According to a recent report from Zion Market Research, the global revenue cycle management market accounted for USD 23.40 billion in 2016 and is expected to reach around USD 43.80 billion by 2022, growing at a CAGR of around 11.0% between 2017 and 2022.
So what does this translate into for the physician? Does it bode good or bad? We are well aware that the RCM system tracks the financial record in the healthcare industry. When this cycle is well streamlined then the amount of denied claims using this well oiled system is reduced leading to more cash inflow for physicians. But are physicians and healthcare providers ready with such systems when deployed could make a big dent in the revenues held? The issues faced could be many, and streamlining just these 5 could help
Only with great vigilance and diligence can physicians help manage to implement a well regulated Revenue Management Cycle process. Keep the above in mind and maybe all issues will be ironed out and thus impact your Revenue cycle in a profitable manner.Back