North America accounted for the largest share of the Revenue Cycle Management Market.
Northrook, IL -- (SBWIRE) -- 08/11/2020 -- According MarketsandMarkets Research - The Global Revenue Cycle Management Market is projected to reach USD 90.43 Billion, at a CAGR of 12.1%
Major Market Dynamics:
Opportunity: Growing consolidation among vendors for end-to-end solutions;
The healthcare industry in the US is increasingly consolidating, and the large regional and national healthcare systems are expanding in size. The implementation of the Patient Protection and Affordability Act (PPACA) in 2010 has mandated healthcare organizations in the US to use advanced healthcare IT tools. To control costs of healthcare delivery, healthcare organizations in the US are increasing their patient base and optimizing the utilization of available resources.
Hospitals and outsourcing service vendors strengthen their partnerships to provide comprehensive, end-to-end RCM solutions. For instance, in December 2015, Northern Arizona Healthcare (NAH) collaborated with Cerner Corporation (US) to manage the revenue cycle for NAH's 38 ambulatory care clinics.
Healthcare providers in the European region are also undergoing consolidation. Private hospitals such as Asklepios Kliniken GmbH, Helios Kliniken, and Sana Kliniken AG in Germany are forming larger chains for accessing enhanced infrastructures necessary to provide care successfully in the changing environment. This has increased the demand for healthcare information technology solutions in these markets.
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By Product, integrated solutions segment is expected to witness growth in the revenue cycle management market during the forecast period.
On the basis of product, the market is broadly segmented into integrated and standalone solutions. The integrated solutions segment is expected to account for the largest share of the global market in 2017 and is projected to register the highest CAGR during the forecast period. Largest share and growth in this segment can be attributed to the rising adoption of value-based payment systems and the growing demand for cost-saving data management solutions.
By Function, claim and denial management segment is expected to grow at the highest CAGR during the forecast period.
Based on function, the market is segmented into claim and denial management, medical billing and coding, patient insurance eligibility check, payment remittance, electronic health record (EHR), Clinical Documentation Improvement (CDI), and others. The claim and denial management segment is expected to account for the largest share of the global market in 2017 and is expected to witness the highest CAGR during the forecast period. The growing demand for claims and denial management due to the dynamic reimbursement structure and the increasing instances of claim denials are the major factors driving the growth of this segment
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Geographical Regions Mapped in Report:
The Revenue Cycle Management Market is segmented into four major regions— North America, Europe, Asia, and the Rest of the World (RoW). The North American regional segment is expected to account for the largest share of this market, followed by Europe. Asia is estimated to be the fastest-growing segment of the market.
North America has been among the leaders in the development of the IT framework for the healthcare industry. The RCM market in the US presents lucrative growth opportunities owing to the presence of several large hospitals and health systems, favorable regulations, rising geriatric population, and the increasing need to curtail healthcare costs in the country. A number of key market players are also based in the US.
Key Market players
Cerner, Mckesson, Quest Diagnostics, Allscripts Healthcare Solutions, Athenahealth, GE Healthcare, Eclinicalworks, Conifer Health Solutions, EPIC Systems, Gebbs Healthcare Solutions, Experian, R1 RCM, Constellation Software, The SSI Group, Nthrive