Navigation Links
Frost & Sullivan: Physicians Focus on RCM Solutions to Prepare for New Wave of Financial Challenges
Date:6/25/2013

MOUNTAIN VIEW, Calif., June 25, 2013 /PRNewswire/ -- America's physicians are struggling with unprecedented disruption brought on by the transition to electronic health records (EHRs), mandatory upgrade to ICD-10, and, most significantly, the emerging shift to value-based reimbursement. Operational and financial challenges around reimbursement are often cited as contributing to the shrinking number of independent medical practices, as many physicians seek refuge under the umbrella of hospital ownership. While the vast majority of medical practices currently deploy some kind of IT solution to manage patient scheduling/registration, medical billing, and claims processing, many of these solutions are outdated, stand-alone applications, and often provided by a variety of different vendors.

New analysis from Frost & Sullivan's (http://www.connectedhealth.frost.com) U.S. Physician Revenue Cycle Management: Overview and Outlook, 2012-2017 research finds the market for physician RCM applications and services was valued at $11.1 billion in 2012. Market revenues are expected to grow 21.6 percent over the next five years, peaking at $14.6 billion in 2016. After 2016, revenue growth is expected to retrench due to various factors including increased market saturation and increased adoption of lower cost, web-based solutions. The overall compound annual growth rate (CAGR) over the forecast period of  2012 to 2017 is 3.9 percent.

For more information on this research, please email Britni Myers, Corporate Communications, at britni.myers@frost.com with your full name, company name, title, telephone number, company email address, company website, city, state and country.

Frost & Sullivan Connected Health Principal Analyst Nancy Fabozzi, author of the analysis, notes many physicians are expressing dissatisfaction with the status of their profession.

"Survey after survey shows physicians are frustrated with the numerous administrative hassles associated with managing a medical practice, particularly around dealing with third-party payers," commented Fabozzi.  "Reimbursement complexities are traditionally driven by the need to comply with myriad requirements of various government and commercial payers, which together account for 85 to 95 percent of physician income. Today, more than 50 percent of payments to doctors come from private insurance, and another 30 percent comes from government plans, mainly Medicare and Medicaid. Healthcare reform will bring a significant increase in the number of patients covered under Medicaid. This situation, combined with declining Medicare reimbursement and ongoing battles over the sustainable growth rate, will likely accelerate declining profit margins."

In many cases, the IT solutions currently in use in medical practices are not fully integrated with other business and clinical solutions, including EHRs.  Lack of integration leads to data and information gaps that can increase the rate of claims denials and bad debt. Stand-alone billing and practice management solutions are on the wane in the market today as medical practices move towards integrated, end-to-end systems that unite front and back office data flows, provide seamless access to clinical data from EHRs, and rationalize and streamline the entire RCM process. As physicians look to a future of declining reimbursements, increased audits, and tightened critera for meeting patient quality, safety, and outcomes metrics, most have no choice but to leverage next-generation RCM solutions to help mitigate new challenges around getting paid.

Frost & Sullivan finds the physician RCM market is primed for transformation as practices prepare for increased patient loads and new payment and delivery models. Changing market dynamics are increasing the need for solutions that offer features such as patient portals with online bill pay; real-time claims adjudication; automated rules-based workflow; clinical and financial analytics; mobile charge capture; and full capabilities to support the switch to ICD-10.

Connect with Frost & Sullivan on social media, including Twitter, Facebook, SlideShare, and LinkedIn, for the latest news and updates.

