There are several components in healthcare revenue cycle management (RCM). With a good RCM system in place, it should handle the following: collect payments as they are due, charge for patient services, ensure billing is done in a timely fashion and that all claims submissions are accurate. There are many hospitals and health systems that are now utilizing software to make work easier than ever before. According to Research and Markets, the industry market for these software solutions is projected to surpass $90 million worldwide by 2022. The question becomes, what can we expect to see from the Revenue Cycle Management Market in the upcoming years? In addition, what are going to be the drivers and potential struggles of this change in the industry?
According to a report by MarketResearchFuture.com, (“The Healthcare Revenue Cycle Management Market- 2017 Global Analysis, Growth, Trends, and Opportunities Research Report Forecasting to 2027”) The revenue cycle management market is predicted to grow during the forecast period to an estimated 43,500 million by 2027. Also, the analysis that was completed by Market Research ultimately concluded that the RCM market is showing signs of opportunity for new entrants and existing members who are looking to expand.
What Are The Major Growth Factors?
- Regulatory Mandates
- Billing Errors (which leads to loss of revenue)
- Decreasing Reimbursements
Excellent customer service is critical in every industry. With the implementation of new technologies, providers are going to need to be focused on the interactions they have with customers. By developing a healthy relationship, it makes the transition to new processes significantly easier.
As the Revenue management market develops with advances in technology, we are seeing the adoption of new hospitalspayment methods for consumers. This list now includes channels such as virtual wallets, Apply Pay, debit/credit accounts, EMV chip cards, and online banking portals. The problem with the adoption of these newer technologies is it requires insurance companies to obtain even more financial information from their customers. This ultimately means there need to be rollouts of additional security measures.
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