Global Healthcare Revenue Cycle Management Market is Expected to Grow at a CAGR of ~11-12% by 2027

BRUSSELS - June 16, 2023 - PRLog -- Healthcare Revenue Cycle Management (https://meditechinsights.com/healthcare-revenue-cycle-management-market/) is the process of identifying, collecting, and managing the practice's revenue from payers based on the services given. A successful healthcare RCM process is critical for a healthcare practice to maintain financial viability and continue providing quality patient care.

Rising Potential of RCM Outsourcing Drives the Healthcare Revenue Cycle Management Market

Leveraging technology provided by outsourcing partnerships can offer various advantages, including streamlined workflows, Improved efficiency, focus on patient care, timely and improved reimbursement, error-free billing, improved payments, and accuracy, all of which can lead to reduced costs and increased revenue collection.

Growing Adoption of RCM Solutions in Healthcare Fuels Its Demand

A healthcare organization's operational success relies on having a streamlined and effective revenue cycle. RCM also aids healthcare organizations in enhancing their cash flow, boosting staff productivity, enhancing the patient experience, maximizing revenue, preventing financial losses, cutting costs, increasing efficiency, and meeting regulatory obligations.

Automation, Data Analytics, Patient-centric Approach and Payment Reforms set to fuel the Global Healthcare RCM Market

By integrating next-generation digital technologies, vendors can Improve consumer centricity, improve patient touch-points, optimize reimbursement, and minimize denials to improve cash flow across the healthcare ecosystem. The most Important healthcare RCM trends that will amplify the organization's financial health are:

• Automation
• The Vital Role of Data Analytics in the Healthcare Revenue Cycle
• More Focus on a Patient-centric Approach by Medical Practices
• Payment Reforms

North America Poised to Hold a Major Share in the Healthcare Revenue Cycle Management Market

North America holds a major chunk of the Healthcare Revenue Cycle Management market. This is Primarily attributed to the increasing adoption of Healthcare RCM, cloud-based solutions, electronic health records, rising demand for management of unstructured healthcare data.

Competitive Landscape: Global Healthcare Revenue Cycle Management Market

Few of the key players operating in the market include The SSI Group LLC, Veradigm Inc, R1 HEALTHCARE RCM Inc, and McKesson Corporation, among others.

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Healthcare RCM Market

For instance,

• In January 2023, Optum and Owensboro Health announced entering into a partnership to enhance patient care and experience while meeting the community's evolving healthcare needs
• In August 2022, R1 RCM Inc. announced that they have entered into a 10-year partnership with St. Clair Health to serve as its main provider of end-to-end Healthcare Revenue Cycle Management services

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