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.
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.