Global RCM Industry Overview:
Revenue Cycle Management is a process that is designed and implemented by the hospitals to maximize the amount of patient revenue and speed of patient revenue collection. This system is managed by RCM software providers. Many hospitals are outsourcing RCM processes because of the increasing admission of patients in the hospitals and the complexity of revenue cycle management procedures. This shift from in-house RCM to outsourcing the same will also lead to a growth in the RCM market.
Market by Top RCM Companies, this report covers
Allscripts Healthcare Solutions
Conifer Health Solutions
Gebbs Healthcare Solutions
RCM is a financial process that tracks the patient’s details by utilizing the billing software. The hospitals nowadays use next-generation technology and data analytics tools to track costs and optimize financial performance. It is further anticipated that RCM is in a state of rapid transition globally.
As per the statistics, the global Revenue Cycle Management (RCM) market size was valued at USD 86,811.4 Million in 2018 and is expected to grow at a CAGR of 12% in the coming years. The key drivers for this expected growth are the increasing complexity, rising treatment costs, and growing patient consumerism. Because of these dynamics, enormous stress is put on large hospitals and clinics which is why they are shifting towards the RCM operations.
Revenue Cycle Management (RCM) Market Segmentation:
On the basis of the type, the global Revenue Cycle Management (RCM) market is classified into Web-Based RCM, On-Premise RCM, and Cloud-Based RCM. It is believed that the outsourcing segment will witness a higher CAGR in the coming years. Cloud-based solutions have increased and are expected to increase which will further cause a boom in the industry. The Web-Based services are more affordable than cloud-based solutions so the segment is projected to lead the market in 2026.
From the application perspective, Revenue Cycle Management (RCM) can be divided into Hospital, Physician, Laboratory, Pharmacy, and Other. RCM is majorly followed by hospitals and clinics. As the admission of the patients has increased in the hospitals, so has the need for RCM procedures and solutions.
Revenue Cycle Management (RCM) Regional Analysis:
From a geographical standpoint, the Revenue Cycle Management (RCM) market comprises the United States, Europe, China, Japan, Southeast Asia, and India. Currently, North America dominates the RCM market and is expected to be the leading country in the forecasted years also. The European market has also seen significant growth and will grow further because of rising outsourcing, adoption of RCM, and increasing services of RCM provided by companies. Asia-Pacific and China are also expected to grow further because of the increasing population of patients, rising revenue cycle management service start-ups, and higher penetration of revenue cycle management (RCM). Asia-Pacific followed by Latin America is expected to report the fastest CAGR over the forecast period. Middle-East and Africa will also reach significant revenue by 2026.
In June 2019, an announcement has been made by Homecare Homebase, LLC to launch Revenue Cycle Management (RCM) service in order to eliminate the burden associated with revenge generation. Also, eClinicalWorks has launched a cloud-based platform for RCM last year. Lastly, the new division named as APPRIOHEALTH has been launched by Apprio, Inc. in March 2019 which will deliver advanced technology for healthcare organizations RCM needs.
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Table of Contents –Analysis of Key Points
1 Revenue Cycle Management (RCM) Market Overview
2 Manufacturers Profiles
3 Global Revenue Cycle Management (RCM) Market Competition, by Players
4 Global Revenue Cycle Management (RCM) Market Size by Regions
5 North America Revenue Cycle Management (RCM) Revenue by Countries
6 Europe Revenue Cycle Management (RCM) Revenue by Countries
7 Asia-Pacific Revenue Cycle Management (RCM) Revenue by Countries
8 South America Revenue Cycle Management (RCM) Revenue by Countries
9 Middle East and Africa Revenue Revenue Cycle Management (RCM) by Countries
10 Global Revenue Cycle Management (RCM) Market Segment by Type
11 Global Revenue Cycle Management (RCM) Market Segment by Application
12 Global Revenue Cycle Management (RCM) Market Size Forecast (2019-2025)
13 Research Findings and Conclusion
List of Tables and Figures
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