The North America Revenue Cycle Management (RCM) Market is expected to reach USD 52.7 billion by 2024 from USD 23.1 billion in 2016, growing at a CAGR of 12.6% from 2017 to 2024, . The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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The Key Players in the North America Revenue Cycle Management Market are:-
- McKesson Corporation,
- Cerner Corporation,
- Quest Diagnostics,
- Athena Health Inc.,
- E Clinical Works,
- Care Cloud Corporation,
- The SSI Groups Inc.,
- GE Healthcare,
- Epic Systems,
- Siemens Healthcare,
- and Kareo Inc., among others.
All the data and information gathered in the Revenue Cycle Management (RCM) market document is studied and analysed with the demonstrated tools and techniques such as SWOT analysis and Porter’s Five Forces analysis. This report has several aspects of marketing research and analysis for Healthcate industry which includes market size estimations, market dynamics, company and market best practices, entry level marketing strategies, positioning and segmentations, competitive landscaping, opportunity analysis, economic forecasting, industry-specific technology solutions, roadmap analysis, targeting key buying criteria, and in-depth benchmarking of vendor offerings. The Revenue Cycle Management (RCM) market document also studies the key developments in the market with respect to current scenario and the forthcoming advancements.
Market Definition: North America Revenue Cycle Management (RCM) Market
Revenue cycle management (RCM) is used by healthcare providers to scale and manage the process of healthcare billing and reimbursements. This is achieved by improving the process of claims management, speeding explanation of benefits (EOB) reconciliation, improving the quality of information, streamlining denial management, and by automating processes. The RCM solution manages the patient’s bills from entering the hospital to reimbursement of claims.
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Market Segmentation: North America Revenue Cycle Management (RCM) Market
- In this report, the North America revenue cycle management market is segmented on the basis of product type, deployment, component, stage, end-user, and geography. The revenue cycle management market is segmented with respect to type into integrated RCM and standalone RCM. The end-users of this market include hospitals, laboratories, and physicians and others. By product type RCM solutions are segmented into standalone and integrated RCM. The integrated RCM solution are generally used by larger organizations where integration with other healthcare IT products such as RIS, LIS, PACS, HER among others to form a more holistic process for billing and claim settlements. However standalone RCM is best used in smaller hospitals and physician offices where they need to manage only one healthcare application.
- In the components sub-category of the RCM market, the services segment dominates the market, and is expected to reach USD 11.2 billion by 2022. Similarly, in the deployments sub-category of the market, the web-based segment dominates the market, and is expected account a market share of 35.2% of the North America RCM market. The physicians segment dominates the market among end-users, and is accounted to USD 7.2 billion in 2015.
- The North American revenue cycle management market is steadily progressing owing to factors, such as decreasing reimbursement in healthcare industry, reduction of overall healthcare costs, initiatives undertaken by governments for implementing RCM solutions, and increasing expenditure by healthcare industry especially made on information technology.
- Based on geography the market is segmented into 3 countries, U.S., Canada and Mexico. U.S. is expected to dominate the market due to the rising need to decrease healthcare expenditure which is forming the major share of the market. With the market in U.S. shifting to value based reimbursements RCM is expected to play a major role to develop this process.
Key questions answered in the report :-
- What are the challenges being faced by the new entrants?
- Which will be the Revenue Cycle Management (RCM) Market application and sorts and estimate joined intently by makers?
- Which will be the dangers which will attack growth?
- The length of the global Revenue Cycle Management (RCM) market opportunity?
- How Revenue Cycle Management (RCM) Market share advance vacillations their value from various assembling brands?
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