Global revenue cycle management market is projected to reach USD 80.56 billion by 2021 from USD 45.52billion in 2016, at a CAGR of 12.1% from 2016 to 2021. Factors such as regulatory compliance encourage use of RCM solutions, government support, process improvements in health organizations brought about by RCM, & increasing number of patients and subsequent growth in insurance coverage are expected to drive growth of revenue cycle management market.
The global revenue cycle management market is segmented on basis of product, component, deployment, end user, and region. On basis of product, market is segmented into integrated RCM and standalone RCM. In 2016, integrated RCM segment is expected to account for largest share of market and is expected to grow highest CAGR during forecast period. Increasing demand for integrated solutions, which play an integral role in improving process efficiency and cost reduction is major factor driving growth of integrated RCM segment.
Complete Report on Revenue Cycle Management Market spread across 159 Pages, Profiling 12 Companies and Supported with 115 Tables and 31 Figures is now available at http://www.reportsnreports.com/reports/346161-revenue-cycle-management-rcm-market-by-product-integrated-revenue-cycle-management-standalone-revenue-cycle-management-by-deployment-on-premise-web-based-cloud-based-by-component-hardware-software-services-global-forecast-to-2019.html .
In this report, the global revenue cycle management market is segmented on the basis of product, component, deployment, end user, and region. On the basis of component, the revenue cycle management market is divided into services and software. The services segment is expected to account for the largest share of the revenue cycle management component market in 2016. Factors such as the dependence of healthcare organizations on consulting, training, maintenance services, and regular updating of software are contributing to the growth of this segment.
- Healthcare equipment manufacturers
- Healthcare IT vendors
- Healthcare IT service providers
- Healthcare providers
- Healthcare payers
- Healthcare consultants
- Healthcare associations/institutions
- Business research and consulting service providers
On the basis of product, the revenue cycle management market is segmented into integrated RCM and standalone RCM. The integrated segment is expected to account for the largest share of the global revenue cycle management product market in 2016. The shift in the healthcare industry from volume-based payment to value-based payment systems; and streamlined and coordinated multiple financial functions through a single platform with the use of integrated RCM are the factors attributing to the growth of this segment.
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Growth in revenue cycle management market is driven by regulatory compliance encouraging the use of RCM solutions, government support, increasing number of patients, and process improvements in healthcare organizations brought about by RCM. In addition, vendor consolidation to provide end-to-end solutions, cloud-based solutions, and potential RCM markets for IT vendors are expected to offer growth opportunities for market players.
Major players operating in the revenue cycle management market include McKesson Corporation (U.S.), Cerner Corporation (U.S.), Quest Diagnostics Incorporated (U.S.), athenahealth, Inc. (U.S.), and eClinicalWorks LLC (U.S.). However, high cost of deployment, dearth of trained IT personnel, and infrastructural loop holes in developing markets are restraining the growth of this market.
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