Chicago, June 01, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Revenue Cycle Management Market by Product & Services (Eligibility Verification, Clinical Coding, CDI, Claims Processing, Denial Management, Outsourcing Services, Cloud), End User(Payers, Hospitals, Outpatient), Covid-19 Impact - Global Forecast to 2026", The global RCM Market is projected to reach USD 67.8 billion by 2026 from USD 40.9 billion in 2021, at a CAGR of 10.6% during the forecast period.
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242 - Tables
40 - Figures
286 – Pages
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The growth of this market is majorly attributed to the growing regulatory requirements & government initiatives to boost the adoption of RCM solutions, increasing patient volume and subsequent growth in health insurance, loss of revenue due to billing errors and declining reimbursements, growing need to manage unstructured healthcare data, rising demand for robust process improvements in healthcare. However, the high deployment costs, IT infrastructural constraints in underdeveloped & developing countries is restraining the market growth during the forecast period.
By product & services, segment, the outsourcing services segment form the largest and fastest-growing segment of Revenue cycle management market during the forecast period
Among the product & services, the outsourcing services segment form the largest and fastest-growing segment of revenue cycle management market during the forecast period. The large share and high growth of this segment can be attributed to the growing need to manage data and technological advancements in HCIT.
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By delivery mode, the cloud-based segment is expected to register highest CAGR during the forecast period
The cloud-based segment is expected to register highest CAGR during the forecast period. The high growth of this segment is attributed to minimum installation and maintenance costs, unlimited information storage, easy access to information at any location, and reduced spam and web threats.
By end user, the healthcare providers segment is expected to account for the largest share of the revenue cycle management market
Based on end user, the revenue cycle management market is segmented into healthcare providers and healthcare payers. The factors attributing to the larger share include, automation of the process to reduce revenue loss, effective & efficient patient care, and the will to gain a competitive edge and cope with the emerging demands in the healthcare.
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Asia Pacific is expected to register highest growth in the revenue cycle management market during the forecast period
Asia Pacific is expected to register highest growth in the revenue cycle management market during the forecast period. The growth of this region can be attributed to factors such as the growing volume of patient data generated within healthcare systems, enhancements in collaborative data exchange, and the government to build reforms and initiatives for the adoption of various healthcare IT solutions such as RCM solutions.
R1 RCM (US), Cerner Corporation (US), Optum (US) are the leading players in the market. Other players include McKesson Corporation (US), Change Healthcare (US), 3M (US), Experian plc (Ireland), Conifer Health Solutions (US), Allscripts Healthcare Solutions (US), GE Healthcare (US), Cognizant (US), athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US)
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