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.
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 2019 to 2025, . The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2019 to 2025.
This report has market data and information which can answer several marketing problems in different functional areas of marketing such as consumer behaviour, product, sales, distribution channel, pricing, ad and physical distribution. The report provides data on patterns and improvements, and target business sectors and materials, limits and advancements. This report contains a chapter on the global market and all its associated companies with their profiles, which gives valuable data pertaining to their outlook in terms of finances, product portfolios, investment plans, and marketing and business strategies.
Major Key players profiled in this report are:
McKesson Corporation, Cerner Corporation, Quest Diagnostics, Athena Health Inc., Allscripts., E Clinical Works, Care Cloud Corporation, The SSI Groups Inc., GE Healthcare, Epic Systems,Siemens Healthcare, and Kareo Inc., among others.
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- 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 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.
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