Asia-Pacific Revenue Cycle Management Market, By Product Type (Integrated RCM, Standalone RCM), Deployment (Web-Based, On-Premise, Cloud-Based), Component (Software, Service), Stage (Front Office, Mid Office, Back Office), End-User (Hospitals, General Physicians, Labs) – Industry Trends and Forecast to 2029
Market Analysis and Size
Increasing demand for cloud-based revenue cycle organization solutions paired with a loss of revenue due to billing mistakes is the main driving factor for the development of revenue cycle managements (RCM) market in the near future. Revenue cycle management is the healthcare industry's backbone, and it operates at the well-designed heart of any healthcare organisation, from tiny offices to large hospitals.
Data Bridge Market Research analyses that the revenue cycle management market which was USD 125.99 million in 2021, would rocket up to USD 369.61 million by 2029, and is expected to undergo a CAGR of 14.4% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Market Definition
In healthcare, revenue cycle management (RCM) is a technology for managing financial relationships that arise from medical interactions between a patient and the care provider. Hospitals and clinics were treating patients with total care is the primary job. But in current times, due to the increasing patient pool, it is almost incredible to keep manual records of all the patients. Likewise, revenue cycle management software was developed due to digitalization in healthcare. Hospital billing processes are crucial for the management of hospitals. Any financial and claim calculation mistake would lead to billing errors, which leads to costly economic harm to the association.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Product Type (Integrated RCM, Standalone RCM), Deployment (Web-Based, On-Premise, Cloud-Based), Component (Software, Service), Stage (Front Office, Mid Office, Back Office), End-User (Hospitals, General Physicians, Labs)
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Countries Covered
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China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC)
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Market Players Covered
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Quest Diagnostics Incorporated (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Athenahealth Inc. (U.S.), Allscripts Healthcare Solutions Inc. (U.S.), eClinicalWorks LLC (U.S.), CareCloud Corporation (U.S.), The SSI Groups Inc.(Philippines), General Electric (U.S.), Epic Systems Corporation (U.S.), Siemens Healthcare Gmbh (Germany), Kareo Inc. (U.S.)
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Market Opportunities
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Asia-Pacific Revenue Cycle Management Market Dynamics
Drivers
- Increase in healthcare spending
Increase in demand for cloud-based solutions, high costs linked with revenue cycle management deployment, insufficiency of trained professionals, and the upsurge in the market for outsourced revenue cycle management solutions. All these factors collectively generate market growth chances, while some account for limiting the market. Each element is expected to have a definite effect on the market.
- Rising Demand For Cloud-based Solutions
The cloud computing model is extensively accepted due to its powerful and flexible infrastructural possibility. Many end-users opt for cloud-based deployment to ease data storage because the cloud provides a remote server accessible over the Internet and access to almost unlimited computing capacity.
- Growing need for process improvements in healthcare sectors
Increasing expenditure on healthcare is the main factor estimated to drive the global revenue cycle management market in years to come. The standalone type segment is expected to lose its revenue share in coming years owing to collective acceptance of the combined type revenue cycle management system by healthcare proficient and hospitals.
Opportunities
Increasing demand for cloud-based revenue cycle organization solutions paired with a loss of revenue due to billing mistakes is the main driving factor for the development of revenue cycle managements (RCM) market in the near future. Revenue cycle management is the strength of the healthcare sector and works at the well-designed central of a healthcare association reaching from small training to huge hospitals.
Restraints/Challenges
The market's growth is hampered by insufficient investments in the healthcare IT industry, high costs, and a fragmented end-user market. revenue cycle management required ongoing and routine maintenance in order to keep assets safe from failure and more reliable, which slows market development. Trained proffesionals are required for revenue cycle management which enhance the startup cost and ultimately restraints the market growth.
This Asia-Pacific revenue cycle management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Asia-Pacific revenue cycle management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Revenue Cycle Management Market
During the COVID-19 pandemic, revenue cycle management plays an active role in checking patients' suitability, which decreases hospital maintenance time during the pandemic. COVID-19 has no substantial negative influence on market growth and is predicted to present several chances for market expansion during the projection period for revenue cycle management. The demand for revenue cycle management solutions and services in hospitals throughout the world is predicted to rise as demand for healthcare solutions and creative patient management rises.
Global Asia-Pacific Revenue Cycle Management Market Scope
The Asia-Pacific revenue cycle management market is segmented on the basis of type, component, deployment application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
By Type
- Standalone
- Integrated
On the basis of type the market is segmented into standalone and integrated.
By Component
- Software
- Services
On the basis of component the market is segmented into software and services.
By Deployment
- Cloud
- On-premise
On the basis of deployment the market is segmented into cloud and on-premise.
By End-user
- Hospitals
- Physicians
- Diagnostic and ambulatory care centers
On the basis of end user the market is segmented into hospitals, physicians and diagnostic and ambulatory care centers.
Asia-Pacific Revenue Cycle Management Market Regional Analysis/Insights
The Asia-Pacific revenue cycle management market is analysed and market size insights and trends are provided by country, type, price range, application and end-user as referenced above.
The countries covered in the Asia-Pacific revenue cycle management market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
The Asia-Pacific market is expected to show the fastest market growth due to emerging healthcare infrastructure and increasing medical tourism in the region due to the low cost of treatment.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The Asia-Pacific revenue cycle management market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Asia-Pacific revenue cycle management market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Asia-Pacific revenue cycle management market. The data is available for historic period 2010-2020.
Competitive Landscape and Asia-Pacific Revenue Cycle Management Market Share Analysis
The Asia-Pacific revenue cycle management market competitive landscape provides details by a competitor. Company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Asia-Pacific revenue cycle management market.
Some of the major players operating in the revenue cycle management market are:
- Quest Diagnostics Incorporated (U.S.)
- Cerner Corporation (U.S.)
- McKesson Corporation (U.S.)
- Athenahealth Inc.(U.S.)
- Allscripts Healthcare Solutions Inc.(U.S.)
- eClinicalWorks LLC(U.S.)
- CareCloud Corporation(US)
- The SSI Groups Inc.(Philippines)
- General Electric (U.S.)
- Epic Systems Corporation (U.S.)
- Siemens Healthcare Gmbh (Germany)
- Kareo Inc. (U.S.)
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