Revenue Cycle Management Market is All Set to Record $85,008 Million Sales by 2023
Trends in the Global RCM Market include market consolidation and technological advancements in products and services.
PORTLAND, PORTLAND, OR, UNITED STATES, March 1, 2022 /EINPresswire.com/ — The current business scenario has witnessed a surge in the adoption of RCM in the developed and the developing regions, owing to the technological innovations in product offerings, rise in adoption for cloud-based solutions, and increase in application areas among end-users.
In addition, supportive growth through regulatory compliance and an increase in healthcare spending are expected to supplement the global revenue cycle management market growth during the forecast period.
Furthermore, growth in healthcare expenditure in the emerging countries, increase in the market for outsourced RCM solutions, and technological advancements for workflow optimization fuel the demand for advanced healthcare systems, thereby creating lucrative opportunities for RCM market growth. However, high costs associated with RCM deployment and a dearth of trained professionals are expected to hamper the RCM market growth.
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The integrated RCM segment dominated in 2016, with around 62% revenue share of the global market. This is attributed to the improved healthcare infrastructure, increased healthcare-related expenditures to cater to the untapped markets among the developing nations, challenges faced during accounts receivable (AR) management & claims processing, and rise in need to reduce cycle time.
The physician segment dominated the global RCM market with around 61% share in 2016, followed by hospitals segment. Furthermore, physicians segment is estimated to grow at the highest CAGR of 14.8%, owing to increased complexities of healthcare reimbursement methods, widespread adoption of electronic health records (EHR), varying models of payments, and change in regulations.
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 market 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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