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COVID-19 Impact: Revenue Cycle Management Market Demand, Industry Status, Growth Opportunity for Leading Players athenahealth, Inc., CareCloud Corporation
Revenue Cycle Management Market
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Global Revenue Cycle Management Market research report proves to be very significant in many ways to grow business. This market report examines the market with respect to general market conditions, market improvement, market scenarios, development, cost and profit of the specified market regions, position and comparative pricing between top players.
major competitors currently working in the global revenue cycle management market are All scripts Healthcare Solutions, Inc. (IN), athenahealth, Inc. (US), CareCloud Corporation (US), Cerner Corporation (US), Conifer Health Solutions LLC (US), eClinicalWorks (US), Epic Systems Corporation (US), Experian Information Solutions, Inc.(US), General Electric Company (US), GeBBS Healthcare Solutions (IN), McKesson Corporation (US), NXGN Management, LLC. (US), nThrive, Inc. (US), Quest Diagnostics Incorporated (US), SSI Group, LLC (US), Others.
Market Definition:
Revenue cycle management (RCM) is applied by healthcare organizations to scale and manage the process of healthcare billing and reimbursements. It is done by improving the process of claims management, accelerating explanation of benefits (EOB) reconciliation, improving the quality of information, streamlining denial management, and automating processes. The RCM solution manages the patient's bills from entering the hospital to reimbursement of claims.
Market Drivers
Factors like a decrease in reimbursement in the healthcare industry, reduction of total healthcare costs, initiatives undertaken by governments for implementation of revenue cycle management solutions, and increasing expenditure by healthcare industry especially made on IT are the major drivers of the global revenue cycle management market.
Key advantage over traditional revenue cycle management.
Market Restraints
Lack of training and skills in the staff.
Lack of technical infrastructure support
Segmentation: Global Revenue Cycle Management Market
By Product Type
Integrated RCM
Standalone RCM
By Stage
Front Office
Mid Office
Back Office
By Function
Claim & Denial
Medical Billing Coding
Payment remittance
Electronic health record
Clinical documentation improvement
Insurance Verification
Others (scheduling & appointment, referral management, and contract management)
By End-User
Hospitals
General Physicians
Labs
Other end users (pharmacies, emergency medical centers etc.)
By Deployment
Web-based
On-premise
Cloud-based
By Component
Software
Services
By Geography
North America
South America
Europe
Asia-Pacific
Middle East & Africa
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Key Developments in the Market:
In June, Quest Diagnostics, the world's leading provider of diagnostic information services, unveiled the newest version of its Quanum Enterprise Content Management Solution. This solution will expand the company profile and portfolio.
In October, eClinicalWorks, a market leader in ambulatory clinical systems, announced eClinical Works Revenue Cycle Management (RCM) to aid medical practices in optimizing billing. This solution launch will expand the company growth rate and portfolio.
Competitive Analysis: Global Revenue Cycle Management Market
The global revenue cycle management market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of revenue cycle management market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Reasons to Purchase this Report
Current and future of global revenue cycle management outlook in the developed and emerging markets
The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
Regions/Countries that are expected to witness the fastest growth rates during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
Customization of the Report:
All segmentation provided above in this report is represented at country level
All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)
Table of Contents:
Introduction
Market Segmentation
Market Overview
Executive Summary
Premium Insights
Global, By Component
Product Type
Delivery
Industry Type
Geography
10.1. Overview
10.2. North America
10.3. Europe
10.4. Asia-Pacific
10.5. South America
10.6. Middle East & Africa
Company Landscape
Company Profiles
Related Reports
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