The Revenue cycle management market is growing at an alarming rate and the sudden surge in healthcare expenditures stands as the main reason for growth of the RCM market. This information has been collected from a Revenue cycle global market report and stands truly as a source of the necessary information for the medical coding and billing facilities.
Global Market Revenue market is expected to grow from $90.24 Billion in 2021 to $102.32 in 2022.This growth is to occur at a compound annual rate (CAGR) of 13.4%. By 2026, the RCM market is expected to grow to $163.45 Billion, at a CAGR of 12.4%. According to 2021 reports, the RCM market in North America was the largest.
In such scenarios where the RCM market is witnessing overwhelming growth, Asia Pacific is expected to be the fastest growing region in the Forecast period.
Advanced healthcare solutions are associated with claims processing, payment and revenue generation. Healthcare facilities have started depending more on medical service billing providers to tackle these advanced solutions.
The different components of different RCM services include various functions such as electronic health record (EHR), claims and denial management, clinical documentation improvement, insurance and many others.
For a healthcare facility to run smoothly, it is essential that the RCM cycle is handled appropriately with clinical documentation improvement. This ensures a smooth running of the hospital or medical facility and improves patient care along with Medicaid services.
For various ways to handle the RCM cycle, medical providers seek help from RCM experts like I-conic Solutions, which is equipped with certified professionals who know all the modalities of this particular domain.