Revenue Cycle Management Market - Segmented by Products, Applications, and Geography (2018 to 2023)market covers an in-depth analysis of the market on the basis of product, application, and geography. The report also covers the country level analysis within the regions as well. In addition, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. According to the report titled “Revenue Cycle Management Market - Forecasts From 2018 TO 2023”, the market is expected to surge at a good annual growth rate witnessing good growth during the projected period. The report has segmented the revenue cycle management market by product as DrChrono HER, AdvancedMD, NextGen Healthcare, athenahealth HER, and Others; by application as Medical coding and billing, Claims and denial management, Electronic health record, Remittance processing, and Others; and by geography as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. The revenue cycle management market is poised to grow during the forecast period and beyond owing to the growing demand for the competitive and transparent pricing of services in addition to the effective billing and collection process which will lead to high-quality clinical outcomes. The drivers driving the market growth include the increasing adoption of healthcare IT solutions, technological advancements, increasing healthcare costs, and a growing focus on value-based care. However, the claim reimbursement issues rising as a result of the human error from staff member may impede the growth of the global revenue cycle management market during the forecast period.
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A growing focus on value-based care is driving the growth of the revenue cycle management market during the forecast period.
The burgeoning concept of value-based care has provided an alternative of paying fee-for-service reimbursement and is solely based on the quality of healthcare services provided rather than the quantity. Value-based programs by the Centers for Medicare & Medicaid Services (CMS) gives incentives for the quality of services provided via Medicare. These programs as part of the CMS quality strategy is aimed towards supporting the following three objectives namely better care for individuals, better health for populations, and lower cost through improvement. This is very different and much better in comparison to the traditional fee-for-service reimbursement model where the healthcare providers are paid on the basis of the number of services performed.
North America is expected to hold a significant market share.
The North America revenue cycle management market is estimated to hold the largest market share owing to the early technology adopters, highest healthcare spending of the United States, and a high disposable income and out-of-pocket expenditure apart from better reimbursement facilities. This has further led to the willingness to pay by the customers. The healthcare is reforming in the United States where there is a shift from volume-based to value-based care. Also, reforming policies, programs promoting operational efficiency, technology use, population health management, wellness, and addressing the social determinants of health are adding on to increase awareness among the citizens. Additionally, a shift in the healthcare market dynamics owing to the better patient outcome at lower costs, changing demographics like an aging population, and a growing number of people with chronic diseases is further driving the growth of the global revenue cycle management market in this region. This is further providing the patients to keep a track of their health management which includes financial management as well and is helping people to be in greater control of their own health management.
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