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Revenue Cycle Management Market 2019: Comprehensive Analysis by Top Key Companies, Industry Growth, Size, Share, Market Insights, Sales Volume and Forecast to 2024

Revenue

The “Revenue Cycle Management Market” research report 2019-2024 delivers comprehensive information and valuable insights about the Revenue Cycle Management industry. The information available in the Revenue Cycle Management market report is not only based on the facts but also on the case studies, which analysts have included to convey appropriate information to the clients in a well-versed manner. Revenue Cycle Management market report includes valuable information to assist new entrants, as well as established players, to understand the prevailing trends in the market.

Some Companies Are Covered in the Revenue Cycle Management Market:

  • Allscripts Healthcare Solutions
  • athenahealth, Inc.
  • Cerner Corporation
  • Conifer Health Solutions, LLC
  • Constellation Software
  • eClinicalWorks
  • Epic Systems Corporation
  • GE Healthcare
  • GeBBs Healthcare Solutions, Inc.
  • Mckesson Corporation

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    Market Overview:

  • The growth of the revenue cycle management (RCM) market is attributed to the increase in government initiatives to boost the adoption of RCM solutions, increasing revenue loss due to billing errors, and increasing adoption of EHR/EMR.
  • Revenue for healthcare providers depends on the accurate processing of medical claims. For improving the financial outcome, a healthcare organization needs to maintain a quality revenue cycle and insurance billing. The revenue cycle management team comprises of accounts receivable (A/R) management and denial management. With mounting pressure on hospitals to reduce cost, most of the care providers are losing revenue due to claim denials and their failure to submit or delay the denied claim. This has given an opportunity for specialty firms that provide revenue cycle management service.
  • Most hospitals are now dependent on third-party providers for denial management service, as they lack in the expert knowledge and the time to manage the reimbursement process. Most common billing errors include failure to verify insurance, filing an incomplete claim, coding errors, lack of specificity, and missing filing deadlines. Most of the care providers are now addressing the challenge by working with third-party medical billing professionals, who are expert in the overall revenue cycle management. With their expertise, these providers are able to increase the cash flow of their clients, which was otherwise neglected by the hospitals to resubmit the denied claims. It is estimated that over 90% of the claim denials can be prevented with support from providers (who have systems) and knowledge experts in this field. From the above, it can be concluded that the revenue loss to hospitals due to billing errors can be prevented by specialty revenue cycle management service providers. Thereby, this factor is expected to drive the market studied over the forecast period.

    Scope of the Report:

  • As per the scope of this report, the term revenue cycle management refers to solutions that support various hospitals and medical facilities to increase their revenue, by addressing the mistakes in billing, and by helping with efficient billing, documentation, and claim management.

    Reasons for Buying Revenue Cycle Management Market Report:

    • This report provides pin-point analysis for changing competitive dynamics
    • It provides a forward looking perspective on different factors driving or restraining market growth
    • It provides a five-year forecast assessed on the basis of how the market is predicted to grow
    • It helps in understanding the key product segments and their future
    • It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
    • It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments

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    Key Market Trends:

    Cloud-based is the Segment Under Deployment that is Expected to grow Fastest During the Forecast Period

    The web-based segment held a maximum share in 2018 as it is installed off-site and is supervised by a third party. It is used over the internet and with a web browser, which does not require any additional storage or hardware. So, the data can be retrieved by various healthcare providers from different geographical locations.

    The cloud-based segment is forecasted to show significant growth during the forecast period due to the flexibility and scalability offered by these solutions. The cloud-based delivery model makes the software extremely flexible regarding scalability (pay-as-you-go storage utilization). It simplifies and consolidates storage resources to reduce cost and enhance workflow, by eliminating departmental silos of clinical information. The storage and server power for the organization is hosted off-premise. The cloud vendor provides all the off-premise system support resources. This feature about cloud technology is a key market driver.

    North America holds the Largest Market Share of the Revenue Cycle Management Market Currently and is Believed to Follow the Same Trend over the Forecast Period

    The North American healthcare revenue cycle management market dominated the global market and is estimated to show a similar trend during the forecast period. This growth is due to factors like significant changes in regulations that have largely affected the finances, organization, and delivery of healthcare services. Most US healthcare providers are deploying revenue cycle management (RCM) systems that reduce the time taken for receiving payment after providing a service. The RCM that automates many activities previously done manually is saving time, which is a major factor for the growth of the market.

    Revenue Cycle Management Market Report Provides Comprehensive Analysis of:

    • Functional market industry outline
    • Up and downstream industry examination
    • Channels and propositions believability
    • Market challenge by key players
    • Enhancement suggestions examination

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    Report Highlights:

    • Market Dynamics – Drivers, Restraints, and Opportunities
    • Market Segmentation – Types, Applications, Regions, and Technology
    • Market Trends
    • Competitive Landscape
    • SWOT Analysis and Porter’s Five Forces Analysis

    Detailed TOC of Revenue Cycle Management Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Market Drivers
    4.2.1 Government Initiatives to Boost the Adoption of RCM Solutions
    4.2.2 Increasing Revenue Loss Due to Billing Errors
    4.2.3 Increasing Adoption of EHR/EMR
    4.3 Market Restraints
    4.3.1 High Pricing and Maintenance of RCM Solutions
    4.3.2 Lack of Proper IT infrastructure
    4.4 Porter’s Five Forces Analysis
    4.4.1 Threat of New Entrants
    4.4.2 Bargaining Power of Buyers/Consumers
    4.4.3 Bargaining Power of Suppliers
    4.4.4 Threat of Substitute Products
    4.4.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Deployment
    5.1.1 Web-based
    5.1.2 Cloud-based
    5.1.3 On-premise
    5.2 By Function
    5.2.1 Claims and Denial Management
    5.2.2 Medical Coding and Billing
    5.2.3 Electronic Health Record (EHR)
    5.2.4 Clinical Documentation Improvement (CDI)
    5.2.5 Insurance
    5.2.6 Other Functions
    5.3 By End User
    5.3.1 Hospitals
    5.3.2 Laboratories
    5.3.3 Other End Users
    5.4 Geography
    5.4.1 North America
    5.4.1.1 United States
    5.4.1.2 Canada
    5.4.1.3 Mexico
    5.4.2 Europe
    5.4.2.1 Germany
    5.4.2.2 United Kingdom
    5.4.2.3 France
    5.4.2.4 Italy
    5.4.2.5 Spain
    5.4.2.6 Rest of Europe
    5.4.3 Asia-Pacific
    5.4.3.1 China
    5.4.3.2 Japan
    5.4.3.3 India
    5.4.3.4 Australia
    5.4.3.5 South Korea
    5.4.3.6 Rest of Asia-Pacific
    5.4.4 Middle East & Africa
    5.4.4.1 GCC
    5.4.4.2 South Africa
    5.4.4.3 Rest of Middle East & Africa
    5.4.5 South America
    5.4.5.1 Brazil
    5.4.5.2 Argentina
    5.4.5.3 Rest of South America

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Allscripts Healthcare Solutions
    6.1.2 athenahealth, Inc.
    6.1.3 Cerner Corporation
    6.1.4 Conifer Health Solutions, LLC
    6.1.5 Constellation Software
    6.1.6 eClinicalWorks
    6.1.7 Epic Systems Corporation
    6.1.8 GE Healthcare
    6.1.9 GeBBs Healthcare Solutions, Inc.
    6.1.10 Mckesson Corporation

    7 MARKET OPPORTUNITIES AND FUTURE TRENDS

     

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