The growth of the revenue cycle management market is driven by increasing government spending and initiatives to encourage the adoption of healthcare revenue cycle management solutions. Revenue management for healthcare providers is largely influenced by precisely medical claims processing. Healthcare organizations are required to uphold a quality insurance billing and revenue cycle for the improvement in the financial outcome. The team of revenue cycle management needs to be well-versed with accounts receivable management and denial management. With continuous rising pressure on the hospitals and healthcare providers to reduce cost due to continue losing revenue because of claim failure and denials. This factor has increased the market opportunity for specialty firms to provide revenue cycle management service to the hospital settings and thus increasing the market growth for the healthcare revenue cycle management market.
From the past few years, many hospitals are co-dependent on 3rd party service providers for the management of denial service. As the industry, lack expertise and knowledge about the field and lack the skills to manage time for the reimbursement process. The most common billing errors faced by the hospitals are filing of an incomplete claim, failure to verify insurance, lack of specificity, missing filing deadlines, and errors in coding. Because of the 3rd party service providers, healthcare providers are now able to manage medical billing and increase the client cash flow. It has been estimated that more than 90% of the claim denials are prevented with the help of support from service providers. This factor is expected to drive the healthcare revenue cycle management market over the forecast years.
Healthcare Revenue Cycle Management Market is expected to reach USD 104,396 Million by 2025 with a CAGR of 11% over the forecast period.
Increasing Technological Advancement Coupled with Rising Healthcare Spending is the Key Factors Driving the Growth of Healthcare Revenue Cycle Management Market
Website: - https://www.ge.com
General Electric Company is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston...
Company had nearly 1,68,000 Employees and had revenue of USD 74.196 Billion.
Website: - https://www.siemens-healthineers.com
Siemens Healthineers AG is a German medical device company. It is the parent company for several medical technology companies and is headquartered in Erlangen, Germany. The company dates its early beginnings in 1847 to a small family business in Berlin, co-founded by Werner von Siemens.
Company had nearly 66,000 Employees and had revenue of USD 22.32 Billion.
Epic Systems Corporation, or Epic, is an American privately held healthcare software company Founded 1979. According to the company, hospitals that use its software held medical records of 78% of patients in the United States and over 3% of patients worldwide in 2022.
Company had nearly 10,000 Employees and had revenue of USD 2.9 Billion.
Cerner Corporation is an American supplier of health information technology services, devices, and hardware Founded 1979. As of February 2018, its products were in use at more than 27,000 facilities around the world.
The company had more than 29,000 employees globally, with over 13,000 in Kansas City, Missouri and had revenue of USD 5.7 Billion.
Quest Diagnostics is an American clinical laboratory Founded 1967. A Fortune 500 company, Quest operates in the United States, Puerto Rico, Mexico, and Brazil. Quest also maintains collaborative agreements with various hospitals and clinics across the globe.
Quest Diagnostics supports over nearly 47,000 employees and had revenue of USD 7.73 billion.
Website: - https://www.mckesson.com
McKesson Corporation is an American company distributing pharmaceuticals and providing health information technology, medical supplies, and care management tools Founded 1833. The company delivers a third of all pharmaceuticals used in North America.
McKesson Corporation supports over nearly 78,000 employees and had revenue of USD 263.97 Billion.
Website: - https://www.accenture.com
Accenture plc is an Irish American professional services company based in Dublin, specializing in information technology services and consulting. A Fortune Global 500 company. Founder by Clarence DeLany in 1989; 33 years ag
Accenture plc. supports over nearly 721,000 + employees around the world and had revenue of USD 50.53 Billion
Access Healthcare Leading provider of healthcare revenue cycle services and process automation solutions Founded 2011. Focused on creating a more efficient healthcare system.
Access Healthcare supports over nearly 20,000 employees and had revenue of USD 2 Billion.
AccessOne is a leading provider of flexible, co-branded patient financing solutions Founded 2001. We help patients afford medical expenses for health systems nationwide.
AccessOne supports over nearly 123 employees and had revenue of 33.2Million
Abeo recognizes where innovation and revenue cycle challenges converge to improve financial and operational performance for hospital-based specialties Founded in 2007.
Abeo supports over nearly 121,100 employees and had revenue of USD 4.34 M. In 2021.
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