Welcome!

News Feed Item

U.S. Hospital Revenue Cycle Management

NEW YORK, April 11, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

U.S. Hospital Revenue Cycle Management

http://www.reportlinker.com/p01158732/US-Hospital-Revenue-Cycle-Manageme...

Overview and Outlook, 2012-2017

Revenue cycle management (RCM) solutions are used to help healthcare providers to maximize the collection of payments from insurance companies and/or patients by rationalizing a number of complex processes that occur across the entire patient accounts pathway. A large number and variety of vendors serve the hospital RCM market. Many vendors offer both software applications and services, while others specialize in one or the other. Some vendors only address the hospital market and some sell products and/or services to hospitals as well as ambulatory providers.

Executive Summary

• Revenue cycle management (RCM) solutions are used to help healthcare providers maximize the collection of payments from insurance companies and/or patients by rationalizing a number of complex processes and steps that occur across the entire patient-accounts pathway.• A number of different software applications are utilized to address specific tasks involved with managing the revenue cycle. RCM software applications are usually characterized in two segments—core, or platform, solutions, and point solutions, or "bolt-ons," which provide added functionalities to core applications. In addition to information technology, a number of RCM services such as consulting and outsourcing are used by healthcare providers to provide additional capabilities across the RCM process.• A large number and variety of vendors serve the hospital RCM market. Many vendors offer both software applications and services, while others specialize in one or the other. Some vendors only address the hospital market and some sell products and/or services to hospitals as well as ambulatory providers including physicians and other providers.• Today, there are well over Xvendors serving the hospital RCM market in some capacity, and that number is expected to grow, particularly among vendors of point solutions and services, as hospitals increasingly focus on re-engineering RCM to meet growing challenges associated with healthcare reform.• In recent years, RCM solutions have taken a backseat to clinical systems because of providers' focus on adopting clinical solutions like electronic health records (EHRs) needed to meet Meaningful Use (MU). As the MU program matures, hospitals are expected to shift their focus to RCM in order to prepare for changes in reimbursement and patient demographics.• Today, revenue cycle processes and workflows are receiving unprecedented attention in the market as hospitals realize they must take every measure to maximize revenue and address inefficiencies and shortfalls in getting paid fully and on a timely basis. Many hospitals will need to significantly re-engineer their entire RCM function, and most seek solutions that offer robust integration between clinical and financial systems.• The current penetration of RCM solutions for the inpatient (hospital) environment varies by type of application. Software applications needed for the core functions of patient registration, scheduling, billing, coding, and claims processing are almost universally adopted in hospitals today (> X percent), while other RCM applications are less penetrated or significantly vary in penetration across various types of hospitals.• In terms of services, estimates on the rate of utilization of managed services across the hospital market vary significantly, ranging from X percent to X percent. Very few hospitals outsource their entire RCM function (>X percent), but some do.• Total revenue for the U.S. hospital RCM market is estimated at $X million for the base year, 2012. This figure includes revenue derived from application software and selected services. Computer hardware is excluded from this calculation.• Total market revenue is expected to increase steadily year over year, reaching $X million in 2017, representing a X percent increase from 2012. The total market revenue CAGR for the 2012 to 2017 forecast period is Xpercent.• The majority of the revenue for hospital RCM will come from replacements and/or updates of legacy systems, including the addition of new modules to enable more advanced capabilities required by healthcare reform. In addition, hospitals will increase their use of managed services and consultants to address internal staffing and skill shortages, provide niche services, and lower costs for some routine administrative functions.

CEO's Perspective

1. The healthcare industry is in a state of dramatic transition and transformation that impacts every segment of the market.2. Hospitals are increasingly struggling with financial constraints that threaten to grow worse with time.3. Many currently installed RCM systems have clumsy and outmoded technology platforms that must be replaced.4. Legacy vendors serving the hospital RCM market have failed to innovate, opening the door for new market entrants.5. The distinction between applications and services will continue to blur as vendors add new capacities to address diverse and growing customer needs.

Definitions and Scope of Study

This Study Pertains to the Following Region:

• The United States• Over the period:- Base year—2012- Forecast period—2013 to 2017

Products Included in Study

• Proprietary software applications that comprise core platform and point solutions used to manage various components of the patient revenue cycle process in non-federal short-term general and other special hospitals.

• Software applications encompassing a variety of technology approaches including installed client/server systems, Web-hosted solutions, and software as a service (SaaS) are included in the analysis.

• The study also covers consulting and outsourcing services that hospitals use in conjunction with various aspects of managing the patient revenue cycle.

Products Not Included in Study

• Software applications and related services used to manage the patient revenue cycle in ambulatory settings (physician offices), nursing homes, managed care organizations, long-term care facilities, or other non-hospital care settings.

Key Issues this Study will Address

• What does the hospital revenue cycle management (RCM) process entail, and what are the key products and solutions utilized?• What drives the current need for hospitals to adopt new RCM technology solutions and related services?• What is the current penetration of core platform solutions, and who are the leading vendors providing these solutions?• What are some of the new functionalities that hospitals look for in next-generation RCM? • What is the expected revenue for the total hospital RCM market and key market segments over the next five years?• How will key macro trends impact the market over the next five years?

Table Of Contents

1. Executive Summary

2. Study Scope and Research Methodology

3. Market Overview

4. Market Analysis

5. Hospital RCM Market

6. External Challenges: Drivers and Restraints

7. Competitive Market Structure

8. Competitor Profiles

9. Forecast and Trends

10. Demand Analysis

11. The Last Word (Conclusions and Implications)

12. Appendix

To order this report:Medical_Facility Industry: U.S. Hospital Revenue Cycle Management

Contact Clare: [email protected]
US:(339) 368 6001
Intl:+1 339 368 6001

 

SOURCE Reportlinker

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
Cloud-based NCLC (No-code/low code) application builder platforms empower everyone in the organization to quickly build applications and executable processes that broaden access, deepen collaboration, and enhance transparency for all team members. Line of business owners (LOBO) and operations managers know best their part of the business and their processes. IT departments are beginning to leverage NCLC platforms to empower and enable LOBOs to lead the innovation, transform the organization, an...
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...