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The Revenue Cycle Management (RCM) market is estimated to represent a global market of USD 27.2 billion by 2017 with growth rate of 11.6%.
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Revenue cycle management is a software used for medical activities such as medical billing, scheduling of appointments, keeping a track of the patients registration and tracking final payments. Primary objective to implement this system in a healthcare organization is to develop effective policies and processes that enable organizations to stay financially fit. The RCM system combines the clinical part of the medical sector to the business part of it and thus combining administrative data like insurance provider details, and patient name with the treatment type.
Favorable government policies play an important role in stimulating the demand for revenue cycle management. For instance, the Affordable Care Act (ACA) implemented in the U.S., focuses on expanding health insurance coverage to individuals. The act is aimed to improve the quality of healthcare services and reduce the cost of care. The expanding insurance coverage is anticipated to increase the number of reimbursements as well as denials that need to be managed through RCM. Additionally, rising healthcare spending will increase the number of medical facilities thus the demand for solutions such as revenue cycle management systems to manage healthcare services. However, the dearth of skilled professionals who can efficiently manage this system hampers the overall industry growth.
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Type segment is bifurcated into Integrated and Standalone. Of these, integrated RCM process captured a major chunk of revenue, over 65% share in 2017. The integrated process provides a coordinated and streamlined format for financial activities via single platform. Growing customers preference for volume-based payments instead of value-based payments has supported the segment demand significantly.
Global Revenue Cycle Management Market, by Types, 2017 vs 2025
Product Types Takeaway
Based on product types, the industry is categorized as Software and Services. Services segment is the largest market and it appears to be growing at a strong rate during the study period. Services are particularly focused on billing & administrative function of the organization. Services such as clinical documentation, patient health information entry, medical coding, charge capture, and patient accounts management are mostly outsourced to medical facilities.
Delivery Mode Takeaway
Delivery mode segment is categorized into On-Premise, Web-Based, and Cloud-Based system. On-Premise generated the lowest revenue in 2017 and is anticipated to show moderate growth in the future period. Introduction of advanced software systems such as web & cloud-based software has impacted negatively. On contrary, growing by 13% to 14% every year, the cloud-based system is the fastest growing delivery mode in the industry.
End User Takeaway
The key end user for the RCM industry includes Diagnostic Laboratories, Physician Office, and others. RCM system is routinely used by physicians and its staffs such as office managers, nurses among others to assist in the smooth functioning of their units. Furthermore, a growing number of hospital facilities and physician offices across the globe provide a healthy platform for the growth of this end-user segment in foreseeable future.
Region-wise, North America and Europe capture the highest share of the worldwide market collectively. In 2017, these regions generated USD 18.3 billion, which is a reflection of the high adoption of revenue cycle management services in the residing countries. In addition, supportive policies by federal agencies such as Medicare and Medicaid EHR Incentive Programs for the implementation of RCM systems also act as an important driving factor for the regional growth. Conversely, Asia Pacific region captures small revenue share but the region is growing at the fastest CAGR. Growth is majorly attributed to the growing healthcare expenditure along with the need to increase the quality and efficiency of healthcare delivery.
Key Vendor Takeaway
Key players such as Cerner Corporation, NextGen Healthcare, EPIC Systems, eClinicalWorks, and Quest Diagnostics are profiled in detail. Companies are mapped based on company overview, financial performance, products and key initiatives. Introduction of new technologies is considered to be one of the important strategies adopted by key players operating in this industry. For example, in October 2015, a new platform of cloud services named eClinical Works 10e launched by eClinicalworks. This technology incorporates patient engagement and population health management in HER that enables individual for effective patient care delivery.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year-2014 & 2016
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPES
MARKET, BY PRODUCT TYPES
MARKET, BY DELIVERY MODE
MARKET, BY END USE
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
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