PUNE, India, January 19, 2016 /PRNewswire/ --
According to a new market research report "Revenue Cycle Management Market by Product Type (Integrated RCM, Standalone RCM), Component (Service, Software), Deployment (Web-Based, on Premise, Cloud Based), End- SER (Hospitals, Physicians, Labs), and Geography - Global Forecast to 2020", published by MarketsandMarkets, The global Revenue Cycle Management Market is expected to reach USD 7.09 Billion by 2020, at a CAGR of 11.8% from 2015 to 2020.
Browse 113 market data Tables and 127 Figures spread through 208 Pages and in-depth TOC on "Revenue Cycle Management Market "
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The global revenue cycle management market is anticipated to witness significant growth due to initiatives undertaken by governments for implementing RCM solutions, consolidation of healthcare providers, and decline in reimbursement rates.
Revenue cycle management (RCM) system for healthcare providers enables healthcare organizations to accelerate their revenue cycles. 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 automating processes. The RCM solution starts when a patient enters the hospital; it automates 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.
The global revenue cycle management market is steadily progressing owing to factors, such as decreasing reimbursements in the healthcare industry, reduction of healthcare costs, and initiatives undertaken by governments for implementing RCM solutions. On the other hand, limited investments in healthcare IT and high cost of RCM solutions are factors restricting the overall growth of the revenue cycle management market.
The North American revenue cycle management market contributed the highest share in the global RCM market. The RCM market in Europe is the second-highest market, with Germany leading the revenue cycle management market in this region.
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Major companies operating in the 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.
The research study is aimed at identifying emerging trends and opportunities in the global revenue cycle management market, along with detailed classification in terms of revenue. It also provides competitive landscape and identifies key players with respect to their market size and market share. The global revenue cycle management market is segmented on the basis of product type, component, deployment, end user, and geography. Based on product type, the global revenue cycle management market is segmented into integrated and standalone revenue cycle management. On the basis of component, the market is classified into service and software. By deployment, the global revenue cycle management market is classified into cloud-based, web-based, and on premise. Moreover, by end user, the global RCM market is categorized into hospitals, physicians, labs, and others. Lastly, on the basis of geography, this market is segmented into North America, Europe, Asia-Pacific, and RoW.
Apart from market segmentation, this report also provides an in-depth analysis of the global Revenue Cycle Management Market by offering a detailed process flow diagram and market dynamics, such as drivers, restraints, and opportunities.
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