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.
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.
In the components sub-category of the RCM market, the services segment dominates the market, and is expected to reach $50.9 billion by 2022. Similarly, in the deployments sub-category of the market, the web-based segment dominates the market, and is expected account a market share of 43.1% of the global RCM market. The physicians segment dominates the market among end-users, and is accounted to $21.1billion in 2015.
The global revenue cycle management market is steadily progressing owing to factors, such as decreasing reimbursement in healthcare industry, reduction of overall healthcare costs, initiatives undertaken by governments for implementing RCM solutions, and increasing expenditure by healthcare industry especially made on information technology.
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.
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. 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.
Global Healthcare IT Outsourcing Market, By Product Type (Provider (EHR, PIS, LIS, RIS, PACS, RCM, Others), Payer (Customer Management Systems, Claim Processing, Fraud Detection, Others), Life Sciences HCIT (CTMS, CDMS, ERP, Others), Operational HCIT (SCM, Business Process Outsourcing), HCIT Infrastructure (Cloud Services, Management Services)), By End User (Provider, Payer, Pharma & Biotech, Clinical Research Organization, Others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) – Trend and Forecast to 2022
Asia Pacific 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 Country (China, India, Japan, South Korea, Singapore, Australia, Rest of APAC) – Trend and Forecast to 2022
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North America Revenue Cycle Management (RCM) Market - Trends and Forecast to 2024
Europe Revenue Cycle Management Market - Industry Trends and Forecast to 2026
Asia-Pacific Revenue Cycle Management Market – Trends and Forecast to 2026
Rising Demand for Health Insurance and Growing Awareness and Adoption of ICD Coding Standards are driving Asia-Pacific Revenue Cycle Management Market in the forecast period of 2019-2026
Increase in the Adoption of RCM Solutions and Revenue Loss Related to Billing Errors to Reduce Healthcare Cost are Expected to Drive the Europe Revenue Cycle Management Market in the forecast period of 2019 -2026