Revenue Cycle Management Market report offers an in-depth analysis of various factors promoting and demoting the growth of the market during the mentioned forecast period. The information provided in the report is gathered from primary and secondary research methods.
The globalrevenue cycle management (RCM) marketis likely to gain momentum from an urgent requirement for systematic revenue management across the world. According to a published report by Fortune Business Insights, titled, “Revenue Cycle Management (RCM): Global Market Analysis, Insights and Forecast, 2019-2026,” the global revenue cycle management (RCM) market is projected to reach US$ 216,990.6 Mn by 2026, thereby exhibiting a CAGR of 12.4% during the forecast period. Fortune Business Insights also states that the global market was valued at US$ 86,811.4 Mn in 2018.
In recent years, outpatient revenue has grown at a rapid pace and it has led to a sudden surge in the demand for RCM solutions. For example, data released by the American Hospital Association in 2019 shows that net outpatient revenue increased by 5.7% from 2016 to 2017, standing at $472 billion in 2017. This is indicative of the rising preference for outpatient care which has significantly added to healthcare revenue cycles and raised the demand for RCM tools.
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Key Players Operating in The Revenue Cycle Management Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
An Overview of the Impact of COVID-19 on this Market:
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The report focuses on global major leading industry players of market providing information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. This report focuses on Revenue Cycle Management Market Trend, volume and value at global level, regional level and company level. From a global perspective, this report represents overall Revenue Cycle Management Market Size by analysing historical data and future prospect.
With tables and figures helping analyse worldwide Revenue Cycle Management Market Forecast provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
Advent of IT and Analytics in Healthcare Industry Boosts the Market
“Cloud-based solutions are in high demand across the world for seamless data sharing,” stated a lead analyst at Fortune Business Insights. “Several companies are increasingly adopting cloud-based platforms to offer advanced revenue cycle management services,” he added. Robust government initiatives, coupled with decrease in healthcare reimbursements, are likely to drive the RCM market in the coming years. The rising use of analytical tools and IT in the healthcare industry is expected to increase the revenue generated by the RCM market between 2018 and 2025.
Lack of Experts and High Deployment Cost of RCM Solutions May Limit Growth
Certain factors may negatively impact the growth of the RCM market. Dearth of well-trained professionals is the primary reason that may hamper the growth of the market in the coming years. In addition to this, high deployment costs associated with the RCM solutions are likely to restrict the growth of the market. Another challenge hindering the RCM market’s growth is denial identification. According to the Healthcare Information and Management Systems Society or HIMSS, around 31% of the healthcare providers are still using manual claims for denial identification.
Objective of Studies:
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Detailed Table of Content:
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Revenue Cycle Management Market 2020: Global Industry Overview By Size, Share, Trends, Growth Factors, Opportunities and Forecast 2026