The Rising Need to Curb Down the Cost of Healthcare in U.S. is Expected to Drive the Global Revenue Cycle Management Market – a New Report by Data Bridge Market Research
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) – Trend and Forecast to 2022
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 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. 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 $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.
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.
Based on geography the market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. 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.
The key players in the revenue cycle management 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.
For a free Sample of the Report Visit:
Report URL: http://databridgemarketresearch.com/reports/global-revenue-cycle-management-rcm-market/