(EMAILWIRE.COM, December 28, 2018 ) Revenue cycle management market study analyzes competitive developments such as partnerships, agreements, contracts, and joint ventures; mergers & acquisitions; expansions; new product developments; and research & development activities in the packaging printing market. In this report, global revenue cycle management market is segmented on basis of product, component, deployment, end user, and region.
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Growth in the revenue cycle management market is driven by regulatory compliance encouraging the use of RCM solutions, government support, increasing number of patients, and process improvements in healthcare organizations brought about by RCM. In addition, vendor consolidation to provide end-to-end solutions, cloud-based solutions, and potential RCM markets for IT vendors are expected to offer growth opportunities for market players.
Revenue for healthcare providers depend on accurate processing of medical claims. For improving the financial outcome a healthcare organization need to maintain a quality revenue cycle and insurance billing. The revenue cycle management team comprise accounts receivable (A/R) management and denial management. With mounting pressure on hospitals to reduce costs, most care providers are losing revenue due to claims denial and their failure to submit or delay the denied claim.
This has given an opportunity for speciality firms that provide revenue cycle management service. Most hospitals are now dependent on third party providers for denials management service as they lack the expert knowledge, time to manage the reimbursement process.
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Key players operating in revenue cycle management market include McKesson Corporation (U.S.), Cerner Corporation (U.S.), Quest Diagnostics Incorporated (U.S.), athenahealth, Inc. (U.S.), and eClinicalWorks LLC (U.S.). However, high cost of deployment, dearth of trained IT personnel, and infrastructural loop holes in developing markets are restraining the growth of this market.
The global revenue cycle management market is segmented based on type, component type, deployment mode, end user, and region. Based on type, the market is categorized into integrated and standalone RCM. Software and services are categorized into component types of revenue cycle management. The end user segment includes hospitals, physicians, and diagnostic & ambulatory care centers.
Key Benefits
This report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global revenue cycle management market.
Porters Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the revenue cycle management market to determine the investment pockets of the market.
Current and future trends adopted by the key market players are highlighted to determine overall competitiveness of the market.
The quantitative analysis of the revenue cycle management market growth from 2016 to 2023 is provided to elaborate the market potential.
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In this report, the global revenue cycle management market is segmented on the basis of product, component, deployment, end user, and region. On the basis of component, the revenue cycle management market is divided into services and software. The services segment is expected to account for the largest share of the revenue cycle management component market in 2016.
North America is expected to account for the largest share of the global revenue cycle management market. The large share of this regional segment can be attributed to stringent legislative and accreditation requirements regarding healthcare, high adoption rate of HCIT technologies, and regulatory requirements regarding patient safety.
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