Supportive growth through regulatory compliance, increase in healthcare expenditures, surge in demand for cloud-based solutions, and rise in need for outsourced RCM solutions drive the market growth. In addition, recent innovations and growth in adoption of advanced healthcare systems have further fueled the RCM market growth.
Portland, OR -- (SBWIRE) -- 06/15/2017 -- Revenue Cycle Management Market Report, published by Allied Market Research, projects that the revenue cycle management market was valued at $35,419 million in 2016, and is projected to reach at $85,008 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023. Integrated revenue cycle management represents the most attractive market segment that is expected to create lucrative opportunities for industry players.
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Revenue cycle management (RCM) incorporates a comprehensive range of practices, tools, solutions, and techniques interrelated closely to information and operational healthcare services. This method uses preventive & responsive methods to deliver improved healthcare services while optimizing profits for healthcare facilities. Moreover, the process of RCM enable healthcare facilities to optimize revenues through claims processing that incorporates patients, healthcare providers, billing companies, and insurance payers.
The current business scenario has witnessed surge in the adoption of RCM in the developed and the developing regions, owing to the technological innovations in product offerings, rise in adoption for cloud-based solutions, and increase in application areas among end users. In addition, supportive growth through regulatory compliance and increase in healthcare spending are expected to supplement the RCM market growth during the forecast period. Furthermore, growth in healthcare expenditure in the emerging countries, increase in market for outsourced RCM solutions, and technological advancements for workflow optimization fuel the demand for advanced healthcare systems, thereby creating lucrative opportunities for RCM market growth. However, high costs associated with RCM deployment and dearth of trained professionals are expected to hamper the RCM market growth.
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The integrated RCM segment dominated in 2016, with around 62% revenue share of the global market. This is attributed to the improved healthcare infrastructure, increased healthcare-related expenditures to cater to the untapped markets among the developing nations, challenges faced during accounts receivable (AR) management & claims processing, and rise in need to reduce cycle time.
The physician segment dominated the global RCM market with around 61% share in 2016, followed by hospitals segment. Furthermore, physicians segment is estimated to grow at the highest CAGR of 14.8%, owing to increased complexities of healthcare reimbursement methods, widespread adoption of electronic health records (EHR), varying models of payments, and change in regulations.
The RCM market is categorized based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2016, accounting for around 37% share in the market. However, Asia-Pacific is projected to grow at the highest CAGR of 17.2% during the forecast period.
The report features the competitive scenario of the revenue cycle management market and provides the comprehensive analyses of the significant growth strategies adopted by major players. The key players operating in the RCM market include Cerner Corporation, Eclinicalworks, LLC., Epic Systems Corporation, Gebbs Healthcare Solutions, GE Healthcare, Experian PLC., Mckesson Corporation, Quest Diagnostics Incorporated, Athenahealth, Inc., and Allscripts Healthcare Solutions, Inc.
Key Findings of the Revenue Cycle Management Market Study:
- The physicians segment dominated the global revenue cycle management market in 2016, and is expected to grow at the highest CAGR during the forecast period 2017-2023.
- The integrated RCM segment is estimated to provide significant growth opportunities to the key players operating in the global market.
- The RCM market in North America is expected to be dominant in terms of market size. However, Asia-Pacific is estimated to provide significant growth rate, during the forecast period.
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