U.S. Physician Revenue Cycle Management: Overview and Outlook, 2012-2017 is part of the Connected Health Growth Partnership Service program, which also includes: US and European Digital Pathology Systems Market, U.S. Hospital Revenue Cycle Management, and EMR and EHR Market in APAC. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us:     Start the discussion

Join Us:           Join our community

Subscribe:       Newsletter on "the next big thing"

Register:         Gain access to visionary innovation

U.S. Physician Revenue Cycle Management: Overview and Outlook, 2012-2017
NB9F-48

Contact:
Britni Myers
Corporate Communications – North America
P: 210.477.8481
F: 210.348.1003
E: britni.myers@frost.com
Twitter: @Frost_Sullivan
Facebook: Frost & Sullivan

http://www.frost.com


'/>"/>
SOURCE Frost & Sullivan
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Frost & Sullivan: Expiration of Patents for Leading Drugs to Bolster the Oral Solid Drug Dosage Excipients Market in North America
2. Mylan Specialty L.P. Joins Forces with Adrian Peterson and Jo Frost to Launch Anaphylaxis Preparedness Campaign
3. Frost & Sullivan: mHealth Serves as the Catalyst for Healthcares Evolution
4. Frost & Sullivan: Standardized Regulations Crucial for Growth in Global Dimensional Metrology Market for Medical Devices
5. Global In Vitro Diagnostics Markets Outpace Pharma Industry Growth, finds Frost & Sullivan
6. Sorrento Therapeutics Receives Frost & Sullivans Prestigious 2013 Global Investment Opportunity Award in the Oncology Market
7. Sorrento Therapeutics Receives Frost & Sullivans 2013 Global Investment Opportunity Award in Oncology
8. Development of New Technologies Spurs Molecular Diagnostic Test Volumes in Asia-Pacific, Finds Frost & Sullivan
9. Frost & Sullivan Market Share Leadership Award Highlights Acuo Technologies Accomplishments in Enterprise Imaging Informatics
10. Mega Trends Foster Investment, Innovation and Expansion in Latin America, Finds Frost & Sullivan
11. Frost & Sullivan: BRIC is Not Delivering Promises of High Growth in Healthcare Markets
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/26/2016)... 26, 2016 According to a new ... Market - U.S. Industry Analysis, Size, Share, Growth, Trends, and ... the U.S. was valued at US$ 5.89 Bn in 2014 ... from 2015 to 2023 to reach US$ 7.99 Bn in ... and emerging needle free drug delivery devices and the market ...
(Date:5/26/2016)... 26, 2016 TARE (Transarterial ... Cost Savings and Overall Decreased Use of ... an international specialist healthcare company, has today announced ... Annual Meeting of ISPOR (International Society for Pharmacoeconomics ... carcinoma (HCC) using yttrium-90 glass microspheres is associated ...
(Date:5/26/2016)... , May 26, 2016 ... has matured into an essential life science tool for ... development applications. BCC Research reveals in its new report ... second growth phase, one powered by a range of ...      (Logo: http://photos.prnewswire.com/prnh/20140723/694805 ) , ...
Breaking Medicine Technology:
(Date:5/31/2016)... PA (PRWEB) , ... May 31, 2016 , ... More ... Philadelphia, Hep B United Philadelphia, and the Prevent Cancer Foundation held an event on ... silent epidemic in the city of viral hepatitis, the leading cause of liver cancer. ...
(Date:5/31/2016)... ... May 31, 2016 , ... Splashtop Inc., the worldwide leader in ... Networks Co., the leading provider of secure mobile remote access solution for Japan ... leading CACHATTO remote access solution. Splashtop for CACHATTO will be available as ...
(Date:5/31/2016)... ... ... Twenty years ago it was revolutionary: enabling the people who hear distressing voices ... But this approach has proven transformative, both for people who hear voices and for ... is used around the world, but it still lags in the United States. , ...
(Date:5/31/2016)... ... May 31, 2016 , ... When ... he knew it was something that contractors should have at their disposal on ... gets,” says Butch, CertainTeed’s Director of Contractor Programs. , As a result, ...
(Date:5/31/2016)... ... May 31, 2016 , ... CallTrackingMetrics's software ... campaigns, to monitor the performance of sales and support staff, and to efficiently ... The software allows customers to record, transcribe, route, document, and report on everything ...
Breaking Medicine News(10 mins):