- Healthcare revenue cycle management is the accounting procedure to manage clinical and administrative functions associated with revenue generation, payment, and claim processing.
- The healthcare revenue cycle management process begins when a patient books an appointment to pursue medical services and ends when all the payments and claims have been collected from the patient
- Healthcare revenue cycle management supports running a successful medical practice because it helps to provide an efficient and accurate billing process in the healthcare domain.
- Healthcare revenue cycle management helps to reduce the amount of time between providing a service and receiving payments by interacting with electronic health records and billing systems. Healthcare organizations use a coding system and centralized billing to enable clinical process, compliance, and reimbursement.
Healthcare Revenue Cycle Management Market: Dynamics
Healthcare Revenue Cycle Management Market: Key Drivers
- Healthcare revenue cycle management helps to reduce human errors in the claim submission process. Healthcare data professionals can run healthcare management software to automatically scan for mistakes and send alert errors.
- It also enables patient payments by sending billing reminders via text message or email. In this message, a direct link to payment gateways is offered by using electronic data interchange tools. When linked with patient health record structures, financial managing tools can maintain patient interaction, from scheduling and intake forms to billing and insurance eligibility. These result in a streamlined process that improves patient satisfaction and speeds revenue recognition.
- Healthcare revenue cycle management programs help providers transition to value-based settlement practice. By evaluating data generated through combined records and billing systems, the provider can diagnose trends in patient populations and find areas of need.
Impact of COVID-19 on the Global Healthcare Revenue Cycle Management Market
- The hospital and healthcare industry is witnessing a growth in investment for advanced medical solutions during the COVID-19 period to maintain the payment records of patients. Hospitals are facing issues with management of patient records due to an increase in COVID-19 virus-infected patients. Healthcare revenue cycle management software also helps a hospital to check the claim eligibility of patients, which reduces the operational time of the hospital during the pandemic.
- Demand for healthcare revenue cycle management software is increasing during the COVID-19 pandemic situation due to an increase in demand for healthcare solutions and advanced patient management across all regions
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North America to Hold Major Share of the Global Healthcare Revenue Cycle Management Market
- North America dominated the global healthcare revenue cycle management market in 2020. The U.S. is a key market in the adoption of new technologies. Strong financial position enables the country to invest heavily in the adoption of leading tools and technologies to ensure business operations.
- The global healthcare revenue cycle management market in Asia Pacific is projected to expand at a rapid pace during the forecast period due to a surge in investment by major players to provide business solutions across the region and also due to a rise in awareness regarding the benefits of healthcare revenue cycle management in Asia Pacific.
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