Revenue Cycle Management Market is Going to Boom | McKesson Corpo, Cerner Corp, Allscripts Healthcare Solutions

Latest published market study on Revenue Cycle Management Market provides an overview of the current market dynamics in the Revenue Cycle Management space, as well as what our survey respondents—all outsourcing decision-makers—predict the market will look like in 2027. The study breaks market by revenue and volume (wherever applicable) and price history to estimates size and trend analysis and identifying gaps and opportunities. Some of the players that are in coverage of the study are McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, GE Healthcare, R1 RCM Inc., eClinicalWorks, Epic Systems Corporation, Athenahealth, Inc., Constellation Software, CareCloud Corporation.

Get ready to identify the pros and cons of regulatory framework, local reforms and its impact on the Industry. Know how Leaders in Revenue Cycle Management are keeping themselves one step forward with our latest survey analysis

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Global Revenue Cycle Management Market is anticipated to grow with an elevated CAGR of around 11% over the forecast period (2021-2027). Revenue cycle management is the financial process that utilizes medical billing software and is used in various healthcare facilities to track patient care episodes from registration and appointment scheduling to the final payment of a balance.

The data generated by the healthcare sector is enormous and the need to manage this data is dramatically increasing day by day. Every second, a huge amount of healthcare data is generated, and valuable insights are extracted from it. Currently, around 30% of the world's data volume is being generated by the healthcare industry and it has been anticipated that by 2025, the compound annual growth rate of data for healthcare will reach 36%. Therefore, to minimize the error rate in this huge bunch of data and to reduce revenue losses, many medical institutions and hospitals are deploying revenue cycle management systems.

Furthermore, the revenue cycle management market is anticipated to grow on account of the growing adoption of integrated healthcare systems including RCM, the rise in the use of healthcare information technology (HCIT), the surge in the number of chronic diseases, and the government initiatives to promote the use of IT in healthcare. For example, The Australian government has taken the initiative to promote healthcare IT in Australia through a lifetime policy PCEHR (Personally Controlled Electronic Health Record) for each of its citizens.

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Insights Presented in the Report

“Amongst Functions, Claims & Denial Management segment holds the major share”

Based on functions, the revenue cycle management market is segmented into claims & denial management, medical coding & billing, clinical documentation improvement, electronic health record, insurance, and others. The claims & denial management segment accounted for the largest market share in 2020 and it is estimated that it will exhibit the significant CAGR during the forecast period owing to the launch of advanced RCM solutions. Furthermore, the increase in the revenue because of effective claims management by the adoption of solutions/services for claims and denial management is also one of the prominent factors for the growth of this segment.

“Amongst Delivery Mode, Web-based segment holds the major share”

Based on delivery mode, the revenue cycle management market is segmented into on-premise, cloud-based, and web-based. The web-based segment occupied the major share of the revenue cycle management market in 2020 and it is expected to grow steadily in the upcoming years owing to the growing adoption of solutions such as advanced HIMS, simplex HIMES, e-hospital systems, among others. On the other hand, the cloud-based segment is also projected to grow rapidly during the forthcoming years as they provide high flexibility and are cost-effective for the end-users.

“Amongst Product Type, software segment holds the major share”

Based on product type, the market is fragmented into services and software. In 2020, the software segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the availability of a huge number of technologically advanced software and growing adoption of digital solutions for streamlining better patient care. However, the services segment is also anticipated to show lucrative growth over the projected timeframe. An increase in outsourcing of revenue cycle management services is one of the prominent reasons for the growth of this segment. Furthermore, many of the large pharmaceutical research labs do not have the appropriate resources and skillset required for the deployment of analytics so they outsource these services.

“Amongst End-Use, Physicians Office segment holds the major share”

Based on end-use, the market is fragmented into hospitals, diagnostic laboratories, physician's offices, and others. In 2020, the physician's offices segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the growing number of physicians and rising focus of physicians to implement these systems in their offices. However, the hospitals segment is anticipated to grow at a considerable CAGR during the forecast period.

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“North America represents one of the largest markets of revenue cycle management market”

For a better understanding of the market dynamics of the revenue cycle management market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the revenue cycle management market industry and generated revenue of USD XX Million in 2020 owing to strong healthcare infrastructure and growing adoption of advanced technological solutions in the healthcare industry in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

For deep analysis of Revenue Cycle Management Market Size, Competition Analysis is provided which includes Revenue (M USD) by Players (2019-2021E) & Market Share (%) by Players (2019-2021E) complimented with concentration rate.

Actual Numbers & In-Depth Analysis of Revenue Cycle Management Market Size Estimation and Trends Available in Full Version of the Report.

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