Europe Revenue Cycle Management Market, By Product & Services (Solutions and Outsourcing Services), By Delivery Mode (On-Premise Solutions and Cloud-Based Solutions), Type (Integrated and Standalone), Function (Claims & Denial Management, Medical Coding & Billing, Electronic Health Record (EHR), Clinical Documentation Improvement (CDI),Insurance and Other Functions), End User (Healthcare Providers and Healthcare Payers), Country (Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland and Rest of Europe), Market Trends and Forecast to 2029
Market Analysis and Insights: Europe Revenue Cycle Management Market
Europe revenue cycle management market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 12.9% in the forecast period of 2022 to 2029 and is expected to reach USD 21,948.58 million by 2029. Increasing need to simplify claim processing and submission is a major factor for the market's growth.
The factors driving the market are surging preference toward automated operational procedures and growing focus of healthcare professionals toward patient care. High cost of deployment and maintaining of revenue cycle management software sortation restrains the Europe Revenue Cycle Management market growth. Creating proactive revenue cycle with AI, RPA, chatbots is one factor that opens lucrative opportunities for the market. Data security concerns is acting as a major challenge for the market growth.
This Europe Revenue Cycle Management market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue impact solution to achieve your desired goal.
Europe Revenue Cycle Management Market Scope and Market Size
The europe revenue cycle management market is segmented based on product & services, delivery mode, type, function and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product & services, the Europe revenue cycle management market has been segmented into solutions & outsourcing services. In 2022, solutions segment is expected to dominate the Europe revenue cycle management market, due to increasing adoption of revenue cycle management solutions for saving time, improving patient experience and others. Revenue cycle management solutions helps healthcare providers to create a better experience for patients and administrative staff contributing to the growth of the segment in the market.
- On the basis of delivery mode, the Europe revenue cycle management market has been segmented into on-premise solutions and cloud-based solutions. In 2022, on-premise solutions segment is expected to dominate the Europe revenue cycle management market, owing to better data security and protecting unauthorized access of user’s server or workstation.
- On the basis of type, the Europe revenue cycle management market has been segmented into integrated and standalone. In 2022, integrated segment is expected to dominate the Europe revenue cycle management market, owing to rising popularity amongst consumer. Also integrated revenue cycle management solutions eases multi-departmental revenue collections and gives insights on payment experiences.
- On the basis of function, the Europe revenue cycle management market has been segmented into claims & denial management, medical coding & billing, electronic health record (EHR), clinical documentation improvement (CDI), insurance and other functions. In 2022, claims & denial management is expected to dominate the Europe revenue cycle management market, due to increasing number of denial rates over years. Growing interest in reimbursement policies increases the demand for claim and denial management systems contributing to the growth of the segment in the market.
- On the basis of end user, the Europe revenue cycle management market has been segmented into healthcare providers and healthcare payers. In 2022, healthcare providers segment is expected to dominate the Europe revenue cycle management market, as revenue cycle management helps healthcare providers to automate the processes from patient registration to billing and claims processing and provide better transparency that improves the overall financial health of the provider organization, which drives the growth of the segment in the market.
Europe Revenue Cycle Management Market Country Level Analysis
Europe revenue cycle management market is analyzed, and market size information is provided by country, products & services, delivery mode, type, function and end user.
The countries covered in the Europe revenue cycle management market report are the Germany, France, U.K., Spain, Italy, Russia, Switzerland, Netherlands, Turkey, Belgium and Rest of Europe.
Germany dominates the revenue cycle management market due to factors such as growing adoption of technological innovations in healthcare systems. Moreover, increasing awareness benefits of revenue cycle management solutions acts as a market driver.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of European brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand for Revenue Cycle Management
The Europe revenue cycle management market also provides you with detailed market analysis for every country's growth in the industry with sales, components sales, the impact of technological development in revenue cycle management, and changes in regulatory scenarios with their support for the market. The data is available for the historical period 2011 to 2020.
Competitive Landscape and Europe Revenue Cycle Management Market Share Analysis
The Europe Revenue Cycle Management market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points are only related to the companies' focus on the Europe Revenue Cycle Management market.
The major players covered in the Europe Revenue Cycle Management market are Cerner Corporation, Epic Systems Corporation, Optum, Inc, McKesson Corporation, 3M, Experian plc, Allscripts Healthcare Solutions, Inc., General Electric Company, Cognizant, AdvantEdge Healthcare Solutions, Huron Consulting Group Inc., Quest Diagnostics Incorporated, Chetu Inc., eClinicalWorks, Accenture, Atos SE, Crowe LLP, Hinduja Europe Solutions Ltd., Flatworld Solutions Pvt. Ltd, Wipro Limited, AIMA Business and Medical Support LLC, Protiviti Inc,Alvarez & Marsal Holdings, LLC, IBM Corporation, Brightree LLC and NTT DATA, Inc and others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide, which are also accelerating the growth of the Europe Revenue Cycle Management market.
For instances,
- In July 2021, a collaboration between Baystate Health Collaborates and Cerner took place, to improve the digital health platform and provide consumer friendly access to Healthcare. The digital and virtual technologies in Healthcare increased with self-care demands. Electronic health records will ensure relevant client information and their simpler access which will improve the client services offered.
- In September 2021, Walmart health has announced their decision to partner with Epic systems to adopt epic systems EHR to improve patient data access for all Walmart health stakeholders such as patients, payers and health care providers. This patient portal will allow the members to access their health records, appointment timings, reach out to health care providers, and physicians and also pay medical bills using their phones or computers. Disintegration of Information Technology with Healthcare will strengthen the Healthcare offerings and allow broadening of customer base.
Partnership, joint ventures, and other strategies enhance the company's market share with increased coverage and presence. It also benefits the organization to improve its offering for revenue cycle management through an expanded range of sizes.
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