Revenue Cycle Management Industry to Reach $85,008 Million by 2023 – Ready to Experience Exponential Growth
An increase in healthcare expenditures, surge in demand for cloud-based solutions, and rise in need for outsourced RCM solutions drive the market growth.
PORTLAND, OR, UNITED STATES, November 15, 2021 /EINPresswire.com/ — Revenue Cycle Management (RCM) incorporates a wide range of practices, tools, solutions, and methods that are closely related to operational health information and services. This method uses preventative and expeditious methods to optimize the benefits of the medical facility while providing better medical services. In addition, the RCM process allows healthcare facilities to optimize revenue through claim processing, including patients, healthcare providers, billing companies, and insurance companies.
Revenue cycle management industry Report, published by Allied Market Research, projects that the revenue cycle management industry was valued at $35,419 million in 2016, and is projected to reach at $85,008 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023. Integrated revenue cycle management represents the most attractive market segment that is expected to create lucrative opportunities for industry players.
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In today’s business scenario, RCM acceptance in developed and developing regions is increasing due to product delivery innovations, increased acceptance of cloud-based solutions, and expanded application areas among end-users. In addition, growth in support due to regulatory compliance and increased health care costs is expected to complement growth in the RCM market during the forecast period. In addition, rising medical costs in emerging markets, growing markets for outsourced RCM solutions, and technological advances in workflow optimization are driving demand for advanced medical systems, providing beneficial opportunities for growth in the RCM market. I am born. However, the high costs associated with deploying RCM and the lack of trained professionals are expected to impede the growth of the RCM market.
The integrated RCM segment was dominant in 2016, accounting for approximately 62% of global market revenue. This is due to improved medical infrastructure, increased medical costs to serve undeveloped markets in developing countries, challenges faced during accounts receivable (AR) management, and billing. There is an increasing need to reduce cycle time.
The medical segment dominated the global RCM market in 2016 with a share of approximately 61%, followed by the hospital segment. In addition, the healthcare segment will grow at the highest CAGR of 14.8% due to the increasing complexity of healthcare reimbursement methods, widespread acceptance of electronic medical records (EHRs), various payment models, and regulatory changes. It is estimated.
The RCM market is categorized based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2016, accounting for around 37% share in the market. However, Asia-Pacific is projected to grow at the highest CAGR of 17.2% during the forecast period.
The report features the competitive scenario of the revenue cycle management industry and provides the comprehensive analyses of the significant growth strategies adopted by major players. The key players operating in the RCM market include Cerner Corporation, Eclinicalworks, LLC., Epic Systems Corporation, Gebbs Healthcare Solutions, GE Healthcare, Experian PLC., Mckesson Corporation, Quest Diagnostics Incorporated, Athenahealth, Inc., and Allscripts Healthcare Solutions, Inc.
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Key Findings of the Revenue cycle management industry Study:
• The physician’s segment dominated the global revenue cycle management industry in 2016, and is expected to grow at the highest CAGR during the forecast period 2017-2023.
• The integrated RCM segment is estimated to provide significant growth opportunities to the key players operating in the global market.
• The RCM market in North America is expected to be dominant in terms of market size. However, Asia-Pacific is estimated to provide significant growth rate, during the forecast period.
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