Directory Image
This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Privacy Policy.

Technology Spending on Revenue Cycle Management Market Overview and Forecast Analysis up to 2024

Author: Akash Pande
by Akash Pande
Posted: Jan 14, 2019

McKesson Corporation, Allscripts, Cerner Corporation, and Optum Health, Inc. were the leading players in the global technology spending on revenue cycle management market in 2015. These key companies show the common strengths in having built strong distribution channels and effective long-term partnerships. According to a research report released by Transparency Market Research, technology spending on revenue cycle management is expected to experience a buildup in competitive rivalries over time, owing to the entry of more players into the global market. The market is in a very expansive stage, which coupled with the recent positive changes in the regulatory scenario, have created a very advantageous position for a lot of new entrants. The global technology spending on revenue cycle management market is expected to reach US$51.56 bn by 2024. It is expected to expand at an optimistic CAGR of 6.9% within a forecast period from 2016 to 2024, and was calculated at US$28.50 bn at the end of 2015.

"Of the many plus points that go with a standard revenue cycle management solution, the leading factor that a lot of healthcare organizations are looking for is better revenue generation. Claims get processed much faster under revenue cycle management solutions, along with a speedy denial management, thereby helping an organization generate a higher resolution rate. Thus, time saved becomes money earned and that is what is driving the global market for technology spending on revenue cycle management currently," states a TMR analyst.

Request to View Sample of Report -

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=17597

Another driver for the global technology spending on revenue cycle management market is the greater efficiency achieved in carrying out medical practice. When a revenue cycle management solution is implemented, a hospital can shift their focus off patient billing and paperwork, thereby becoming a more patient-centric organization and thus improving patient recovery outcomes. The implementation of a revenue cycle management solution can also allow a healthcare organization to safely adhere to the current state of regulatory structures. Since these processes are needed to by in sync with any changes in regulations, the organization can rest assured that all rules and requirements are satisfied through the implementation of RCM solutions.

One of the core restraints acting on the global market for technology spending on revenue cycle management is the complexity of these solutions. A lot of claims submission processes involve tedious iterations of rework. Combined with the long and erroneous processes of data collection and other manual processes, the incorporation of a revenue cycle management solution into this will add to the errors that accumulate. On an average, close to 30% of all physician claims are erroneous and 15% of the claims may even get lost in the processes. The addition of a revenue cycle management solution to such an inaccurate data generation stream can only cause inaccurate results to be posted, thereby restricting the overall advantages that these solutions can bring to the table.

"Players in the global market for technology spending on revenue cycle management can look forward to operating in emerging economies of the Asia Pacific over the coming years. The rate at which the healthcare industry is evolving can bring about optimistic strategies in the implementation of revenue cycle management solutions in these countries," adds the analyst.

Request to View Brochure of Report -

https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=17597

About us:

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

Contact us:

90 State Street,

Suite 700,

Albany

NY - 12207

United States

Tel: +1-518-618-1030

USA - Canada Toll Free 866-552-3453

Email: sales@transparencymarketresearch.com

Website: http://www.transparencymarketresearch.com

About the Author

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia

Rate this Article
Leave a Comment
Author Thumbnail
Please or Join to add a comment.
Author: Akash Pande

Akash Pande

Flag of India
India

Member since: Jan 03, 2019
Total live articles: 1158

Related Articles