The global revenue cycle management market stood at US$ 23.40 billion in 2016. Witnessing a tremendous rise during the period from 2016 to 2022, the revenue in this revenue cycle management market is slated to reach US$ 43.80 billion by the end of the forecast period. The main products available in this market are integrated and standalone types. Among them, the demand for integrated revenue cycle management is relatively higher and the trend is anticipated to remain so over the next few years, notes the revenue cycle management market research report.
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Revenue cycle management in healthcare is a process of managing claim process, payment, and revenue generation. Revenue cycle management helps a medical practice to increase the revenue by proper claim management. The four player which involved in revenue cycle management of healthcare system includes patients, healthcare providers, billing company and insurance player.
Increasing awareness regarding revenue cycle management is one of the major driving factors for global revenue cycle management market. Furthermore, the need of improvement in health care organization coupled with increasing government initiatives for implementing RCM solutions are some other factors that are influencing the overall revenue cycle management market.However, the high cost of technology is a major restrain the growth of RCM market. Nonetheless, ongoing research and development and adoption of new and updated versions of RCM solution can create opportunities nearby future.
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Based on product, RCM market is segmented into two types: integrated and standalone. An integrated management system integrates all of an organization’s systems and processes into one complete framework, which allows the organization to work as a single unit with unified objectives.
Based on the component, RCM market is segmented into two types: service and software. The services segment accounted for the largest share of the market in 2016. This growth is attributed due to increasing reliability on maintenance of software. RCM software required yearly updating or annual subscription which considered as the major driving factor for the growth of the services segment in RCM market.
Based on deployment, the global revenue cycle management market is classified into three types: web-based, on-premises and cloud based system. Web-based system accounted for the largest market share in 2016. This growth is attributed due to the wide adoption of mobile support system in healthcare.
Based on end-user, the global revenue cycle management market is classified into four types: physician or consultant, hospital, medical and diagnostic laboratories and others. Physician segment expected to account for the largest share of the market in 2022. This growth is accredited due to increasing number of patients visiting physician or consultants. In addition, rising demand for healthcare insurance are the major factors contributing to the growth of this segment.
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Based on geographies, the global revenue cycle management market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. These regions are further sub-segmented into the U.S., the U.K., Germany, France, China, Japan, India, and Brazil. North America accounted for the largest share of the global revenue cycle management market, followed by Europe.This growth is attributed due to rising awareness related to health care in this region.Moreover, revenue cycle management market has a huge opportunity in the emerging markets of Asia-Pacific region due to the large pool of patient, development of advance healthcare infrastructure in this region.
The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global revenue cycle management market include Quest Diagnostics, Cerner Corporation, McKesson Corporation, Athenahealth Inc., Allscripts Healthcare Solutions Inc., eClinicalWorks LLC, CareCloud Corporation, The SSI Groups Inc., GE Healthcare, Epic Systems, and Siemens Healthcare.