When a market report predicts steady, or potentially explosive growth of revenue cycle management, what comes to mind? Is it a real opportunity or should we be skeptical?
The global revenue cycle management market is projected to reach USD 80.56 billion by 2021 from USD 45.52 billion in 2016, at a CAGR of 12.1% from 2016 to 2021. Factors such as regulatory compliance encourage the use of RCM solutions, government support, process improvements in health organizations brought about by RCM, and the increasing number of patients and subsequent growth in insurance coverage are expected to drive the growth of the revenue cycle management market.
Interesting factors converging, resulting in huge numbers…
One topic jumps out to us… the cloud-based segment, expected to account for the largest share of RCM market with growth attributed to its affordability and real-time accessibility. OrboGraph’s cloud-based Healthcare Payment Automation Center™ (HPAC) resides on the Amazon Cloud, converting paper-originated Explanation of Benefit forms (EOBs), Correspondence Letters and Patient Payments into EDI 835 files. The result: reduce cash posting costs by 50% and improve quality, so less patient billing problems exist.
So, realistic or exaggerated? I’m a purist, so everything is an opportunity! But, translating huge market numbers is a tough task, requiring intense market research, finding a niche, and translating strategic objectives into tactical market share.
Let’s go get ’em!