BANGALORE, India, Sept. 4, 2020
BANGALORE, India, Sept. 4, 2020 /PRNewswire/ -- The major drivers of Revenue Cycle Management Market size include declining reimbursements in the healthcare sector, regulatory demands for EHR / EMR adoption, government measures to promote RCM solutions, loss of revenue due to billing errors, and process changes in healthcare organizations.
The Global Revenue Cycle Management Market size is expected to grow from USD 57,949.30 Million in 2019 to USD 114,519.97 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 12.02% During the Forecast Period.
This report offers an overview of the patterns, dynamics, drivers, challenges, and opportunities in the global revenue cycle management market.
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TRENDS INFLUENCING THE REVENUE CYCLE MANAGEMENT MARKET SIZE
The Revenue Cycle Management Market size is driven by the implementation of Healthcare Information Technology ( HIT) systems in healthcare settings and the inability of conventional billing systems to provide insights into ongoing billing.
The adoption of cloud-based revenue cycle management solutions is expected to fuel the growth of Revenue Cycle Management Market size as they are quite flexible, secure, and cost-effective.
Growing acceptance and popularity of cloud-based solutions among patient and healthcare applications is expected to further propel Revenue Cycle Management Market size growth. Cloud-based systems store a vast amount of data and allow medical staff to access information about patients from anywhere. This leads to quicker processing of payments, reimbursements, and claims for both patients and physicians.
The regulatory mandates for the adoption of EHR/EMR are, in turn, expected to boost the growth of Revenue Cycle Management Market size. EHRs endorse RCM programs by holding health data for every patient. RCM systems use this data to decide whether the patient is eligible for payment, collects their co-payment after billing claims, monitors claims, and collects payments. RCM systems help to save money by cutting tax loss during the processing of claims. These advantages of RCM systems have increased their demand worldwide in healthcare organizations.
However, factors such as high costs associated with the deployment of RCM and the lack of qualified professionals are expected to be the limiting factors for the RCM market's growth during the forecast period.
REVENUE CYCLE MANAGEMENT MARKET SHARE ANALYSIS
Based on type, the software segment is expected to hold the largest Revenue Cycle Management Market share. This is due to the launch of advanced solutions to improve RCM management at hospitals, physicians' facilities, and others.
Based on end-users, the hospital segment is expected to hold the largest Revenue Cycle Management Market share. This segment's dominance is attributable to the rising patient admissions resulting in higher hospital revenues. Hospitals are adopting RCM solutions in order to effectively manage the revenue collection process, thus contributing to the segment's growth during the analysis period.
Based on the region, North America accounted for the largest Revenue Cycle Management Market share. North America ranks among the pioneers in creating the healthcare industry's IT system. The U.S. RCM market offers attractive growth opportunities due to the existence of many major hospitals and health systems, favorable legislation, growing geriatric population, and the country's increasing need to reduce costs in healthcare.
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REVENUE CYCLE MANAGEMENT MARKET SEGMENTATION & COVERAGE:
This research report categorizes the Revenue Cycle Management to forecast the revenues and analyze the trends in each of the following sub-markets:
Based on Product, the Revenue Cycle Management Market studied across
Based on Deployment, the Revenue Cycle Management Market studied across
Based on End User, the Revenue Cycle Management Market studied across
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SIMILAR REPORTS :
The global Healthcare Revenue Cycle Management market size is projected to reach USD 79270 Million by 2026, from USD 45140 Million in 2020, at a CAGR of 9.8% during 2021-2026.
The global Healthcare Revenue Cycle Management market is broadly studied on the basis of key factors. The report offers a comprehensive analysis and accurate statistics on revenue by the player for the period 2015-2020. It also offers detailed analysis supported by reliable statistics on price and revenue (global level) by players for the period 2015-2020.
The Global Back-end Revenue Cycle Management Market is expected to grow from USD 7,616.26 Million in 2019 to USD 11,373.38 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 6.91%.
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