Kenya Airways adopts new revenue management system to boost revenues

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.

RecVue, Inc., the next generation order-to-cash automation platform powering the Anything-as-a-Service (XaaS) economy, has announced it has entered into a strategic partnership with Effectus Group, a leading consulting firm with practice areas that include technical accounting, IPO services, transaction advisory services, and financial operations.Fintech NewsEffectus Group’s domain expertise in revenue management solutions and financial operations is in high demand as enterprises look to modernize their order-to-cash business processes.

Effectus Group’s consulting experts are well versed in the latest changes in financial reporting as it relates to revenue recognition.

They have extensive experience implementing technology to support revenue recognition and compliance requirements in some of the most well known and innovative companies.

With a broad set of technical accounting services, Effectus Group can help organizations deliver on their digital transformation and financial operations goals.

Their consultants all come from the Big4 accounting firms and are leaders in their field.“RecVue has developed a superior monetization platform that processes large volumes of billings data, while maintaining strict compliance with the new revenue standard,” said Mike Montgomery, CEO and Managing Partner, Effectus Group.

“This combination is critical for our clients as it allows clients to scale financial operations quickly and efficiently.

India-based IT and business solution company, Cargo Flash Infotech will be replacing Kenya Airways’ manifold of operations and management systems that were either have limited connectivity options or systems working in silos, in which information sharing is restricted due to systems’ limitations.Kenya Airways’ numerous operations and management systems are currently being substituted by Cargo Flash’s single, next-generation ‘nGen’ system that includes Cargo Reservations (RES) System, Cargo Revenue Accounting (CRA) System, Cargo Handling and Warehouse Management, ULD Management Solution, and Customer Portal.Furthermore, the new and additional systems included as a part of this single ‘nGen’ system are Mail Booking and Handling System, E-commerce (Door-to-Door) System, Target Planning System, in addition to Complaint and Claim Management System.

The web-based solutions will further bolster the airline’s scope to reap a seamless, error-free and spontaneous management, accumulating several processes under one roof.