Imagine you are a healthcare provider in the business of providing what is inarguably the most important service on the planet — saving human lives! Needless to say that you need a constant flow of revenues to keep you running. But what if most of your time and energy is spent in peripheral issues like making sure patient details are entered correctly, handling claim denials and ensuring that you are getting paid for your services on time? Not only do you suffer, but you also let down hundreds of ill patients who are heavily counting on you. This is precisely why a proper system to manage the entire revenue cycle from patient intake to collection of payments becomes utterly important for both healthcare service providers and patients. Purchasing a Revenue Cycle Management (RCM) software or better still, engaging a professional RCM service provider ensures that the revenue cycle of a healthcare service provider is optimized for maximum growth and efficiency. Here are more reasons that strengthen the case for deciding on Revenue Cycle Management Services.
1. Helps handle the complexity of regulations
Government regulations in healthcare are becoming bewilderingly complex with each day. Recent changes like the ICD-10 have added more walls to the maze and made compliance more difficult for healthcare service providers. A professional RCM service company is more equipped to navigate through the maze than an in-house team.
2. Saves significant time and cost.
It is common knowledge that anything that improves efficiency is good for the bottom line. Revenue Cycle Management Companies bank on the efficiencies they have gained over the years through automated systems and trained resources. This advantage is passed on to the healthcare service provider when they go for a professional RCM service
3. A valuable tool for Future planning!
When systems are involved in any process, data generation and retrieval becomes easier.
Today it is widely acknowledged that there is no stronger currency than data. Healthcare service providers can utilize data generated by Revenue cycle management to gain valuable insights for mapping their future. Financial goals and strategies can be laid out more definitively when supported by such timely insights.
Revenue Cycle Management Services | Revenue Cycle Management Outsourcing
Revenue cycle management (RCM) in healthcare industry has fast become a buzzword over the past few years.
It automates the whole procedure with initiation of the process by the patient, quick follow ups, determining the eligibility of the patient, collecting their payment, effective tracking of the claims process, and working on rejected claims among others.
The rising need for streamlining the whole process has further boosted the demand for RCM solutions, thereby triggering the growth of the RCM market.What the RCM Market Looks Like?Revenue Cycle Management Market is expected to reach USD 160.08 billion by 2027 from USD 66.81 billion in 2019, at a CAGR of 12.1%.
The integrated solutions segment is expected to account for the largest share of the global revenue cycle management market in 2019 and is projected to register the highest CAGR during the forecast period.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153900104What’s driving the Market?The growth of the global revenue cycle management market is primarily propelled by the following factors:Declining reimbursement scenariosIncreased initiatives and support from the governmentReduced healthcare costsConsolidation of healthcare providersAlthough this market is set to witness a healthy growth ahead, higher costs of RCM solutions and limited number of investments being made in healthcare IT sector are likely to inhibit the growth of this market over the forecast period.On the basis of function, the market is broadly segmented into claim and denial management, medical billing and coding, patient insurance eligibility check, payment remittance, electronic health record (EHR), clinical documentation improvement (CDI), and others.Regional Analysis:-In 2019, North America is expected to account for the largest share of the global revenue cycle management market.
The large share of this regional segment can be attributed to stringent legislative and accreditation requirements regarding healthcare, high adoption rate of HCIT technologies, and regulatory requirements regarding patient safety.
Europe is expected to account for the second-largest share of the revenue cycle management market.Read more: - https://www.marketsandmarkets.com/PressReleases/revenue-cycle-management.aspTop Key Players:- The key players in the global revenue cycle management market are McKesson (US), Cerner (US), Quest Diagnostics (US), Allscripts Health Solutions (US), and athenahealth (US).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
MD billing solutions furnish us with the best service of RCM (revenue cycle management) with full guidance with no hidden fees
The latest CDC reports have pegged the confirmed number of persons infected with the virus in the US at a startling 632,548 and deaths at 26,930.
The UN’s trade agency UNCTAD augurs that in 2020, the loss to the economy brought by COVID-19 can get as high as 1Trillion $.
This sudden stress on resources can soon prove to be too much for hospitals.
Hospital Administrators warn that their struggle to meet payroll and rising supplies costs can bring operations to a standstill.
Financial consulting firm Moody’s says that this can bring down the revenue of hospitals by as much as 40% per month.Non-profit Organization, FAIR Health has made an analytical study on the cost of COVID-19 cases to hospitals and reports that hospitals on an average will incur around $73,000 per COVID-19 hospitalization out of which only $33,221 can be reimbursed.
With the current reimbursement rate hospitals can lose anywhere from $ 2000 to $10,000 per case.A more Acute Cash flow crunch for Physician PracticesLarge Hospitals and health conglomerates, though they struggle to cope up with the cash flow shortage, may sail through the crisis with the reserves they hold.
