Global Revenue Cycle Management Market, By Product Type (Integrated RCM, Standalone RCM), Function (Claims and Denial Management, Medical Coding and Billing, Electronic Health Record (EHR), Clinical Documentation Improvement (CDI), Insurance, Others), Deployment (Web-based, On-premise, Cloud-based), Component (Software, Services), End User (Hospitals, General Physicians, Labs, Others), Country (U.S., Canada, Mexnico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Data Bridge Market Research analyses that the revenue cycle management market to be grow at a CAGR of 13.00% in the forecast period of 2021-2028 and is expected to reach the USD 96.63 billion by 2028.
The management of all administrative and clinical operations that contribute to patient service adds directly or indirectly to revenue in order to maximise profits is known as revenue cycle management. By processing claims, the RCM process allows health providers to maximise income. Patient registration, medical coding, insurance eligibility and verification, payment and AR management, and claim processing are all procedures that fall under revenue cycle management. Patients, billing businesses, health-care providers, and insurance payers are the four most important RCM components.
The rise in the regulatory requirements and government initiatives are driving up demand, which is likely to boost market growth. Growth is also projected to be aided by technological advancements in the manufacture of cost-effective items. Furthermore, the need for revenue cycle management is predicted to grow as product application breadth expands due to benefits such as reduced billing errors and improved processes in healthcare management. The rising need to manage the unstructured healthcare data, reducing reimbursement in healthcare industries and growing demand for artificial intelligence (AI) will cushion the market growth rate.
Moreover, cloud-based demand for RCM solutions, as well as growing consolidation among organisations that provide end-to-end solutions, are fuelling plenty of opportunities that will propel the RCM market forward over the projection period.
However, the lack of a competent staff and advanced technology are likely to impede the application of RCM systems, especially in the medical field. High purchase and maintenance expenses, IT infrastructure constraints in emerging regions, and data privacy and security issues are just a few of the challenges that could stymie the revenue cycle management market's growth.
This 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 localised 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 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.
Global Revenue Cycle Management Market Scope and Market Size
The revenue cycle management market is segmented on the basis of product type, function, deployment, component and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of product type, the revenue cycle management market is segmented into integrated RCM and standalone RCM.
- On the basis of function, the revenue cycle management market is segmented into claims and denial management, medical coding and billing, electronic health record (EHR), clinical documentation improvement (CDI), insurance and others.
- On the basis of deployment, the revenue cycle management market is segmented into web-based, on-premise and cloud-based.
- On the basis of component, the revenue cycle management market is segmented into software and services.
- On the basis of end user, the revenue cycle management market is segmented into hospitals, general physicians, labs and others.
Revenue Cycle Management Market Country Level Analysis
The revenue cycle management market is segmented on the basis of product type, function, deployment, component and end user.
The countries covered in the revenue cycle management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the revenue cycle management market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the presence of well-established hospitals and healthcare infrastructure, favourable regulations and growing need for reducing healthcare costs in this region. Asia-Pacific on the other hand is projected to exhibit the highest growth rate during the forecast period due to the growing government initiatives for enhancing the healthcare quality and rising healthcare expenditure in this region.
The country section of the revenue cycle management market 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 such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, 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 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 revenue cycle management market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the revenue cycle management market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Global Revenue Cycle Management Market Share Analysis
The revenue cycle management market competitive landscape provides details by competitor. Details included are 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 revenue cycle management market.
The major players covered in the revenue cycle management market report are CareCloud, Inc., Allscripts Healthcare, LLC, athenahealth, Inc., Cerner Corporation, Conifer Health Solutions, LLC, eClinicalWorks, Epic Systems Corporation, Experian Information Solutions, Inc., GENERAL ELECTRIC, GeBBS Healthcare Solutions, McKesson Corporation, NXGN Management, LLC., nThrive Revenue Systems, LLC, Quest Diagnostics Incorporated, and The SSI Group, LLC, among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available :Global Revenue Cycle Management Market
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