Revenue Cycle Management (RCM) is necessary for all the healthcare industries to manage the revenue and expenses of the industry and to maintain the records like EHR (Electronic Health Records), PM (Practice Management) and EMR (Electronic Medical Records) which is maintained for the tracking the every moves of the management towards the patient’s details and the treatments and services provided by them. These records are mandatory for the clinic for the future reference and for the current verifications of the patients and the case details such as consulting details, history of the case, treatments provided for the patients, healthcare equipment used for the treatment, ECG, OMR and all other medical records that helps in monitoring the patients current status for providing the best treatment.
Nowadays all over the world patients are increasing and the demand for the healthcare insurance also increasing that brings the global RCM market in the high level. Everyone likes to care about their health for leading the healthy life, also they like prevent them from the diseases. Health insurance are providing the assurance in the emergency time of the patient like if a person unexpectedly met with an accident and he doesn’t have any lump sum of money to pay the hospitals for the treatments or for any operations, in this emergency time the health insurance helps him to pay the bills and dues without any obstacles.
Most of the businessmen and professionals are taking this health insurance to overcome the critical situation and the tackle the money problem, so nowadays RCM was mandatory to maintain all these records of the patients. RCM vendors are available in the market to provide the RCM services by providing the software services like maintaining the records, remind about the previous due payment, call the patients, remind them about the next consultation, scheduling the date and time for the consultation and for claiming the insurance and billing of services in an accurate way.
The global revenue cycle management market reached to $23.4 billion in 2016 and they are expected the estimated global RCM market to reach $44B by 2022, which is stated in Zion Market Research Report. These estimates are made based on the increasing rate of the patients and the increasing rate of the health insurance holders; these are the current market value of global Revenue Cycle Management. In RCM coders and physicians are trained well for the accurate calculations of the billing and coding, the RCM vendors are numerous in the market and they are providing different services for the various clinics that treats the patients have different diseases. Medical coding and billing are interconnected with the RCM and it is mainly maintains for the management verification for the present and future purposes for treating the patients, claiming the insurance and finally for the settlement of the bills. The global rcm market is having the rapid growth in the market in the past few years and global RCM market to reach $44B by 2022which was roughly estimated based on the few facts.