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September 04, 2019 | Healthcare
Increasing patient pool, an urgent requirement for systematic revenue management systems, and a rapid shift towards minimizing complexity are projected to increase the global revenue cycle management (RCM) market growth in the forthcoming years. Fortune Business Insights, in a published report, titled, “Revenue Cycle Management (RCM) Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the global revenue cycle management (RCM) market was valued at US$ 86.8 Mn in 2018. Fortune Business Insights states that the global market is expected to reach US$ 216.9 Mn by 2026, thereby exhibiting a CAGR of 12.4% in the forecast period.
2019: North America had generated US$ 46.8 Mn in the global revenue cycle management (RCM) market, in the year 2018. Fortune Business Insights predicts that the region will remain in the dominant position throughout the forecast period. This growth is attributed to the higher medical insurance coverage and the presence of prominent market players in this region.
Ability to Replace Traditional Paper-Based Method to Optimize Cost Will Boost Market Growth
The healthcare sector has been witnessing several technological advancements since the past few decades. The demand for coordinated and top-quality care options has increased due to the rising population all over the world. Furthermore, the rising operational and administrative expenses of hospitals and other healthcare organizations have further given rise to the immediate need for cost-effective alternatives from the management.
Revenue cycle management (RCM) systems provide the hospice agencies and hospitals with feasible solutions by eliminating the traditional paper-based systems to effectively update cost or generate bills by replacing them with technologically advanced software solutions. This is one of the major factors that are likely to contribute to the global revenue cycle management (RCM) market growth during the forecast period. Revenue cycle management (RCM) system also offers access to healthcare IT systems and increases revenue generation, which in turn, increases efficiency and accuracy. All these factors are expected to positively impact the global revenue cycle management (RCM) market in the coming years.
Rising Instances of Claim Denials Expected to Drive the Claims and Denial Management Segment
In terms of function, the global revenue cycle management (RCM) market is grouped into insurance, clinical documentation improvement (CDI), medical coding & billing, and claims and denial management. Out of these, the claims and denial management segment is projected to witness significant growth in the global revenue cycle management (RCM) market by procuring huge share in terms of revenue. This is likely to occur due to the rising prevalence of claim denials and effective reimbursement structure that, in turn, is increasing the demand for claims and denial management.
An Urgent Requirement for Automated Assessment in Healthcare Organizations to Fuel Growth
The increasing need for revenue cycle management (RCM) solutions in analytics, IT, and healthcare industries will also contribute to the global market growth in the forthcoming period. Healthcare managers, physicians, and clinicians struggle every day to procure automated assessment based on cost management, financial coverage, insurance eligibility, and medical history of the patient. Revenue cycle management (RCM) software solutions provide denial management services with the help of analytics. This is expected to increase the global revenue cycle management (RCM) market sales in the coming years. But, there are a few obstacles that the global market may face in the near future. Scarcity of trained professionals and high revenue cycle management (RCM) deployment cost are a couple of them.
Fortune Business Insights has profiled some of the renowned market players operating in the global revenue cycle management (RCM) market. They are GeBBS Healthcare Solutions, General Electric, Cerner, McKesson Corporation, R1 RCM Inc., Epic Systems Corporation, athenahealth, Inc., Allscripts Healthcare, LLC, eClinicalWorks, Conifer Health Solutions, LLC., and others.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/revenue-cycle-management-market-100275
The global revenue cycle management (RCM) market is segmented into: