The global revenue cycle management market size is expected to reach USD 73.2 billion by 2026, according to a new report by Radiant Insights, Inc. It is anticipated to register a CAGR of 12.0% during the forecast period. In recent years, revenue cycle departments of private and community hospitals have received greater attention as an important driver to their revenue streams. The use of next-generation technology and data analytics tools enabled hospitals in tracking costs and identify cost-saving strategies, reducing denial management cases and optimizing financial performance.
Increase in cloud-based solutions, rising denial management cases, and strong government initiatives are expected to contribute to the growth in demand for Revenue Cycle Management (RCM) over the forecast period. According to the U.S based research firm Black Book, in the past six years, 400 out of 522 hospitals surveyed, implemented RCM systems. In January 2019, hospitals who have not systems in place, which is approximately 82.0%), said they are planning to have a revenue cycle management system in place.
However, the revenue cycle management market is facing stiff challenges such as lack of trained professionals and high deployment costs. Denial identification is another challenge for these systems. According to a study conducted by the Healthcare Information and Management Systems Society (HIMSS), it is estimated that approximately 31.0% of the providers are still using manual claims for the denial identification.
Request a Free Sample Copy of Revenue Cycle Management (RCM) Market Report @ https://www.radiantinsights.com/research/revenue-cycle-management-rcm-market/request-sample
Further key findings from the report suggest:
• Service segment is expected to showcase the highest CAGR of over 12.0% during the forecast period. Accounts receivable and denial management are expected to be the most outsourced services over the forecast period
• Integrated solutions is expected to be the fastest growing segment. The systems are used with various other software to increase efficiency and communication in-between different departments. The web-based segment is projected to lead the market in 2026. These services are more affordable than cloud-based solutions
• North America held the leading market share in 2018, owing to regulatory requirements in this region. Asia Pacific followed by Latin America are expected to report the fastest CAGR, over the forecast period, owing to the growth in IT infrastructure
• Some of the players operating in the revenue cycle management market include McKesson Corp.; Cerner Corporation; Greenway Health, LLC, CareCloud Corporation; Epic Systems, Kareo, Inc.; The SSI Group, LLC; NextGen Healthcare, Quest Diagnostics, Inc.; eClinicalWorks; and Allscripts.
The report “Revenue Cycle Management (RCM) Market” is available now at https://www.radiantinsights.com/research/revenue-cycle-management-rcm-market
Table of Contents
Chapter 1 Methodology and Scope
1.1 Market segmentation & scope
1.2 Information procurement
1.2.1 Purchased database
1.2.2 GVR’s internal database
1.2.3 Secondary sources & third party perspectives
1.2.4 Primary research
1.3 Information analysis
1.3.1 Data analysis models
1.4 Market formulation & data visualization
1.5 Data validation & publishing
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
2.3 Competitive Insights
Chapter 3 Revenue Cycle Management Market Variables, Trends & Scope
3.1 Market Lineage outlook
3.1.1 Parent market outlook
3.1.2 Related/ancillary market outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Product Pipeline Analysis, by Stage
3.4 User perspective analysis
3.4.1 Consumer Behavior Analysis
3.4.2 Market Influencer Analysis
3.5 List of Key End-users, by region / by product / by country
Read more research reports of this category by Radiant Insights:
• In Vitro Diagnostics Quality Control Market – https://www.radiantinsights.com/research/in-vitro-diagnostics-quality-control-market
The global ivd quality control market size is expected to reach USD 1.24 billion by 2026, according to a new report by Radiant Insights, Inc. The market is projected to witness a CAGR of 4.1% over the forecast period. Continually evolving technology-oriented changes in the diagnostics field and growing need to ensure patient safety necessitate the implementation of quality assurance programs in various medical disciplines including radiology and Point-of-Care (PoC) devices. Patients rely on self-testing IVD devices for long-term disease management and hence it is important for such devices to be checked, in terms of result reproducibility and validity, to guarantee patient safety.
• Nano Healthcare Technology for Medical Equipment Market – https://www.radiantinsights.com/research/global-nano-healthcare-technology-for-medical-equipment-market-research-report-2019
Nano Healthcare Technology for Medical Equipment Report by Material, Application, and Geography – Global Forecast to 2023 is a professional and in-depth research report on the world’s major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, united Kingdom, Japan, South Korea and China).
Media Contact
Company Name: Radiant Insights, Inc.
Contact Person: Michelle Thoras, Corporate Sales Specialist – USA
Email: Send Email
Phone: (415) 349-0054, Toll Free: 1-888-928-9744
Address:201 Spear Street 1100, Suite 3036
City: San Francisco
State: CA
Country: United States
Website: www.radiantinsights.com/research/revenue-cycle-management-rcm-market