Technology Spending on Revenue Cycle Management Market Growth factors, Size, Share, Trends, Top Key Players Analysis 2013-2017, Forecast 2018-2024

12/giu/2018 13:11:02 Rajesh Contatta l'autore

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Global technology spending on revenue cycle management market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) over the 2018 to 2024

 

Market Outline: Global Technology Spending on Revenue Cycle Management Market

Revenue cycle management is the management of all clinical and administrative functions that contribute the revenues directly or indirectly through the patient service to optimize the final profits. The process for the revenue cycle management include patient registration, eligibility, verification for insurance, medical coding, claim processing, and payments. The process can be done by using the software. Major prominent elements in the revenue cycle management include patients, healthcare providers, billing companies, and insurance providers.

 

Market Dynamics: Global Technology Spending on Revenue Cycle Management Market

Increase in demand for cloud-based solutions coupled with technological advancements in the workflow optimization is anticipated to drive the growth of market. Moreover, improvement in the efficiency in healthcare services, rise in revenue generation, presence of huge number of insurance providers, easier access to healthcare IT systems, and rise in preference for outsourced revenue cycle management solutions are anticipated to propel the technology spending on revenue cycle management market over the forecast years. Moreover, high cost for the RCM deployment, dearth of skilled professionals, unable to handle the uninsured patients, and infrastructure loop holes are expected to restrain the growth of global technology spending on revenue cycle management market over the forecast timeframe.

 

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Market Scope: Global Technology Spending on Revenue Cycle Management Market

Global technology spending on revenue cycle management market is segmented based on software type, deployment, component, and end user

Based on software type, market is segmented into the following:

·        Integrated Software

·        Standalone Software

Based on the deployment, market is segmented into the following:

·        Cloud-Based

·        On-Premise

Based on the component, market is segmented into the following:

·        Software

·        Services

Based on the end users, the market is segmented into the following:

·        Hospitals

·        Ambulatory Surgical Centers

·        Others

 

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Regional Analysis: Global Technology Spending on Revenue Cycle Management Market

Geographically, global technology spending on revenue cycle management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America technology spending on revenue cycle management market is set to grow at an unprecedented growth rate due to presence of huge number of industry players, stringent regulatory compliance, and sophisticated healthcare infrastructure coupled with presence of skilled professionals. Europe technology spending on revenue cycle management market is driving by high unmet needs to modernized revenue cycle management, development of customized RCM solutions by regional players, and high adoption of cloud-based solutions. However, Asia pacific technology spending on revenue cycle management market is expected to register fastest growth rates due to increase in the demand for insurance, rise in adoption of healthcare IT in China, India, and Japan, and rise in prevalence of chronic diseases are surge the market over the forecast timeframe.

 

Competition Assessment: Global Technology Spending on Revenue Cycle Management Market

Some of the players in the global technology spending on revenue cycle management market include:

·        Cerner Corporation (U.S.)

·        DST Systems, Inc. (U.S.)

·        3M Company (U.S.)

·        Allscripts Healthcare Solutions (U.S.)

·        McKesson Corporation (U.S.)

·        Athenahealth, Inc. (U.S.)

·        Quest Diagnostics Incorporated (U.S.)

·        Experian PLC (Ireland)

·        Eclinicalworks, LLC (U.S.)

·        Xifin, Inc. (U.S.)

·        Epic Systems Corporation (US)

 

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Notable Market Developments: Global Technology Spending on Revenue Cycle Management Market

·        In January 2018, Xifin launched Xifin RPM 9, next generation revenue cycle platform with enhanced automated workflows.

 

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