The report “Revenue Cycle Management Market by Product (Integrated Solutions, Standalone), Function (Claim & Denial, Medical Coding, Insurance Verification), Deployment (Web-based, On-premise, Cloud-based), End User (Hospitals, Physicians, Lab) – Global Forecast to 2027” It is expected that by the time 2027 comes, the global revenue cycle management market size will achieve USD 160.1 billion which are currently USD 66.8 billion for the year 2019, at a CAGR of 12.1%.
The influential factors that are making the selection of RCM resolutions are the adoption of EHR/EMR which has been made mandatory by the regulatory; the other factors are government initiatives.
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As per the product, integrated solutions, and standalone resolutions are the two segments. Out of these two, it is estimated that integrated solutions will acquire the biggest percentage of the global revenue cycle management market this year. It is also expected to mark the largest CAGR at the time of the budget period. The reasons behind the growth of this segment are increasingly opting for the value-based pay methods and the rising demand for the solutions of the value conserving data management.
Based on the function, there are several segments in which the segmentation of the revenue cycle management market is done. These are denial and claim management, clinical documentation improvement, payment remittance, pharmaceutical invoicing and coding, electronic fitness account, outpatient insurance acceptability check, etc. Out of all these, the denial and claim management is estimated to acquire the biggest portion of the market that we have been talking about here for this year. Moreover, it is presumed to mark the highest CAGR at the time of the prediction period. And the reasons or the factors that are contributing to an increase in the demand of the denial and claim management are the structure of the changing reimbursement and the rising instances of the claim denials.
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It is estimated that in 2019, the largest share of the revenue cycle management market will be acquired by North America. And the second-biggest share of the global revenue cycle management industry might be occupied by Europe. The reasons behind North America constituting the largest share can be, to make the parliamentary and accreditation needs of the health sector, strict and restrictive, HCIT technologies being adopted extensively, and the regulations needed for the patients’ safety.
Also, Mckesson(US), athenahealth(US), Cerner(US), Allscripts fitness Resolutions(US), as well as Quest Diagnostics(US) are the key players of the global revenue cycle management market.
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