The global revenue cycle management market was valued at $35,419 million in 2016, and is projected to reach $85,008 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023. Revenue Cycle Management can be defined as the management of all administrative and clinical functions that directly or indirectly contribute to the revenues through patient service to optimize overall profits. Revenue cycle management undergoes various processes such as patient registration, eligibility, and verification for insurance, medical coding, claims processing, and payments & AR management. The process of RCM enables healthcare facilities to optimize revenues through claims processing. Primarily, there are four prominent elements of RCM that includes patients, healthcare provider, billing company, and insurance payers.
The growth of the RCM market is majorly driven by supportive growth through regulatory compliance, increasing healthcare spending, 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 fuel the demand for advanced healthcare systems, thereby driving the RCM market growth. However, factors such as high costs associated with RCM deployment and scarcity of trained professionals are expected to be the restraining factors for the RCM market growth during the forecast period.
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Key Players Profiled in the Report: orporation, Eclinicalworks, LLC, Epic Systems Corporation, Gebbs Healthcare Solutions, GE Healthcare, Experian PLC, Mckesson Corporation, Quest Diagnostics Incorporated, Athenahealth, Inc., Allscripts Health
The global revenue cycle management market is segmented based on type, component type, deployment mode, end user, and region. Based on type, the market is categorized into integrated and standalone RCM. Software and services are categorized into component types of revenue cycle management. The end user segment includes hospitals, physicians, and diagnostic & ambulatory care centers. The deployment mode segment is sub-segmented into cloud-based and on-premise deployment. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The passage highlights the trend of governmental organizations increasing their maintenance budgets for system infrastructure while also investing in initiatives for project development, modernization, and enhancement. This has led to the success of investments and an increase in the annual funding set aside by ICT vendors for the growth of the online market. The passage also mentions the anticipated increase in global ICT exports, which are expected to rise by an average of 3.9% yearly from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. The global supply of ICT has increased by 9.5% yearly since 2009.
In terms of global ICT exports in 2021, Ireland ranked first with US$ 169.32 billion, followed by the United States at number 2, India at number 3, and China at number 4. The passage also notes the significant increase in Brunei’s global ICT exports by 228.2% year over year since 2009, while Sierra Leone’s global ICT exports have decreased by 61.7% year over year in the same period. Overall, the passage highlights the growth and potential of the global ICT market, driven by increased investments and funding for infrastructure and project development.
It seems that the ICT industry in Europe is predicted to experience moderate growth in the coming years, with an annual increase of 1.5% expected from 2021 to 2026. Germany currently holds the top position in terms of ICT revenue in Europe, followed by the United Kingdom, France, and Ireland. It’s interesting to note that while some countries like Malta have experienced significant growth in the ICT industry since 2016, others like Italy have seen a slight decline. This information can be useful for businesses and investors looking to enter or expand in the European ICT market.
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Key Benefits
This report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global revenue cycle management market.
Porters Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the revenue cycle management market to determine the investment pockets of the market.
Current and future trends adopted by the key market players are highlighted to determine overall competitiveness of the market.
The quantitative analysis of the revenue cycle management market growth from 2016 to 2023 is provided to elaborate the market potential.
Revenue Cycle Management Market Key Segments:
By Type
Standalone
Integrated
By Component Type
Software
Services
By Deployment
Cloud
On-premise
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By End-user
Hospitals
Physicians
Diagnostic & ambulatory care centers
By Geography
North America
U.S.
Canada
Mexico
Europe
UK
France
Germany
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Arica
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Some of the Key Questions Answered in this Report:
- What is the Market dimension at the regional and country-level?
- What are the key drivers, restraints, opportunities, and challenges of the Market, and how they are anticipated to influence the market?
- What is the international (North America, Europe, Asia-Pacific, South America, Middle East and Africa) income value, manufacturing value, consumption value, import and export of Market?
- Who are the world key producers of the Market Industry? How is their working state of affairs (capacity, production, sales, price, cost, gross, and revenue)?
- What are the Market possibilities and threats confronted via the carriers in the world Market Industry?
- Which application/end-user or product kind may also be seeking for incremental boom prospects? What is the market share of every kind and application?
- What targeted method and constraints are keeping the Market?
- What are the distinct sales, marketing, and distribution channels in the world industry?
- What are the upstream uncooked substances and manufacturing gear of Market alongside with the manufacturing technique of Market?
- What are the key market tendencies impacting the increase of the Market?
- Economic have an impact on the Market enterprise and improvement vogue of the Market industry.
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