The Global Healthcare Revenue Cycle Management Market has registered strong growth in recent years and expected to registered lucrative growth in upcoming years. The market for healthcare revenue cycle management (RCM) is growing at a healthy pace.
RCM Market is predicted to grow at a healthy CAGR of 12.2% during the forecast period and is estimated to reach USD 43,500.0 million by 2027.
Global Healthcare Revenue Cycle Management (RCM) market – Competitive Analysis:
Many major players in HRCM such as: Epic Systems Corporation (US), Siemens Healthcare (Germany), General Electric Company (US), Allscripts (US), Quest Diagnostic (US), Cerner Corporation US, , AdvantEdge Healthcare Solutions (US), CareCloud (US), Acelerartech (US), 3M (US) and McKesson Corporation (US).
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Recent Happenings In Healthcare Revenue Cycle Management Market : – Epic Systems Corporation (US), is on process to launch medical billing service, the new service, is aimed at smaller customers hoping to outsource revenue cycle management. Epic think, this could be huge opportunity for the organization, and will help to target smaller customers. Epic’s goal is to simplify the payment process by helping Epic organizations with the complexities of submitting claims & posting payments. Attention to detail is crucial as you will be posting payments & denials, reconciling payment files, claims & statements, resolving posting errors & calling payers to follow up on outstanding or unpaid claims. The ability to offer billing could be a new opportunity for Epic’s efforts to grow its business with resource strapped small hospitals, super specialty doctor & physician practices.
A recent ad appeared on the website of Verona, Wisconsin based electronic health record colossus Epic Systems Corp. for “bright, motivated individuals to join their new billing services team as Epic enter the world of medical billing. The ad showing that Epic is seeking billers who have good communication and customer service skills, and familiar with medical terminology & remittance or denial codes, having knowledgeable about Medicaid, Medicare and other insurance guidelines, and have a coding certification or background.
Healthcare Revenue Cycle Management Market Regional Analysis:
MRFR’s report further analyses the market on the basis of region, including, the Americas, Europe, Asia Pacific and the Middle East & Africa.
The Americas which includes North America and South America, currently possesses the market lead. This is largely attributable to the availability of developed and current technology, a strong adoption of efficient management services, a high revenue in healthcare and the existence of several eminent market players in the region. North America, because of the presence of countries such as U.S and Canada, is the largest contributor to this regional market segment.
Europe closely follows the Americas lead and is the second largest regional market segment in the global healthcare RCM market. Europe is expected to grow at a CAGR of 12.4 owing to similar growth patterns as North America as well as the presence of a well-developed healthcare sector.
Asia Pacific is a rapidly growing market that carries a lot of scope for growth. The region is witnessing an increase in healthcare expenditure as well as patient inflow. Additionally, there is a rising awareness of available software and relevant services which is facilitating swift growth for this region during the forecast period.
The Middle East and Africa is projected to grow at a limited pace, largely because this region is divided and some countries are expected to grow rapidly while growth is restricted in others. Many Middle Eastern countries have a developed healthcare sector which is a key driver for growth in the market. However, there are also many poverty stricken and under developed countries in Africa that restrict market growth in this region.
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Key Takeaways:
MRFR analysis it clearly shows that, Healthcare Revenue Cycle Management market seems to be very good opportunity for existing players as well as new entrants. Market has witnessed business expansion by existing players, by adapting various methods. For example, new product/services launch, acquisition and joint venture. For example Epic enters into medical billing segment specifically targeting to small customers.
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