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Global Revenue Cycle Management Market has rapidly growing at a CAGR of 12.5% from 2019 to 2026

Global Revenue Cycle Management Market

Global Revenue Cycle Management Market latest research report offers a complete analysis of the Global Revenue Cycle Management Market industry influencing driving factors, impacting trends and demand , competitive landscape and factors restraining the growth of the market. This report provides customers with information about their business scenario that helps them stay ahead of the competition in today’s fast-changing business environment. The report also provides insights into the growth of revenues and the sustainability initiative. This global market report for Global Revenue Cycle Management Market includes all of the major players and brands ‘ company profiles.

Market Analysis: Global Revenue Cycle Management Market

Global Revenue Cycle Management Market has accounted to about USD 29.5 billion in 2018, rapidly growing at a CAGR of 12.5% from 2019 to 2026, is expected to reach USD 75.69 billion by 2026.

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Key Market Competitors:

Few of the 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)

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 by automating processes. The RCM solution manages the patient’s bills from entering the hospital to reimbursement of claims.

Market Drivers

Factors like decrease in reimbursement in 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.

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Table of Contents:

  1. Introduction
  2. Market Segmentation
  3. Market Overview
  4. Executive Summary
  5. Premium Insights
  6. Global, By Component
  7. Product Type
  8. Delivery
  9. Industry Type
  10. Geography
    • Overview
    • North America
    • Europe
    • Asia-Pacific
    • South America
    • Middle East & Africa
  11. Company Landscape
  12. Company Profiles
  13. Related Reports

Segmentation:

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

Europe

Asia-Pacific

Middle East & Africa

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 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.

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