Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Revenue Cycle Management – which is forecasted from 2020 to 2027”.
The prime factor driving due to the increasing need to manage unorganized health information, growing regulatory obligations, and government efforts, as well as the necessity to increase patient numbers.
As per the report, Revenue Cycle Management Market is expected to grow at a CAGR of 10.73% to reach US$230.465 billion by 2027, from US$112.914 billion in 2020.
Revenue Cycle Management (RCM) is referred to the economic procedure of monitoring patient safety experiences from enrollment and consultation scheduling to final balance payment using medical billing software used by healthcare organizations. Advanced RCM solutions are in high demand due to the fast-rising era of digitalization in healthcare. In healthcare settings, the expanding variety data stores and disorganized workflows is paving the way for market growth and development. Third-party payers, payment structures, rules, and codes make up RCM. Obtaining the correct assets is critical to a practice's survival. The payment of medical services becomes more exact, the need of having an effective RCM solution grows.
High revenue cycle management system and infrastructure deployment costs, as well as data protection and confidentiality concerns.
Based on application, the market is categorized into medical coding and billing, clinical documentation improvement, claims and denial Management, electronic health record and others. The underlying cause analyses for the claim being refused by the insurer is done by solution providers for denial and appeal management. For instance, in November 2020, BKD CPAs & Advisors announced a new service to assist clients in identifying and avoiding insurance denials. Annually, avoidable insurance claim denials might cost a company 3 percent or more of its net revenue.
Based on delivery mode, the segment is categorized into on-premise Solutions and Cloud-based Solutions. Increased adoption and affordability of web-based solutions, the web-based delivery mode segment dominated the market. It does not require any additional hardware or storage, and they may be placed off-site and managed by a third party.
Based on the end-user, the segment is divided into hospital, laboratories and end-users. The increasing number of rules and recommendations adopted by regulatory organisations with regard to patient safety, the hospital segment is expected to dominate in a forecast period.
Based on geography segmentation, the market of revenue cycle management is segmented into Asia Pacific, North America, South America, Europe, the Middle East and Africa regions. The Asia Pacific region is expected to drive the global market Considerable changes in regulations, for example, have had a significant impact on the economics, organization, and provision of health services. while Europe region is expected to project exponential growth prospects.
As a part of the report, the major players operating in the Revenue Cycle Management Market, that have been covered are Allscripts Healthcare, LLC and/or its affiliates, athenahealth, R1 RCM, Inc., Conifer Health Solutions, LLC, eClinicalWorks, Epic Systems Corporation,GeBBS, McKesson Corporation, Infosys Limited
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/revenue-cycle-management-market
This analytics report segments the Revenue Cycle Management Market on the following basis:
- By Application
- Medical Coding and Billing
- Clinical Documentation Improvement
- Claims and Denial Management
- Electronic Health Record
- By Delivery Mode
- On-premise Solutions
- Cloud-based Solutions
- By End-User
- Other End Users
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America