1 minute read
Research Methodology
Revenue Cycle Management Market Overview
Revenue Cycle Management market is expected to grow from USD 69.39 billion in 2019 to USD 161.43 billion by 2026 at a CAGR of 12.82% from 2020 to 2026.
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Revenue cycle management (RCM) is that the financial process, using medical billing software, that healthcare facilities use to trace patient care episodes from registration and appointment scheduling to the ultimate payment of a balance. RCM merges the business and clinical sides of healthcare by coupling administrative data, like a patient's name, insurance provider and other personal information, with the treatment a patient receives and their healthcare data. To run a productive RCM process, it's authoritative to rent an experienced billing service. When a patient schedules a meeting, the physician's office or the hospital staff typically check the patient's reported coverage before the visit. The major factors driving the development of the global market contain the reducing reimbursements in the healthcare industry, regulatory mandates for the adoption of EHR/EMR, government initiatives to boost the adoption of RCM solutions, loss of revenue due to billing errors, and process improvements in healthcare organizations.
