Dallas, TX, February 10, 2016 --(PR.com
)-- Revenue cycle management (RCM) for healthcare providers enables healthcare organizations to accelerate their respective revenue cycle processes. This is achieved by reducing the number of denied insurance claims, speeding explanation of benefits (EOB) reconciliation, improving the quality of information, streamlining denial management, and by automating processes. The RCM solution starts when a patient enters the hospital, thereby automating business processes leading to speedy follow ups, which encompasses patient and payer follow-ups. Hospitals need to maintain a faster RCM cycle to stay solvent, maintain requisite cash flow, and keep revenue figures stable.
In this report, the revenue cycle management market is segmented on the basis of product, deployment, component, 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.
In the components sub-category of the North American revenue cycle management market, the services segment dominates the market, and is expected to reach $24.3 billion by 2020. Similarly, in the deployments sub-category of the market, the web-based segment dominates the market, and is expected to reach $22.2billion by 2020. The physicians segment dominates the market among end-users, and is expected to reach $12.1billion by 2020.
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. The North American revenue cycle management (RCM) market was valued at $19.2 billion in 2014, and is expected to reach $3.6 billion by 2020, at a CAGR of 13.% from 2014 to 2020.
The key players in the North American revenue cycle management market are McKesson Corporation (U.S.), Cerner Corporation (U.S.), Quest Diagnostics (U.S.), Athenahealth, Inc. (U.S.), Allscripts. (U.S.), eClinicalWorks (U.S.), CareCloud Corporation (U.S.), The SSI Groups, Inc. (U.S.), GE Healthcare (U.K.), Epic Systems (U.S.), Siemens Healthcare (Germany), and Kareo, Inc. (U.S.), among others.
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