According to the report, the global revenue cycle management market accounted for USD 23.40 billion in 2016 and is expected to reach around USD 43.80 billion by 2022, growing at a CAGR of around 11.0% between 2017 and 2022.
Revenue cycle management system is used for tracking the financial records in healthcare facilities. The system includes tracking from registration and appointment to final payment of services. It integrates business sides and clinical sides, such as personal information of patients, insurance provider and treatment received by patients. The time between providing service and receiving payment is reduced by interfacing various IT systems together. Patients can pay bills online, receive updates about upcoming appointments and lessen the amount of denied claims by using RCM system.
Globally, revenue cycle management market has been accelerated due to continuous process improvements in the healthcare organization. Furthermore, increasing the number of patients and subsequent growth in demand for healthcare insurance is considered as major factors which fueled the growth of RCMmarket. However, the high cost of deployment can restrain the growth of revenue cycle management market.
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Based on products, the global revenue cycle management market is classified into two types: integrated and standalone. The integrated RCM segment is expected to account for the largest share of the market in 2016. This growth is attributed due to rising shift in the healthcare industry from volume- based payment to value-based payment systems.
Based on the component, the global revenue cycle management market is classified into two types: services and software. In terms of revenue, services accounted for the largest share of the market in 2016. Factors contributing this growth are the rising dependency of healthcare organizations on consulting, training, maintenance services and regular updating of software.
Based on deployment, the global revenue cycle management market is classified into three types: web-based, on-premises, and cloud-based system. In terms of revenue, web-based segment accounted for the largest share of the market in 2016. Globally, increasing demand for mobile support systems for better customer engagement platforms is considered as a major factor which helps in the growth of web-based global revenue cycle management market.
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Based on end-user, the global revenue cycle management market is classified into four types: physician or consultant, hospital, medical and diagnostic laboratories and others. In 2016, physician accounted for the largest share of RCM market in terms of revenue.
In terms of geography, North America is expected to account for the largest market share of the global revenue cycle management market in 2022, followed by Europe. This growth is attributed due to the presence of strict regulatory compliance in this region. The regulatory compliances encouraging the use of RCM which helps in propelling the growth of revenue cycle management market. In addition, a presence of a large number of market players in north America is also considered as a driving factor for revenue cycle management market.
The Asia pacific region is expected to grow at the highest CAGR during the forecast period. The growth is credited due to rising elderly population and increasing the prevalence of chronic diseases which helps in the further rise in demand for healthcare insurance and increasing demand for better healthcare services in developing economies such as India and China.
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The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global Revenue Cycle Management market include Quest Diagnostics, Cerner Corporation, McKesson Corporation, Athenahealth Inc., Allscripts Healthcare Solutions Inc., eClinicalWorks LLC, CareCloud Corporation, The SSI Groups Inc., GE Healthcare, Epic Systems, and Siemens Healthcare.
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