A recent report published by Infinium Global Research on revenue cycle management market provides an in-depth analysis of segments and sub-segments in global as well as regional revenue cycle management industry
Pune, India -- (SBWIRE) -- 01/15/2020 -- A recent report published by Infinium Global Research on Revenue Cycle Management Market (Product - Integrated Solutions and Standalone Solutions; Deployment - Web-based, On-premise, and Cloud-based; Function - Claims & Denial Management, Medical Coding & Billing, Patient Insurance Eligibility Verification, Payment Remittance, Electronic Health Record (EHR), Clinical Documentation Improvement (CDI), and Other Functions; End-user - Physician Clinics, Hospitals, Laboratories, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. According to the report the global revenue cycle management market is projected to grow at a CAGR of 11.7% over the forecast period of 2018-2024.
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Revenue Cycle Management Market: Industry Insights
Revenue cycle management is a financial process used in healthcare systems to track revenue from patients. Revenue cycle management starts when a patient takes an appointment to seek medical services and it ends when all claims and patient payments are collected. It is a strategy that healthcare organizations use to pay bills. The poor billing process can turn into financial losses. Revenue cycle management helps to improve operational procedures and maintains a proper billing process. The revenue cycle management simplifies the administration for medical institutions. The global revenue cycle management market is projected to grow at a CAGR of 11.7% over the forecast period of 2018-2024.
Revenue Cycle Management Market: Drivers, Restraints and Opportunities
Growing demand for cloud-based solutions drives the revenue cycle management market. The increasing market for revenue cycle management outsourcing and rising healthcare spending contributes to the growth of the revenue cycle management market. U.S. health care spending increased 3.9 percent to reach $3.5 trillion, or $10,739 per person in 2017. Outsourcing makes a more modernized and inexpensive medical billing procedure. On the other side, high costs of revenue cycle management hamper the growth of revenue cycle management. Moreover, technological advancement applications in healthcare emerge to be an opportunity.
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Revenue Cycle Management Market: Segmentation
The revenue cycle management market is segmented on the basis of product, deployment, function, and end-user. Based on the product, the revenue cycle management market is divided into integrated solutions and standalone solutions. Standalone solutions are expected to have the largest share in product segment as it fits the needs of accounts receivable, ERP and more. Based on deployment, the market is divided into web-based, on-premise and cloud-based. Web-based deployment is anticipated to have a maximum share as it is used over the internet with a web browser. Based on function, the market is divided into claims & denial management, medical coding & billing, patient insurance eligibility verification, payment remittance, electronic health record (EHR), clinical documentation improvement (CDI) and other functions. Based on end-user, the revenue cycle management market is divided into physician clinics, hospitals, laboratories, and others.
Revenue Cycle Management Market: Regional Insights
Geographically, the revenue cycle management market is classified into North America, Europe, Asia-Pacific and the Rest of the World. North America is expected to be dominant in the revenue cycle management market. North America has a well-established healthcare infrastructure. Asia-Pacific is also anticipated to grow in revenue cycle management market. Asia-Pacific region has a huge population with the need of automation. This contributes to the growth of the revenue cycle management market in this region.
Revenue Cycle Management Market: Competitive Analysis
The leading players in the revenue cycle management market are GeBBS Healthcare Solutions, EPIC Systems, Conifer Health Solutions, eClinicalWorks, GE Healthcare, Athenahealth, Allscripts Healthcare Solutions, Quest Diagnostics, Mckesson and Cerner. Players are doing mergers and acquisitions to sustain in the market. For instance, Allscripts Healthcare Solutions acquired Mckessen, which is an enterprise information solution business.
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