Healthcare Revenue Cycle Management Outsourcing Market Outlook
According to a new report by Expert Market Research titled, “Healthcare Revenue Cycle Management Outsourcing Market Size, Share, Analysis, Report and Forecast 2023-2028″,the global healthcare revenue cycle management outsourcing market is projected to grow at a CAGR of 7.30% between 2023 and 2028. Aided by the rising need for efficient revenue management in healthcare and expanding utilisation of outsourcing services in different healthcare sectors, the market is expected to grow significantly by 2028.
Healthcare revenue cycle management (RCM) involves managing the administrative and clinical functions associated with claims processing, payment, and revenue generation. It is a crucial process in healthcare that ensures the smooth operation of a healthcare facility by tracking every patient revenue journey, from scheduling and appointment till the final payment of balance. Besides, RCM also helps to decrease the time between delivering a service to receiving payment by interacting with other health IT systems like electronic health record (EHR) systems and medical billing systems.
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The escalating requirement for efficient revenue management in healthcare facilities is a significant factor driving the global healthcare revenue cycle management outsourcing market growth. With the increasing complexity of revenue cycle operations and the need to focus on core healthcare services, there is a significant shift towards outsourcing RCM. Outsourced services offer healthcare facilities an opportunity to enhance service quality, decrease operational costs, and streamline the RCM process.
The broadening applications of RCM outsourcing services in various healthcare sectors also contribute significantly to the healthcare revenue cycle management outsourcing market development. In hospitals, these services help streamline patient registration, insurance verification, billing, and collections, thereby improving the overall cash flow. For clinics and private practices, RCM outsourcing aids in managing payer contracts, regulatory changes, and patient billing inquiries, reducing administrative burdens and allowing for better focus on patient care.
Furthermore, the integration of advanced technologies, such as artificial intelligence (AI) and analytics, in healthcare RCM outsourcing is fuelling the healthcare revenue cycle management outsourcing market expansion. These technologies offer improved claim management, error reduction, and actionable insights, thereby enhancing the efficiency of healthcare RCM processes.
Moreover, the increasing trend of digitisation in the healthcare sector has boosted the demand for healthcare RCM outsourcing. The shift towards digital platforms offers healthcare providers an efficient and automated process to manage their revenue cycle, from patient admission to the final payment.
Healthcare Revenue Cycle Management Outsourcing Market Segmentation
The market can be divided based on type, services, end use, and region.
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Market Breakup by Type
- Pre-intervention
- Intervention
- Post-intervention
Market Breakup by Services
- Back-end
- Middle
- Front-end
Market Breakup by End Use
- Hospitals and Clinics
- Ambulatory Surgery Centres
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global healthcare revenue cycle management outsourcing companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- ZH Healthcare, Inc.
- R1 RCM, Inc.
- AdvantEdge Healthcare Solutions.
- Cognizant Technology Solutions Corporation
- IBM Corporation
- Pulse Systems Inc.
- Others
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