Europe revenue cycle management market is expected to reach USD 33,851.06 million by 2026 from USD 13,206.60 million in 2018, at a CAGR of 12.6% in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
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The Europe revenue cycle management market is a highly concentrated market which includes key players and local players. The market has witnessed increased various strategic developments owing to favourable market scenario. Revenue cycle management (RCM) in healthcare is the software or tool which is administered for financial transactions resulting from the medical encounters between a patient and the care provider usually healthcare organization. The major factor responsible for the rapid growth in revenue cycle management market is the increasing patient pool in Europe regions and the problem faced by healthcare organization in maintaining a track record of the billing processes. Moreover, increase in the adoption of insurance also drives the growth of the RCM market in European countries.
The market has witnessed developments in terms of merger and acquisitions or product launches to enhance the product portfolio to meet the rising demand of innovative technology. For instance, In March 2018, Cognizant (U.S.) announced the acquisition of Bolder Healthcare Solutions (U.S.) RCM software automate and integrate medical and administrative data, ensuring benefits for accurate billing and collections which enhance the company growth rate. In October 2018, eClinicalWorks (U.S.), a market leader in ambulatory clinical systems, announced eClinicalWorks Revenue Cycle Management (RCM) to aid medical practices in optimizing billing. This includes the complete electronic health records (EHR) suite by eClinicalWorks, on-site training as well as on support.
McKesson Corporation dominated the Europe revenue cycle management market and accounts for the highest market share in 2018 which is followed by Quest Diagnostics Incorporated and Allscripts. The other key players existing in the market includes Cerner Corporation, Navigant Consulting, Inc., Cognizant, Inc, Change Healthcare, eClinicalWorks, Epic Systems Corporation, Experian Information Solutions, Inc, UnitedHealthcare, McKesson Corporation and Siemens.
McKesson Corporation is headquartered in Texas, U.S. and was founded in 1833. The company is focused on improving care at every setting by providing biopharma companies, care providers, pharmacies, manufacturers, governments and others with right medicine, medical products and healthcare services. The company operates through two business segments which are distribution solutions and technology solutions. Mckesson Corporation recorded revenue of USD 208.35 billion in 2018 and a growth by 4.9% as compared to previous year owing to growth in business acquisitions and expanded business with existing customers within North America pharmaceutical distribution businesses. The technological solutions segment generated revenue of USD 240.00 million in 2018 and has witnessed a decline in growth by a negative value of 90.8% as compared to the revenue generated in 2017. Primarily reason for this decline in revenue is due to the 2017 fourth quarter contribution of the Core MTS (McKesson Technology Solutions) Business to form the Change Healthcare (U.S.) joint venture, the April 2017 transition of RHP (RelayHealth Pharmacy) business to distribution solutions segment and the 2018 third quarter sale of EIS (Enterprise Information Solutions) business. As a result, this segment’s 2018 revenues included only our EIS business.
McKesson Corporation has its offices in U.S., Canada and Germany. It operates through its subsidiaries such as McKesson Medical-Surgical Top Holding Inc. (U.S.), PPS World Medical (U.S.), McKesson (Canada), Celesio (Germany), RelayHealth (Germany) among others.
Quest Diagnostics Incorporated:
Quest Diagnostics Incorporated was founded in 1967 and headquartered in New Jersey, U.S. The company is engaged in the development of innovative, ground-breaking tests, products and tools to boost patient care, provide value to their clients and develop information into intelligence and insights. The company has businesses in diagnostic information services (routine clinical testing services, gene-based and esoteric (including advanced diagnostics) testing services, anatomic pathology testing services), and diagnostic solutions. The company has various product categories such as patients, physicians & hospital, companies & organization. The products and services offered by Quest Diagnostics Incorporated in revenue cycle management is Quanum Revenue Cycle Management. The Quest Diagnostics Incorporated recorded revenue of USD 7,531 million in 2018 and a growth by 1.74% as compared to previous year owing to growth in demand of intonation and advancement. The diagnostic solutions segment generated revenue of USD 327.00 million in 2018 and has witnessed a decline in growth by a negative value of 2.4% as compared to the revenue generated in 2017.
In June 2018, Quest Diagnostics, the world's leading provider of diagnostic information services, unveiled the newest version of its Quanum Enterprise Content Solutions. This latest release of Quanum Enterprise Content Solutions incorporates has a different capabilities expected to help health systems better capture, store, access, and share and managed content across an enterprise . It has its global networks through direct sales representatives and distributors in the North America, Asia- Pacific, and Europe. The company has various subsidiaries such as Celera Corporation (U.S.), Dermpath Diagnostics (U.S.), ReproSource, Inc. (U.S.), Quest Diagnostics Nichols Institute (U.S.), Cleveland HeartLab, Inc. (U.S.), and Others.
Allscripts Company was founded in 1986 and headquartered in Chicago, U.S. The company provides software, services, information and connectivity solutions to physician practices, and others. The company has business segments and they are clinical and financial solutions, population health. The Clinical and Financial Solutions segment offers a wide range of products for track record for financial revenue management. The population health management offers the precision medicine and consumer solutions which is Built on an open integrated platform. The Allscripts recorded revenue of USD 1749.96 million in 2018 and has witnessed a growth by 16.84% as compared to the revenue generated in 2017.
The clinical and financial solutions segment is the market focussed segment and it generated revenue of USD 1.56 billion in 2018 and has witnessed a growth by 17.3% as compared to the revenue generated in 2017.
It has its global networks through direct sales representatives and distributors in the North America, Europe, and Asia-Pacific. The company has various subsidiaries such Extended Care Information Network Inc. (U.S.), Practice Fusion (U.S.), Eclipsys (U.S.), dbMotion (U.S.), CHMB Inc. (U.S.), and Others.
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