Revenue Cycle Management Market by Product (Integrated Solutions, Standalone), Function (Claim & Denial, Medical Coding, Insurance Verification), Deployment (Web based, on premise, Cloud based), End User (Hospitals, Physicians, Lab) - Global Forecast to 2022
“The global revenue cycle management market is projected to grow at a CAGR of 12.1%.”
The global revenue cycle management market is expected to reach USD 90.43 billion by 2022 from USD 51.07 billion in 2017, at a CAGR of 12.1%. Growth in this market can primarily be attributed to factors such as decreasing reimbursements in the healthcare industry, regulatory mandates for the adoption of EHR/EMR, government initiatives to boost the adoption of RCM solutions, loss of revenue due to billing errors, and process improvements in healthcare organizations. However, the high pricing and costly maintenance of RCM solutions, scarcity of skilled IT professionals, and IT infrastructural constraints in developing markets are the major factors restraining the growth of this market.
“The web-based segment is expected to account for the largest share in 2017.”
On the basis of deployment, the market is segmented into web-based, on-premise, and cloud-based solutions. The web-based market is expected to account for the largest share of the global revenue cycle management market in 2017. The cloud-based market, on the other hand, is expected to witness the highest CAGR during the forecast period. The growing need for accessing patient records from disparate information systems in real time and from remote locations is the major factor driving the growth of the cloud-based solutions segment.
“The physicians segment is expected to account for the largest share in 2017.”
On the basis of end user, the market is broadly segmented into physicians, hospitals, laboratories, and other end users. The physicians segment is expected to account for the largest share of the global revenue cycle management market in 2017 and is projected to register the highest growth rate during the forecast period. The growing adoption of integrated practice management systems among physicians and the mandatory implementation of advanced RCM solutions are the key factors driving the growth of this segment.
“North America is expected to account for the largest share during the forecast period.”
By geography, 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.
Break-up profile of primaries:
• By Company Type- Tier 1-45%, Tier 2-34% and Tier 3-21%
• By Designation-C-level-10%, D-level-14% and Others-76%
• By Region-North America-40%, Europe-32%, Asia Pacific-20%, and RoW-8%
The key players in the global revenue cycle management market are McKesson (US), Cerner (US), Quest Diagnostics (US), Allscripts Health Solutions (US), and athenahealth (US).
The revenue cycle management market in this report is segmented by product, deployment, function, end user, and region. The study tracks and analyzes competitive developments such as product launches, collaborations, agreements, partnerships, and acquisitions, and profiles key players and core competencies in the revenue cycle management market.
Reasons to buy this report:
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on portfolios offered by the top players in the global revenue cycle management market. The report analyzes the market by product, deployment, function, end user, and region
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and product launches in the global revenue cycle management market
• Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for revenue cycle management products across regions
• Market Diversification: Exhaustive information about new products, untapped geographies, and recent developments in the global revenue cycle management market
• Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of the key players in the global revenue cycle management market