This report provides exclusive insights into the COVID-19 impact on the Revenue Cycle Management Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Revenue Cycle Management Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Revenue Cycle Management Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on revenue cycle management market provides an in-depth analysis of segments and sub-segments in global as well as regional revenue cycle management market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional revenue cycle management market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global revenue cycle management market. According to the report the global revenue cycle management market is projected to grow at a CAGR of 11.7% over the forecast period of 2018-2024.
Revenue Cycle Management is a specialized branch of management that focuses on the management of the all administrative and clinical functions that directly or indirectly contribute to the revenues through patient service to optimize overall profits of the firm. Revenue cycle management undergoes various processes such as patient registration, eligibility, verification of insurance, medical coding, claims to process, and payments & AR management.
The growth of the RCM market is majorly driven by growing support from regulatory compliance, growing demand for cloud-based solutions, and increasing market for outsourced RCM solutions. In addition, growth in healthcare expenditure in emerging nations and technological advancements for workflow optimization to fuel the demand for advanced healthcare systems, thereby driving the RCM market growth. Additionally, benefits offered by RCM, such as an increase in revenue generation, better efficiency in healthcare practices, easier compliance with industry norms and regulations, and greater accuracy and easier access to healthcare IT systems are driving the growth of this market globally.
On the basis of region, North America is the dominant player in this market globally, owing to the presence of several RCM service providers companies, favorable regulatory compliance and support from insurance companies are helping to grow this market in this region. Asia-Pacific region is growing at the highest CAGR due to decreasing cash reimbursements in the healthcare industry, improving regulatory mandates for the adoption of electronic health and medical records, government initiatives to boost the adoption of RCM solutions, and process improvements in healthcare organizations.
The report on global revenue cycle management market covers segments such as product, deployment, function, and end-user. On the basis of the product, the global revenue cycle management market is categorized into integrated solutions and standalone solutions. On the basis of deployment the global revenue cycle management market is categorized into web-based, on-premise and cloud-based. On the basis of function the global revenue cycle management market is categorized into claims & denial management, medical coding & billing, patient insurance eligibility verification, payment remittance, electronic health record (EHR), clinical documentation improvement (CDI) and other functions. On the basis of end-user the global revenue cycle management market is categorized into physician clinics, hospitals, laboratories, and others.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global revenue cycle management market such as GeBBS Healthcare Solutions, EPIC Systems, Conifer Health Solutions, Eclinicalworks, GE Healthcare, Athenahealth, Allscripts Healthcare Solutions, Quest Diagnostics, Mckesson and Cerner.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global revenue cycle management market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of revenue cycle management market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the revenue cycle management market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the revenue cycle management market to understand the present and future trends in this market and formulate their strategies accordingly.