The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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North America 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 (U.S., Canada, Mexico) – Trends and Forecast to 2024
The North America Revenue Cycle Management Market is expected to reach USD 52.7 billion by 2024 from USD 23.1 billion in 2016, growing at a CAGR of 12.6% from 2017 to 2024, .
North America Revenue Cycle Management Market – Market Segmentation:
The North America revenue cycle management market is segmented on the basis of product type, deployment, component, stage, end-user, and geography.
The revenue cycle management market is segmented with respect to type into integrated RCM and standalone RCM. The end-users of this market include hospitals, laboratories, and physicians and others.
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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, 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.
In the components sub-category of the RCM market, the services segment dominates the market, and is expected to reach USD 11.2 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 35.2% of the North America RCM market.
The physicians segment dominates the market among end-users, and is accounted to USD 7.2 billion in 2015.
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Based on geography, the market is segmented into 3 geographical regions:
The market is segmented into 3 countries, U.S., Canada and Mexico. U.S. is expected to dominate the market due to the rising need to decrease healthcare expenditure which is forming the major share of the market.
With the market in U.S. shifting to value based reimbursements RCM is expected to play a major role to develop this process.
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.
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