The APAC Revenue Cycle Management Market has accounted to USD 9.09 billion in 2016, growing at a CAGR of 16.5% from 2016 to 2024, is expected to reach USD 30.83 billion by 2024.
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Asia-Pacific (APAC) Revenue Cycle Management (RCM) Market By Product Type (Integrated RCM, Standalone RCM), By Stage (Front Office, Mid Office, Back Office), By End User (Hospitals, General Physicians, Labs, Others), By Deployment (Web-based, On-premise, Cloud-based), By Component (Software, Services), By Country (China, India, Japan, South Korea, Singapore, Australia, Rest of APAC) – Trend and Forecast to 2024
Revenue cycle management (RCM) is used by healthcare providers to scale and manage the process of healthcare billing and reimbursements. This is achieved by improving the process of claims management, speeding explanation of benefits (EOB) reconciliation, improving the quality of information, streamlining denial management, and by automating processes.
The RCM solution manages the patient’s bills from entering the hospital to reimbursement of claims.
In this report, the APAC revenue cycle management market is segmented on the basis of product type, deployment, component, stage, end-user, and geography.
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The end-users of this market include hospitals, laboratories, and physicians and others. By product type RCM solutions are segmented into standalone and integrated RCM.
The integrated RCM solution are generally used by larger organizations where integration with other healthcare IT products such as RIS, LIS, PACS, EHR among others to form a more holistic process for billing and claim settlements. However standalone RCM is best used in smaller hospitals and physician offices where they need to manage only one healthcare application.
In the components sub-category of the APAC RCM market, the services segment dominates the market, and is expected to reach USD 3.2 billion by 2022. Similarly, in the deployments sub-category of the market, the web-based segment dominates the market, and is expected account a market share of 62.3% of the APAC RCM market.
The physicians segment dominates the market among end-users, and is accounted to USD 2.4 billion in 2015.
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Based on geography, the market is segmented into five geographical regions:
- South Korea
- Rest of Europe
The APAC Revenue Cycle Management Market is growing exponentially owing to factors, such as increasing awareness in healthcare industry, rising pressure on healthcare infrastructure, initiatives undertaken by governments for implementing RCM solutions, and increasing expenditure by healthcare industry especially made on information technology.
Some of the major players operating in this market are
- McKesson Corporation
- Cerner Corporation
- Quest Diagnostics
- Athena Health, Inc
- CareCloud Corporation
- The SSI Groups, Inc
- GE Healthcare
- Epic Systems
- Siemens Healthcare
- Kareo, Inc
- Allscripts Healthcare Solutions, Inc
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