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Revenue Cycle Management Market worth 80.56 Billion USD by 2021
The report “Revenue Cycle Management Market by Product type (Integrated RCM, Standalone RCM), Component (Services, Software), Deployment (Web-based, on premise, Cloud-based), End-User (Hospital, Physician, Laboratory, Pharmacy), Geography - Global Forecast to 2021” provides a detailed overview of major drivers, restraints, challenges, opportunities, current market trends and strategies impacting the global market along with estimates and forecast of revenue.
Browse 115 market data tables and 31 figures spread through 159 pages and in-depth TOC on “Revenue Cycle Management Market by Product type (Integrated RCM, Standalone RCM), Component (Services, Software), Deployment (Web-based, on premise, Cloud-based), End-User (Hospital, Physician, Laboratory, Pharmacy), Geography - Global Forecast to 2021"
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The global revenue cycle management market is projected to reach USD 80.56 Billion by 2021 from USD 45.52 Billion in 2016, at a CAGR of 12.1% from 2016 to 2021.
Factors such as regulatory compliance encourage the use of RCM solutions, government support, process improvements in health organizations brought about by RCM, and the increasing number of patients and subsequent growth in insurance coverage are expected to drive the growth of the revenue cycle management market. On the other hand, factors such as the high cost of deployment, dearth of trained IT personnel, and infrastructural loop holes in developing markets are expected to limit market growth to a certain extent. Vendor consolidation, cloud-based solutions, and the potential RCM markets for IT vendors are expected to offer significant growth opportunities for market players.
The global revenue cycle management market is segmented on the basis of product, component, deployment, end user, and region. On the basis of product, the market is segmented into integrated RCM and standalone RCM. The integrated RCM segment is expected to account for the largest share of the market in 2016. Factors attributing to the growth of this segment include the shift in the healthcare industry from volume- based payment to value-based payment systems; and streamlined and coordinated multiple financial functions through a single platform.
Based on component, the revenue cycle management market is segmented into services and software. The services segment is expected to account for the largest share of the market in 2016. Factors such as the dependence of healthcare organizations on consulting, training, maintenance services, and regular updating of software are contributing to the growth of this segment.
Based on deployment, the revenue cycle management market is segmented into web-based, on-premise, and cloud-based systems. The web-based segment is expected to account for the largest share of the market in 2016. Increasing demand for mobile support systems for better customer (patient) engagement platforms is the major factor driving this segment.
Based on end user, the revenue cycle management market is segmented into physicians, hospitals, laboratories, and other end users (pharmacies and ambulatory care centers). The physicians segment is expected to account for the largest share of the market in 2016. Increasing number of patients and regulatory compliance to manage the increasing demand of healthcare insurance are the factors contributing to the growth of this segment.
North America is expected to account for the largest share of the global revenue cycle management market in 2016, followed by Europe. Regulatory compliance encouraging the use of RCM and presence of a large number of market players are propelling the growth of this regional segment. The Asian region is expected to grow at the highest CAGR in the forecast period. Rising elderly population and increasing prevalence of chronic diseases showing a subsequent growth in demand for healthcare insurance, and increasing demand for better healthcare services in developing economies such as India and China, process improvements in healthcare organizations, and increasing focus of international players on emerging markets are driving the growth of the Asian market.
The revenue cycle management market is dominated by established players such as McKesson Corporation (U.S.), Cerner Corporation (U.S.), Quest Diagnostics Incorporated (U.S.), athenahealth, Inc. (U.S.), and eClinicalWorks, LLC (U.S.).o
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