Healthcare Revenue Cycle Management Market to Witness Upward Trend with Launch of New Products

SEATTLE, WASHINGTON, UNITED STATES, November 17, 2021 /EINPresswire.com/ -- Market Overview:
Healthcare revenue cycle management is an essential process that medical facilities use to coordinate the clinical and administrative functions related to claims billing, payment, and collections. The process involves the identification, administration, and collection of healthcare claims. In addition, the process requires timely communication between payers, as well as between payer collections and payer accounts. If any part of this process is not functioning properly, costs can rise. This could lead to financial losses for facilities and consequently to decreased revenue.

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Competitive Landscape:
Major players operating in the global healthcare revenue cycle management market include, All Scripts Healthcare Solutions, Inc., Athena health, Inc., Cerner Corporation, Conifer Health Solutions, Experian PLC., Epic Systems Corporation, Eclinicalworks, LLC, GE Healthcare, Gebbs Healthcare Solutions, Mckesson Corporation, nThrive, Inc., and Quest Diagnostics Incorporated, and TransUnion Healthcare, Inc.

Key Market Drivers:
Launch of new products is expected to propel growth of the global healthcare revenue cycle management market over the forecast period. For instance, in July 2020, nThrive launched robotic process automation technology to automate processes and replicate the actions of human workers interacting with one or more system user interfaces for health systems and hospitals.

Covid-19 Impact Analysis
Globally, as of 3:40pm CEST, 28 October 2021, there have been 244,897,472 confirmed cases of COVID-19, including 4,970,435 deaths, reported to WHO. As of 25 October 2021, a total of 6,697,607,393 vaccine doses have been administered. Emergence of Covid-19 has prompted digital transformation in the healthcare sector, which in turn is expected to boost demand for healthcare revenue cycle management.

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Key Takeaways

Major players operating in the global healthcare revenue cycle management market are focused on adopting merger and acquisition strategies to expand their product portfolio. For instance, in October 2021, TransUnion signed a definitive agreement to sell TransUnion Healthcare, Inc. to nThrive, Inc. (“nThrive”), a healthcare revenue cycle management SaaS platform.

Major players operating in the global healthcare revenue cycle management market are also focused on launching new products to expand their product portfolio. For instance, in October 2021, Cerner Corporation launched Cerner RevElate, a patient accounting product in the revenue cycle management portfolio.

Healthcare Revenue Cycle Management Market Taxonomy

On the basis of deployment, the global healthcare RCM market is classified into:

On-Premise
Cloud-Based
Web-Based
Others
On the basis of component, the global healthcare RCM market is classified into:

Software
Services
On the basis of product type, the global healthcare RCM market is classified into:

Standalone
Integrated
Others
On the basis of end user, the global healthcare RCM market is classified into:

Hospitals
Laboratories
Physicians
Others

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