Revenue Cycle Management Market By Type (Integrated, Standalone), By Component (Software, Services), By Deployment Mode (On-Premise, Cloud), By End-User (Hospitals, Physicians, Diagnostic Laboratories, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031
Revenue cycle management is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance.
The growing number of multiple data siloes and unorganized workflows in healthcare settings is paving a path for revenue cycle management market development and growth. Revenue cycle management s(RCM) is a combination of third-party payers, payment models, guidelines, and codes. A practice’s existence depends upon obtaining the right assets. As precise payment for medical services becomes increasingly complex, it increases the value of obtaining an efficient RCM solution.
The supportive growth through regulatory compliance and the increase in healthcare spending are the driving factors for the growth of the revenue cycle management market. In addition, the rise in demand for cloud-based solutions has driven the expansion of the worldwide revenue cycle management market. However, high costs associated with RCM deployment and the scarcity of trained professionals are some of the factors that hamper the market growth. On the contrary, the market for revenue cycle management is witnessing regular technological advancements and the industry is constantly evolving. Various healthcare providers and payers are rapidly adopting these innovative and upgraded RCM solutions. For instance, R1 RCM Inc. launched R1 Professional in January 2020, an advanced RCM solution that is being widely used by large hospital-owned medical groups and other groups involved in independent practices.
The revenue cycle management market is segmented into type, component, deployment mode, end user, and region. By type, the market is differentiated into standalone and integrated. By component, the market is segmented into software and services. Depending on deployment mode, it is fragmented into cloud and on-premise. Depending on end user, it is segmented into hospitals, physicians, diagnostic laboratories, and others. Region wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA.
The revenue cycle management market analysis includes top companies operating in the market such as Athenahealth, Inc., eClinicalWorks, Epic Systems Corporation, Experian Information Solutions, Inc., GeBBS Healthcare Solutions, GE HealthCare, McKesson Corporation, Oracle Cerner, Quest Diagnostics Incorporated, and Veradigm LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the accounting and budgeting software industry.
KEY BENEFITS FOR STAKEHOLDERSThe study provides in-depth analysis of the global revenue cycle management market along with current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global revenue cycle management market size are provided in the report.
The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global revenue cycle management market from 2021 to 2031 is provided to determine the market potential.
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Historic market data
Key Market SegmentsBy End-UserHospitals
Physicians
Diagnostic Laboratories
Others
By Deployment ModeOn-Premise
Cloud
By TypeIntegrated
Standalone
By ComponentSoftware
Services
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersQuest Diagnostics Incorporated
Athenahealth, Inc.
GE HealthCare
Experian Information Solutions, Inc.
GeBBS Healthcare Solutions
Epic Systems Corporation
eClinicalWorks
McKesson Corporation
Oracle Cerner
Veradigm LLC
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