According to a report “U.S. Revenue Cycle Management (RCM) Market Size, Share & Trends Analysis Report By Product, By Type, By Delivery Mode (Web-based, Cloud-based), By End Use (Physicians’ Office, Hospital), And Segment Forecasts, 2019 – 2025” published by Grand View Research, Inc. The U.S. revenue cycle management (RCM) market size is expected to reach USD 25.63 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 11.2% over the forecast period. Supportive government reforms along with growing need for optimization of the organizational workflow will propel the market growth.
Key Takeaways from the report:
- Integrated software emerged as the largest segment owing to factors, such as growing number of healthcare facilities, need for improved efficiency of healthcare systems, and elimination of human errors
- Cloud-based segment is projected to witness the fastest growth over the forecast period owing to the flexibility and scalability offered by cloud-based solutions
- Physician’s office dominated the market in 2017, owing to rising usage by the physicians’ staff and office managers to facilitate smooth functioning of their units
- Some key players in the U.S. revenue cycle management market are SSI Group; Allscripts, Cerner Corporation; McKesson Corporation; athenahealth, Inc.; Epic Systems Corporation; eClinicalworks; NextGen Healthcare Information System; CareCloud Corporation; Quest Diagnostics; and Kareo, Inc.
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Government reforms, such as the Affordable Care Act (ACA) U.S. focused on expanding health insurance coverage to individuals with low income, improving the quality of healthcare services, and reducing healthcare costs are playing a crucial role in boosting the adoption of Revenue Cycle Management (RCM) systems. Furthermore, the expanding insurance coverage is projected to increase the reimbursements as well as denials that are required to be managed through RCM. Therefore, the demand for systems that can efficiently manage reimbursement processes is expected to increase.
In addition, the Health Information Technology for Economic and Clinical Health (HITECH) Act promotes the adoption of certified EHR systems in U.S., which is anticipated to bode well for the growth of the market in near future. Implementation of Stage 3 of the Medicaid and Medicare EHR Incentive Programs in 2015 that promoted the adoption of Healthcare IT systems to improve healthcare quality, is also contributing to the U.S. revenue cycle management market.
Several healthcare providers across the country are undertaking initiatives to facilitate health data exchange and improve the efficiency of healthcare systems. For instance, the initiative taken by healthcare providers to use paperless healthcare systems and incorporate HIT systems by 2020 is likely to boost the U.S. market growth during the forecast period.
Grand View Research has segmented the U.S. revenue cycle management market based on product, type, delivery mode, and end use:
U.S. Revenue Cycle Management Product Outlook (Revenue, USD Million, 2014 – 2025)
U.S. Revenue Cycle Management Type Outlook (Revenue, USD Million, 2014 – 2025)
U.S. Revenue Cycle Management Delivery Mode Outlook (Revenue, USD Million, 2014 – 2025)
- On Premise
- Web Based
- Cloud Based
U.S. Revenue Cycle Management End-use Outlook (Revenue, USD Million, 2014 – 2025)
- Physician Back Office
- Diagnostic Laboratories
- Other Settings
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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