McKesson Corporation, Allscripts, Cerner Corporation, and Optum Health, Inc. were the leading players in the global market for technology spending on revenue cycle management 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 market for technology spending on revenue cycle management 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.
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Staggering Advantages Pull Healthcare Organizations towards Revenue Cycle Management Solutions
“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.
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.
Complexity of RCM Solutions may Stifle Administrative Processes even Further
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.
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