Sarasota, FL, Jan. 11, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Revenue Cycle Management Market by Product (Integrated and Standalone), by Component (Services and Software),by Deployment (Web-Based, On-Premise and Cloud-Based Systems), By End Users (Physician, Hospitals, Medical and Diagnostic Laboratories and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, the global revenue cycle management market accounted for USD 23.40 billion in 2016 and is expected to reach around USD 43.80 billion by 2022, growing at a CAGR of around 11.0% between 2017 and 2022.
Revenue cycle management system is used for tracking the financial records in healthcare facilities. The system includes tracking from registration and appointment to final payment of services. It integrates business sides and clinical sides, such as personal information of patients, insurance provider and treatment received by patients. The time between providing service and receiving payment is reduced by interfacing various IT systems together. Patients can pay bills online, receive updates about upcoming appointments and lessen the amount of denied claims by using RCM system.
Browse through 43 Market Tables and 39 Figures spread over 110 Pages and in-depth TOC on “Global Revenue Cycle Management Market: By Product, Component, Deployment, Type, Size, Share, Trends, Analysis and Forecast 2016 – 2022”.
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Globally, revenue cycle management market has been accelerated due to continuous process improvements in the healthcare organization. Furthermore, increasing the number of patients and subsequent growth in demand for healthcare insurance is considered as major factors which fueled the growth of RCM market. However, the high cost of deployment can restrain the growth of revenue cycle management market.
Based on products, the global revenue cycle management market is classified into two types: integrated and standalone. The integrated RCM segment is expected to account for the largest share of the market in 2016. This growth is attributed due to rising shift in the healthcare industry from volume- based payment to value-based payment systems.
Browse the full "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 https://www.zionmarketresearch.com/report/revenue-cycle-management-market
Based on the component, the global revenue cycle management market is classified into two types: services and software. In terms of revenue, services accounted for the largest share of the market in 2016. Factors contributing this growth are the rising dependency of healthcare organizations on consulting, training, maintenance services and regular updating of software.
Based on deployment, the global revenue cycle management market is classified into three types: web-based, on-premises, and cloud-based system. In terms of revenue, web-based segment accounted for the largest share of the market in 2016. Globally, increasing demand for mobile support systems for better customer engagement platforms is considered as a major factor which helps in the growth of web-based global revenue cycle management market.
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Based on end-user, the global revenue cycle management market is classified into four types: physician or consultant, hospital, medical and diagnostic laboratories and others. In 2016, physician accounted for the largest share of RCM market in terms of revenue.
North America is expected to witness the highest growth due to technological advancements which includes the integration of RCM systems with other application which is used currently in many North American hospitals. However, the demand for influenza vaccine has been increasing in the past few years owing to the rising awareness regarding the severity of the infection. Moreover, high-end research and development, public awareness and an increasing number of market player in this region are driving factor for the growth of revenue cycle management market.
Europe was the second largest regional segment of global revenue cycle management market in 2016 in terms of revenue. This growth is attributed due to high literacy rate, the presence of countries with high human development index, awareness and government initiatives for installation of RCM.
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Asia Pacific is expected to be the fastest regional segment for the revenue cycle management market in 2022. This growth is attributed due to rising awareness coupled with the large pool of patient in Asian countries like China and India. Recently India is considered as a most favored medical tourist destination. Advance health care infrastructure are structuring in Asian countries like Indonesia, China, and India which further propel the growth of revenue cycle management market.
The Latin American and the Middle East and Africa region will experience the significant growth during forecast periods. This growth is attributed due to rise in healthcare infrastructure in this region. In addition, regulatory compliances considered as a major driving factor for the growth of revenue cycle management market.
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The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global Revenue Cycle Management market include Quest Diagnostics, Cerner Corporation, McKesson Corporation, Athenahealth Inc., Allscripts Healthcare Solutions Inc., eClinicalWorks LLC, CareCloud Corporation, The SSI Groups Inc., GE Healthcare, Epic Systems, and Siemens Healthcare.
This report segments the global Revenue Cycle Management market as follows:
Global Revenue Cycle Management Market: Product Analysis
- Integrated
- Standalone
Global Revenue Cycle Management Market: Components Analysis
- Services
- Software
Global Revenue Cycle Management Market: Deployment Analysis
- Web-Based
- On-Premise
- Cloud-Based
Global Revenue Cycle Management Market: End-User Analysis
- Physician
- Hospitals
- Medical and Diagnostic Laboratories
- Others
Global Revenue Cycle Management Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East And Africa
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