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IDC MarketScape recognizes Ricoh as a “Major Player” in Revenue Cycle Management Service Solutions Market

The healthcare industry is in the midst of a decade of transformation, pressuring health delivery organizations (HDOs) to evolve. 

Skyrocketing insurance denials, shrinking margins due to inflation, and growing competition from the likes of Amazon are painful reminders of the importance of healthy revenue cycle management.

The 2022-2023 IDC MarketScape for the U.S. Revenue Cycle Management (RCM) Service Solutions Report provides buyers with insight into the strategies, capabilities, and criteria they should consider when selecting a partner. We believe Ricoh’s inclusion in the report as a “Major Player” marks a significant milestone in its emergence as a leading healthcare information management provider.

“We believe this MarketScape validates Ricoh’s efforts to provide paperless and automated solutions for many critical aspects of the revenue cycle and patient encounter process.”

Rory Fitzpatrick

Vice President, Vertical Markets

Ricoh

What is revenue cycle management?

IDC defines a next-generation revenue cycle as "holistic and intelligent enablement of automated revenue optimization and denial prevention across the provider service continuum in alignment with value-based outcomes."

From the first appointment to the final payment, RCM impacts every point of the patient journey. RCM is, at its most basic level, the process by which a health delivery organization (HDO) tracks the care that has been performed and payments rendered for that care.

With the inherent complexity in today’s healthcare ecosystem, that process is more nuanced than ever before. Denials, authorizations, and other issues impact patient care and revenue. By simplifying communication between patient, provider, and payer, RCM services and solutions improve revenue reconciliation for HDOs and insurers while boosting patient experience.

How Ricoh streamlines revenue cycle management in healthcare

In addition to core RCM workflows and general billing functionality, the IDC MarketScape report identified six trends related to next-generational end-to-end RCM service solutions:

  1. Automation of intelligent prior authorization, billing, and reimbursement at the core

  2. Distribution of capabilities to streamline coding and alleviate productivity burden

  3. Facilitation of digital access for patients to schedule appointments and act on responsibilities

  4. Generation of insight and intelligence to align provider performance with payer incentives

  5. Normalization of data and enhancement of revenue integrity across services and silos

  6. Identification of new opportunities for value creation among providers, payers, and patients

The IDC MarketScape notes, “Ricoh's RCM service solution aims to deliver next-generation services across the RCM ecosystem to different care settings, especially mid-to-large size Integrated Delivery Networks (IDNs) and hospitals.”

One of the Ricoh offerings noted in the IDC MarketScape is Patient Information Management. It automatically matches patient information in financial correspondence with machine learning accuracy and routes it to the correct location at the correct time, reducing denials and speeding access to care.

The ability to integrate with multiple electronic health record providers, electronic content management systems, and payers’ backend systems adds up to improved collection rates and cash yield.

Healthcare Administrative Solutions is another Ricoh offering mentioned that highlights the way the company is broadening the traditional focus of RCM beyond post-service to include pre-service and point-of-service value drivers.

We invite you to download this IDC MarketScape excerpt to discover how Ricoh’s revenue cycle management services and solution offerings enable you to create exceptional patient, caregiver, provider, and employee experiences with speed and efficiency.

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