Revenue Cycle Management Market Global, analyzes and researches the Instant Payments development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market.
The globalrevenue cycle management (RCM) marketis set to reach USD 216,990.6 million by 2026, registering a CAGR of 12.4% during the forecast period. Increasing inclination of patients to get outpatient care is one of the main driving factors for this market. Inpatient care, where people stay in a hospital overnight, is an expensive endeavor as it involves multiple costs and taxes that shoot up the hospital bill. Outpatient options are cheaper wherein the patient only needs to pay for consultation and medicines and gets the remaining care outside the hospital, such as in her home. 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.
Leading Players operating in the Revenue Cycle Management Market are:
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:
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Increasing Investment in Innovation to Energize Market Competition
Investing in research and development to create innovative products is emerging as the dominant being adopted by companies to solidify their presence in the RCM market. For example, in February 2017, McKesson unveiled its new revenue cycle management program, Healthy Hospital, that utilizes advanced analytics to help hospitals to identify areas where revenue generation can be sped up and financial performance optimized. Similarly, Apprio, Inc. inaugurated its specialized RCM division called APPRIOHEALTH in March 2019 with a view to deliver advanced RCM technologies to its clients.
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