Global Revenue Cycle Management Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Himanshu Patni
- January 10, 2022
- HEALTHCARE, NEWS
- Revenue Cycle Management Market, Revenue Cycle Management Market growth, Revenue Cycle Management Market share, Revenue Cycle Management Market size, Revenue Cycle Management Market trends
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Global Revenue Cycle Management Market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 11% during the forecast period (2021-2027). Revenue cycle management is the financial process that utilizes medical billing software and is used in various healthcare facilities to track patient care episodes from registration and appointment scheduling to the final payment of a balance.
Healthcare informatics enables high quality and error-free care delivery in efficient and effective ways. Electronic health records provide safer transmission of patient information and access to more reliable prescriptions for physicians. They also help with legible and complete documentation of patients’ medical history. With connected infrastructure, Healthcare IT (HCIT) solutions enables easier tracking of unforeseen drug interactions and help to improve the decision support. For instance, The proportion of e-prescriptions in the U.S. augmented has been increased from 66% in 2017 to 80% in 2019. Owing to these facts there has been increase in adoption of EHR globally that is leading to the generation of healthcare data at a rapid rate which in turn is driving the market for revenue cycle management.
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Additionally, the global revenue cycle management market is anticipated to witness an uptick owing to the shift from volume-based to value-based care, growing volume of patient data, technological advancements, government mandates and financial incentives for adoption of HCIT solutions, increasing awareness of the value of digital health, and high return on IT investment in the healthcare industry. In addition, increasing incidence & prevalence of chronic diseases associated with aging population, growing concern to curtail healthcare cost, and the need for managing massive amount of data generated by various medical institutions and hospitals coupled with the rising use of big data in healthcare further supports the growth of this market. For instance, according to the leading research firm, the big data in healthcare market is anticipated to reach $34.27 billion by 2022 growing at a CAGR of 22.07% globally.
Based on functions, the market is segmented into claims & denial management, medical coding & billing, clinical documentation improvement, electronic health record, insurance, and others. The claims & denial management segment grabbed an XX% share of the global revenue cycle management market and will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the frequent launch of advanced RCM solutions.
Based on the delivery mode, the global revenue cycle management market is segmented into on-premise, cloud-based and web-based. The web-based occupied a substantial share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027 owing to the growing adoption of solutions such as advanced HIMS, simplex HIMES, e-hospital systems, among others.
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Additionally, the report provides detailed report also provides insights into the global revenue cycle management market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD xx billion in 2020 owing to the well-established market players and frequent product launches in the region.
McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, GE Healthcare, R1 RCM Inc., eClinicalWorks, Epic Systems Corporation, Athenahealth, Inc., Constellation Software, CareCloud Corporation are some of the key players operating in the global revenue cycle management market. Several M&As along with partnerships have been undertaken by these players to develop a new and advanced revenue cycle management.
Global Revenue Cycle Management Market Segmentation
Market Insight, by Functions
- Claims & Denial Management
- Medical Coding & Billing
- Clinical Documentation Improvement (CDI)
- Electronic Health Record (EHR)
- Insurance
- Others
Market Insight, by Delivery Mode
- On-premises
- Cloud-based
- Web-based
Market Insight, by Product Type
- Services
- Software
Market Insight, by End-Use
- Hospitals
- Diagnostic Laboratories
- Physicians Offices
- Others
Market Insight, by Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia-Pacific
- China
- India
- Australia
- Japan
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Mckesson Corporation
- Cerner Corporation
- Allscripts Healthcare Solutions
- GE Healthcare
- R1 RCM Inc.
- eClinicalWorks
- Epic Systems Corporation
- Athenahealth, Inc.
- Constellation Software
- CareCloud Corporation
