Revenue Cycle Management (RCM) Market Size Worth $63.8 Billion By 2025 | CAGR: 11.6%
Published Date : 07 / 07 / 18 | Report Format: PDF
The global Revenue Cycle Management (RCM) market is expected to grow at growth rate of 11.6% to reach USD 63.8 billion by 2025.
Revenue cycle management is a software aids in the management of billing, reimbursements and data analysis across the care continuum. It is widely used for healthcare activities such as scheduling of appointments, medical billing, keeping a track of the patient’s registration data and tracking final payments. Introduction of advanced revenue management software is expected to be an important factor driving the market growth. For instance, in June 2017, SSI Group introduced the latest Analytics 2.0 that enables to deliver real-time information through a web-based dashboard. This software helps individual to visually interact with data for easier insights into revenue cycle performance and enable them to analyze data effectively. However, skilled professionals are required to manage these array of complex functions. Lack of trained persons in developing regions would, in turn, hamper the industry growth to some extent.
- Integrated RCM process captured over 65% share in 2017 owing to the growing customer’s preference for volume-based payments instead of value-based payments
- Of product types, services segment is the largest market and it appears to be growing at a strong growth rate. It includes services such as patient health information entry, clinical documentation, medical coding, and patient accounts management.
- In terms of delivery mode, the cloud-based system is the fastest growing delivery mode in the industry, growing by 13% to 14% every year
- Physician offices accounted for the largest share of the different end-user The revenue cycle management system is routinely used by physicians and its staffs such as nurses, office managers, among others to assist in the smooth functioning of their units
- North America and Europe capture the highest share of the worldwide market collectively, which is a reflection of the high adoption of revenue cycle management services in the residing countries
- Implementation of the ICD-10 system for coding, classifying, and reporting data on treatment and diagnosis of diseases has transformed healthcare delivery in the U.S. since 2015
- Developing regions such as the Asia Pacific and Latin America are anticipated to grow with the fastest growth rate. In 2014, Mexico City planned to implement EHRs throughout the public health network. Thus, it is projected that the demand for RCM systems would increase in the future period.
- Companies namely NextGen Healthcare, Cerner Corporation, eClinicalWorks, EPIC Systems, and Quest Diagnostics are profiled in detail. Introduction of new technologies is considered to be one of the important strategies adopted by key players operating in this industry.
KEY BENEFITS OF THE REPORT:
- In-depth analysis of the key market dynamics
- Granular analysis of the current market scenario and expected factors to affect the market
- Detailed analysis of the geographic region, regional and county wise analysis
- Highlight on the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the market
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPES
MARKET, BY PRODUCT TYPES
MARKET, BY DELIVERY MODE
MARKET, BY END USE
- Diagnostic Laboratories
- Physician Office
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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