Revenue Cycle Management Market To Garner Nearly US$ 43.80 Bn By 2022

05-Sep-2018 | Zion Market Research

With the presence of a large pool of participants, the global revenue cycle management market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Quest Diagnostics, GE Healthcare, Siemens Healthcare, McKesson Corporation, and Allscripts Healthcare Solutions Incorporation are some of the key vendors of revenue cycle management across the world. These players across revenue cycle management market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the revenue cycle management market study.

Citing an instance, in July 2018, Optum360 and the U.S. Bank decided to enter into partnership for streamlining and improving revenue cycle management services. Reportedly, the two entities are entering into strategic alliance with an aim towards expanding its set of capabilities in order to assist hospitals and healthcare service providers for efficiently handling their revenue cycle processes.

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This review is based on a report by Zion Market Research, titled "Revenue Cycle Management Market by Product (Integrated and Standalone) by Component (Services and Software) and by Deployment (Web-Based On-Premise and Cloud-Based Systems) For Physician, Hospitals, Medical and Diagnostic Laboratories, and Others - Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022." - Report at http://www.zionmarketresearch.com/report/revenue-cycle-management-market

In yet another event that can positively leverage the growth of revenue cycle management market, in May 2018, the Trinity Health, a non-profit health system based in Michigan, chose Epic to create its own enterprise driven electronic health record as well as revenue cycle management system.

Global-Revenue-Cycle-Management-Market

As estimated in this report, the global revenue cycle management market stood at US$ 23.40 billion in 2016. Witnessing a tremendous rise during the period from 2016 to 2022, the revenue in this revenue cycle management market is slated to reach US$ 43.80 billion by the end of the forecast period. The main products available in this market are integrated and standalone types. Among them, the demand for integrated revenue cycle management is relatively higher and the trend is anticipated to remain so over the next few years, notes the revenue cycle management market research report.

Huge Demand For Medical Insurance To Impel Market’s Growth

“Constant efforts for bringing an improvement in the payment process of the healthcare organizations are likely to drive revenue cycle management market size over the next few years,” says the author of this study. Apart from this, proliferation in the patient population base along with increase in the number of healthcare insurers is likely to create lucrative avenues for the business in the near future.

The rising deployment costs of revenue cycle management, however, are anticipated to obstruct the growth graph of this revenue cycle management market over the coming years.

Stringent Legislations Favoring RCM Tool To Assist Regional Dominance

Geographically, North America has been leading the worldwide revenue cycle management market and is anticipated to continue on the dominant position in the years to come, states the revenue cycle management market study. The implementation of strict legislations promoting the use of revenue cycle management (RCM) tool is the main factor behind the dominance of the North America revenue cycle management market. The high number of market players being headquartered in North America is another significant factor that is supporting the expansion of this regional revenue cycle management market.

The global revenue cycle management market is segmented as follows:

By Product

  • Integrated
  • Standalone

By Component

  • Services
  • Software

By Deployment

  • Web-Based
  • On-Premise
  • Cloud-Based

By End-User

  • Physician
  • Hospitals
  • Medical and Diagnostic Laboratories
  • Others

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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