There is a strong rivalry among existing players have been observed.

Epic is targeting organizations such as those as it rolls out the new streamlined EHR versions it announced earlier this year: a mid-range utility version & a system called “Sonnet” who’s scaled back features & lower price point could make it appealing to smaller providers. Epic finding that people need different things, Epic CEO Judy Faulkner told Healthcare IT News at HIMSS17 in February-2017. "If you are a critical access hospital, you don’t need the full Epic." The value add of billing service could make the choice for a simpler EHR that much more convenient and appealing.

With a billing presence across all 50 states, Epic is well-positioned and excited to share their best practices and take on some of the billing work and associated IT functions, for their Resolute Professional Billing customers, said Epic spokesperson Meghan Roh.

Recent Happenings In Healthcare Revenue Cycle Management Market : - Epic Systems Corporation (US), is on process to launch medical billing service, the new service, is aimed at smaller customers hoping to outsource revenue cycle management. Epic think, this could be huge opportunity for the organization, and will help to target smaller customers. Epic’s goal is to simplify the payment process by helping Epic organizations with the complexities of submitting claims & posting payments. Attention to detail is crucial as you will be posting payments & denials, reconciling payment files, claims & statements, resolving posting errors & calling payers to follow up on outstanding or unpaid claims. The ability to offer billing could be a new opportunity for Epic's efforts to grow its business with resource strapped small hospitals, super specialty doctor & physician practices

MRFR analysis it clearly shows that, Healthcare Revenue Cycle Management market seems to be very good opportunity for existing players as well as new entrants. Market has witnessed business expansion by existing players, by adapting various methods. For example, new product/services launch, acquisition and joint venture. For example Epic enters into medical billing segment specifically targeting to small customers. Epic partners with Modal on AI to improve EHR workflow. Epic partners with Mediware for blood bank tech.

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Major TOC Healthcare Revenue Cycle Management Market:

1 REPORT PROLOGUE

2 INTRODUCTION

1 REPORT PROLOGUE

2 INTRODUCTION

2.1 SCOPE OF STUDY

2.2 RESEARCH OBJECTIVE

2.3 ASSUMPTIONS & LIMITATIONS

2.3.1 ASSUMPTIONS

2.3.2 LIMITATIONS

2.4 MARKET STRUCTURE

3 RESEARCH METHODOLOGY

1 REPORT PROLOGUE

2 INTRODUCTION

2.1 SCOPE OF STUDY

2.2 RESEARCH OBJECTIVE

2.3 ASSUMPTIONS & LIMITATIONS

2.3.1 ASSUMPTIONS

2.3.2 LIMITATIONS

2.4 MARKET STRUCTURE

…Continued

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