Revenue Cycle Management Market will Mark A Excellent Growth by 2023 Due to High Demand

The Objective of the "Revenue Cycle Management Market" report is to depict the trends and upcoming for the Revenue Cycle Management industry over the forecast years. Revenue Cycle Management Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2017 to 2023 mulling over 2016 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

The revenue cycle management market was valued at $35,419 million in 2016, and is projected to reach at $85,008 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023. Integrated revenue cycle management represents the most attractive market segment that is expected to create lucrative opportunities for industry players.

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Revenue cycle management (RCM) incorporates a comprehensive range of practices, tools, solutions, and techniques interrelated closely to information and operational healthcare services. This method uses preventive & responsive methods to deliver improved healthcare services while optimizing profits for healthcare facilities. Moreover, the process of RCM enable healthcare facilities to optimize revenues through claims processing that incorporates patients, healthcare providers, billing companies, and insurance payers.

The current business scenario has witnessed surge in the adoption of RCM in the developed and the developing regions, owing to the technological innovations in product offerings, rise in adoption for cloud-based solutions, and increase in application areas among end users. In addition, supportive growth through regulatory compliance and increase in healthcare spending are expected to supplement the RCM market growth during the forecast period. Furthermore, growth in healthcare expenditure in the emerging countries, increase in market for outsourced RCM solutions, and technological advancements for workflow optimization fuel the demand for advanced healthcare systems, thereby creating lucrative opportunities for RCM market growth. However, high costs associated with RCM deployment and dearth of trained professionals are expected to hamper the RCM market growth.

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The key players operating in the RCM market include Cerner Corporation, Eclinicalworks, LLC., Epic Systems Corporation, Gebbs Healthcare Solutions, GE Healthcare, Experian PLC., Mckesson Corporation, Quest Diagnostics Incorporated, Athenahealth, Inc., and Allscripts Healthcare Solutions, Inc.

North America was the highest revenue contributor in 2016, accounting for around 37% share in the market. However, Asia-Pacific is projected to grow at the highest CAGR of 17.2% during the forecast period.

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The physicians segment dominated the global revenue cycle management market in 2016, and is expected to grow at the highest CAGR during the forecast period 2017-2023.

The integrated RCM segment is estimated to provide significant growth opportunities to the key players operating in the global market.

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