(PharmaNewsWire.Com, June 23, 2020 ) The Revenue Cycle Management Market is expected to reach USD 160.08 billion by 2027 from USD 66.81 billion in 2019, at a CAGR of 12.1%."Revenue Cycle Management Market by Product (Integrated Solutions, Standalone), Function (Claim & Denial, Medical Coding, Insurance Verification), Deployment (Web based, On premise, Cloud based), End User (Hospitals, Physicians, Lab) - Global Forecast to 2027" Regulatory mandates for the adoption of EHR/EMR and government initiatives to boost the adoption of RCM solutions are the major factors driving the adoption of RCM solutions.
Based on product, the integrated solutions segment is accounted for the largest share of the market in 2019
On the basis of product, the market is broadly segmented into integrated and standalone solutions. The integrated solutions segment is expected to account for the largest share of the global revenue cycle management market in 2019 and is projected to register the highest CAGR during the forecast period. Growth in this segment can be attributed to the rising adoption of value-based payment systems and the growing demand for cost-saving data management solutions.
Based on function, the claim and denial management segment is accounted for the largest share of the market in 2019
On the basis of function, the market is broadly segmented into claim and denial management, medical billing and coding, patient insurance eligibility check, payment remittance, electronic health record (EHR), clinical documentation improvement (CDI), and others. The claim and denial management segment is expected to account for the largest share of the global revenue cycle management market in 2019 and is expected to witness the highest CAGR during the forecast period. The growing demand for claims and denial management due to the dynamic reimbursement structure and the increasing instances of claim denials are the major factors driving the growth of this segment.
North America is expected to dominate the market in 2019
In 2019, North America is expected to account for the largest share of the global revenue cycle management market. The large share of this regional segment can be attributed to stringent legislative and accreditation requirements regarding healthcare, high adoption rate of HCIT technologies, and regulatory requirements regarding patient safety. Europe is expected to account for the second-largest share of the revenue cycle management market.
The key players in the global revenue cycle management market are McKesson (US), Cerner (US), Quest Diagnostics (US), Allscripts Health Solutions (US), and athenahealth (US).
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