The global revenue cycle management market” has accounted to USD 51.6 billion in 2016, growing at a CAGR of 12.7% from 2017 to 2024, is expected to reach USD 133.6 billion by 2024
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Global 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 Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) –Industry Trends and Forecast to 2024
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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.
Global Revenue Cycle Management (RCM) Market – Major Market Drivers and Restraints:
The North American revenue cycle management market is steadily progressing owing to factors, such as decreasing reimbursement in healthcare industry, reduction of overall healthcare costs, initiatives undertaken by governments for implementing RCM solutions, and increasing expenditure by healthcare industry especially made on information technology.
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Global Revenue Cycle Management (RCM) Market Segmentation:
The revenue cycle management market is segmented on the basis of product type, deployment, component, stage, end-user, and geography.
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Based on type the market is further segmented into integrated RCM and standalone RCM.
On the basis of 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, HER 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.
Based on end-users the market is segmented into hospitals, laboratories, and physicians and others.
Global Revenue Cycle Management (RCM) Market – Competitive Analysis:
In the components sub-category of the RCM market, the services segment dominates the market, and is expected to reach $50.9 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 43.1% of the global RCM market.
The physicians segment dominates the market among end-users, and is accounted to $21.1billion in 2015.
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The key players operating in this market are McKesson Corporation, Cerner Corporation, Quest Diagnostics, Athena Health, Inc., Allscripts., EClinicalWorks, CareCloud Corporation, The SSI Groups, Inc., GE Healthcare, Epic Systems, Siemens Healthcare, and Kareo, Inc., among others.
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