Visiongain has published a new report on US Revenue Cycle Management Market Report 2021-2031: Forecasts by Product, By Type, By Delivery Mode (Web-based, Cloud-based), By End Use (Physicians' Office, Hospital). PLUS, Profiles of Leading Pharma Contract Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Revenue cycle management in healthcare is a process of managing claim process, payment, and revenue generation. Revenue cycle management (RCM) helps a medical practice to increase the revenue by proper claim management. The four components which are involved in revenue cycle management of healthcare system includes patients, healthcare providers, billing company and insurance player.
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Significance on increasing the acceptance of Electronic Health Records (EHRs) by healthcare delivery networks is projected to drive the RCM market. Moreover, focus on providing value-based care and reducing healthcare expenditure technological advancements, and outsourcing of health information technology services are the prime factors propelling the overall growth.
Market Drivers
Technological advancements in the Healthcare Revenue Cycle Management (HRCM) software has positively influenced the industry growth throughout analysis timeframe. Recently developed software are highly efficient and helps in providing enhanced patient care. Moreover, upgraded HRCM software have reduced the outstanding accounts receivable of several hospitals and healthcare facilities. Furthermore, adoption of centralized software for medical billing and coding has reduced errors and enhanced the clinical outcomes. Therefore, availability of such technologically advanced systems has escalated the US healthcare revenue cycle management market growth.
Market Opportunities
On the basis of end user, the market is segmented into physicians, hospitals, laboratories, and other end users (including pharmacies, long-term acute care facilities, and academic medical centres). The physician’s segment is estimated to account for the largest share of the US market in 2017 and is projected to register the highest CAGR during the forecast period. The growing adoption of integrated practice management systems among physicians is the key factor driving the growth of this market.
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Competitive Landscape
The market is highly competitive. Key contributors include SSI Group; Allscripts, Cerner Corporation; Mckesson Corporation; athenahealth, Inc.; Epic Systems Corporation; eclinicalworks; NextGen Healthcare Information System; Carecloud Corporation; Quest Diagnostics, Inc.; and Kareo, Inc. In an effort to retain share, diversify product portfolio, market players are frequently undertaking mergers and acquisitions.
Numerous healthcare suppliers across the U.S. are taking efforts to expedite health data exchange and to improve the efficiency of the existing healthcare systems. For instance, the initiative taken by healthcare providers to use paperless healthcare systems and to incorporate HIT systems by 2020 is likely to boost the growth of during the analysis period.
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