The global revenue cycle management (RCM) market size is expected to reach USD 258.16 billion, registering a CAGR of 13.0% during the forecast period. RCM process enables hospitals to streamline the patient revenue collection procedure. With RCM, hospitals can design and implement their methods for speedy collection. Fortune Business Insights™ has presented this information in an upcoming report titled, “Revenue Cycle Management (RCM) Market, 2020-2027”. The market size stood at USD 96.27 billion in 2019.
According to the report, the RCM market is gaining swift traction due to several reasons. For instance, many countries are witnessing an unparalleled inflow of patients due to the COVID-19 pandemic. The health crisis has almost brought the hospital industry to a near-collapse. This has put tremendous stress on the healthcare industry, and they are therefore relying on RCM services to ensure adequate revenue collection.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/revenue-cycle-management-market-100275
The global pandemic has wreaked unprecedented havoc on several industries and markets. Healthcare systems are on the verge of collapsing in many nations. The healthcare industry is under tremendous stress due to the massive inflow of patients. Efforts are being made to strengthen the medical infrastructure worldwide. The negative impact of the COVID-19 crisis is expected to gradually fade away as economies are trying to wade their way through the pandemic. It is uncertain to say how long the situation may persist this way. Nonetheless, our research report’s in-depth analysis will help you gain an exhaustive understanding of this niche market.
Integration of Artificial Intelligence in RCM Services to Augment Market Growth
The adoption of RCM services is rising in the global market. RCM provides a spectrum of IT products like advanced predictive analysis, automated patient collection systems, and business intelligence tools. This helps the healthcare providers in streamlining their revenue collection processes and is driving the growth of the RCM market. The incorporation of artificial intelligence in RCM is expected to further swell the market growth as it helps in automating processes and optimizing clinical outcomes. Most recently, Healthcare Financial Management Association (HFMA) revealed in a survey that around 75% of leaders in the healthcare industry are focusing on employing Artificial intelligence in RCM. The launch of Electronic Health Records (EHRs) has transformed the patient data collection, analysis, and reporting process in healthcare organizations and is expected to benefit the RCM market. Future technological advancements are expected to create further growth opportunities for the market.