The advent of avant-garde technologies and leading-edge software systems have taken the healthcare revenue cycle management market’s growth to a whole new level. The adoption of Electronic Health Records (EHR), cloud-based solutions, and denial management fixes in almost every single Practice is another reason for this huge growth. A recent report named, ‘Revenue Cycle Management: Global Market Analysis, Insights and Forecast 2019-2026’ released by Research and Markets has come up with promising forecasts on the healthcare revenue cycle management. Let’s delve deep into the forecasts and incredible opportunities that are in store for the revenue cycle management companies in the upcoming years:
Forecasts 2019 – 2026: According to the researchandmarkets.com’s report, the size of the global healthcare revenue cycle management market is anticipated to reach approximately, 73.2 billion by 2026. Also, the CAGR is expected to rise to 12% in the service segment. There are immense growth opportunities for countries including, India, China, Singapore, and Japan during the suggested forecast period.
Research on Healthcare Revenue Cycle Management: Black Book, a US-based research firm surveyed over 522 hospitals for a study. According to the study results, 400 hospitals implemented revenue cycle management systems in the past six years. In addition, the results show that the remaining hospitals are planning to implement RCM systems as early as possible. Although, we can expect substantial growth in the market, implementing RCM systems is not an easy task as it involves the employment of trained staff and high deployment expenditures. To make it happen, partnering with experienced revenue cycle management companies would be a wise decision.
Other Key Forecast Findings:
- The report predicted that denial management services and account receivable management services would be the most outsourced functions.
- While cloud-based solutions rule the healthcare revenue cycle management market now, the web-based segment is expected to lead it in 2026.
- The fastest-growing segment would be the integrated solutions as it helps increase efficiency and productivity.
- As per 2018 status report, North America showed the highest CAGR. However, it is expected to change as the Asia Pacific followed by Latin America are fast-growing. They will show the highest CAGR by 2026.
- NextGen Healthcare, Quest Diagnostics, Inc; eClinicalWorks, Allscripts, Epic Systems, CareCloud Corporation, McKesson Corp; and Kareo, Inc are some of the key players operating in the healthcare revenue cycle management market.
Revenue Cycle Management Companies to the Rescue: According to another research conducted by the Healthcare Information and Management Systems Society (HIMSS), it is found that approximately 31% US healthcare organizations are still using traditional manual claims. To grow faster and as per the forecast predictions, it is good to get help from reputed medical billing companies who will implement high-end RCM systems and provide other IT solutions.
About MGSI:
One of the leading medical billing companies in the US, MGSI provides competitive RCM and other medical billing solutions to its clients. This Florida-based revenue cycle management company has been serving its clients varying from solo and group practices to radiology and anesthesiology groups for more than 20 years. It not only covers billing and collections, but also offer fee schedule evaluations, Document Management Systems (DMS), credentialing EMR solutions, and Mobile Charge Capture Solutions. To learn more details, log on to www.mgsionline.com.