Revenue Cycle Management Market Will Make a Huge Impact in Near Future

New York, United States, 2019-Aug-12 — /EPR Network/ — The increasing demand for cloud based revenue cycle solution and vendor consolidation to provide end-to-end solution are expected to create opportunities for the players in the market. In addition, immense unexplored market in developing economies are creating abundant opportunities for the revenue cycle management market to grow at a significant rate in the coming years. However, high cost of deployment, lack of data security, limited trained IT personnel, and infrastructural loop holes in developing countries are the key factors hampering the growth of the global market.

Inefficient manner of medical billing and collection resulted in revenue loss for many healthcare organizations. Revenue cycle management is the process that healthcare facilities use to pursue patient care. It is a financial process which starts when a patient enters the hospital and automates business process for speedy follow ups. It imitates from registration and appointment planning to the final payment of a balance. It includes administrative data such as patient’s name, other personal information, insurance provider, tracking claims, the treatment a patient receives and following up on denied claims. It can reduce the time involved while providing a service and collecting payment for it by networking with other health IT systems. It also allows patients to pay their bills online. It enables healthcare organizations to accelerate their revenue cycle.

Globally, the revenue cycle management market is expected to witness the fastest growth in Asia-Pacific during the forecast period. The highest growth in the region is attributed to increasing demand for healthcare insurance, growing geriatric population, increasing prevalence of chronic diseases and increasing demand for better healthcare in the region.

The key players operating in the global market are Cerner Corporation, McKesson Corporation, Athenahealth Inc., Eclinicalworks LLC., Quest Diagnostics Incorporated, Allscripts Healthcare Solutions Inc., GE Healthcare, and Epic Systems Corporation.

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