The global revenue cycle management market is likely to gain momentum from an urgent requirement for systematic revenue management across the world. According to a published report by Fortune Business Insights, titled, “Revenue Cycle Management (RCM): Global Market Analysis, Insights and Forecast, 2019-2026,” the global market is projected to reach US$ 216.9 Mn by 2026, thereby exhibiting a CAGR of 12.4% during the forecast period. Fortune Business Insights also states that the global market was valued at US$ 86.8 Mn in 2018.
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“Increasing Patient Population Likely to Favor Growth in Asia Pacific”
The global revenue cycle management market is geographically divided into North America, Latin America, the Middle East, and Africa, Europe, and Asia Pacific. Amongst these regions, in 2018, North America was in the leading position. Fortune Business Insights predicts that the region will exhibit immense revenue cycle management market growth during the forecast period and retain its dominant position. This growth is attributed to the high health insurance coverage, outsourcing trends, and the existence of key market players in the region.
Europe, on the other hand, is expected to witness notable growth due to the rising revenue cycle management (RCM) services provided by numerous enterprises. Additionally, increasing trend of outsourcing and rising adoption of revenue cycle management (RCM) services will contribute to the market growth. Furthermore, Asia Pacific has begun witnessing a rise in the number of revenue cycle management (RCM) service start-up companies and rapid growth of patient population. All these factors will in turn, increase the CAGR of this region in the coming years.
Company profiled in Revenue Cycle Management Market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• R1 RCM Inc.
• GeBBS Healthcare Solutions
• Cerner
• Allscripts Healthcare, LLC
• Conifer Health Solutions, LLC.
• Epic Systems Corporation
• eClinicalWorks
• GENERAL ELECTRIC
• athenahealth, Inc.
• McKesson Corporation
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“Apprio, Inc.’s Latest RCM Division, ApprioHealth Set to Revolutionize the Patient Enrolling Methods”
Prominent market players functioning in the revenue cycle management market are mainly focusing on innovative product and service launches in order to increase sales and strengthen their position in the market. For instance, Homecare Homebase, LLC., a developer of mobile software solutions for hospice and home health agencies, based in the U.S., announced that it has launched its latest revenue cycle management (RCM) service in June 2019.
The new revenue cycle management (RCM) service aids the agencies in decreasing their billing staff by pushing away the lion’s share of collection tasks and administrative billing to an experienced team that consists of billing experts. It further provides billing through HCHB Analytics and dashboards that offer more transparency.
Furthermore, Apprio, Inc., a provider of specialized technology solutions for Homeland security, health, and defense, headquartered in Washington, D.C., announced the launch of its new revenue cycle management (RCM) service division in March 2019. The division is named ApprioHealth. It is a commercial business unit which has been created to fulfill revenue cycle management (RCM) needs of health systems and hospitals.
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Revenue Cycle Management Market Segmentation:
By Function
• Claims & Denial Management
• Medical Coding & Billing
• Clinical Documentation Improvement (CDI)
• Insurance
By Type
• Software
• Services
By Geography
• North America (the USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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