Global Revenue Cycle Management (RCM) Market is expected to reach USD 105.2 billion by 2022 | New Report By Data Bridge Market Research
According to Data Bridge
Market Research new Market report “Global
Revenue Cycle Management (RCM) Market
By Product Type (Integrated
RCM, Standalone RCM),
By Stage (Front
Office, Mid Office, Back Office),
By End User (Hospitals,
General Physicians, Labs, Others),
By Deployment (Web-based,
On-premise, Cloud-based),
By Component (Software,
Services),
By Geography
(North America, Europe, Asia Pacific, South America, Middle East & Africa)
– Trend and
Forecast to 2022”, has accounted to USD 45.8 billion in 2015,
growing at a CAGR of 12.7% from 2016 to 2022, is expected to reach USD 105.2
billion by 2022.
Revenue cycle management
(RCM) is used by healthcare providers to scale and manage the process of
healthcare billing and reimbursements. This is achieved by improving the
process of claims management, speeding explanation of benefits (EOB)
reconciliation, improving the quality of information, streamlining denial
management, and by automating processes. The RCM solution manages the patient’s
bills from entering the hospital to reimbursement of claims.
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Revenue Cycle Management (RCM) Market – Market Segmentation:
The revenue
cycle management market is segmented on the basis of product type,
deployment, component, stage, end-user, and geography. The revenue cycle
management market is segmented with respect to type into integrated RCM and
standalone RCM. The end-users of this market include hospitals, laboratories,
and physicians and others. By product type RCM solutions are segmented into
standalone and integrated RCM. The integrated RCM solution are generally used
by larger organizations where integration with other healthcare IT products
such as RIS, LIS, PACS, HER among others to form a more holistic process for
billing and claim settlements. However standalone RCM is best used in smaller
hospitals and physician offices where they need to manage only one healthcare
application.
Revenue Cycle Management (RCM) Market – Competitive Landscape:
In-depth profiling of key players has been conducted along with recent developments (new product launches & partnerships, agreements, collaborations, and joint ventures) and strategies adopted by them to sustain and strengthen their position in the global RCM market.
Revenue Cycle Management (RCM) Market – Geographical Segmentation
Based on geography
the global RCM market is segmented into 5 geographical regions,
North America, Europe, Asia-Pacific, South America and rest of the world. The
geographical regions are further segmented into 24 major countries such as U.S.
Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey,
Japan, China, Singapore, Brazil, India, Russia, South Africa and many others.
U.S. is expected to dominate the market due to the rising need to decrease
healthcare expenditure which is forming the major share of the market. With the
market in U.S. shifting to value based reimbursements RCM is expected to play a
major role to develop this process.
The key players in the revenue cycle management
market are
·
McKesson Corporation,
·
Cerner Corporation,
·
Quest Diagnostics,
·
Athena Health, Inc.,
·
Allscripts,
·
EClinicalWorks,
·
CareCloud Corporation,
·
The SSI Groups, Inc.,
·
GE Healthcare,
·
Epic Systems,
·
Siemens Healthcare,
·
and Kareo, Inc., among
others.
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