Revenue Cycle Management Market Outlook : Size, Demand, Growth and Forecast Report by 2027
Global Revenue Cycle Management Market was valued at USD 50.14 billion in 2019 which is expected to reach USD 85.25 billion by 2027 at a CAGR 12.5%.
Revenue cycle management is an improvised financial process which is used by healthcare professionals to track patient’s records, revenue generation, reimbursements, and mange claims process. This system provides real time access to claim management and allow healthcare professionals to manage their work in proper manner from registration and scheduling appointments to final balance payment.
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Market Drivers
Increase in government initiatives and investments as well as loss of revenue due to billing errors are the key driving factors which are expected to boost the global revenue cycle management market growth. Furthermore, technological advancements and innovations will have the positive impact on market growth. For instance, in February 2018, eClinicalworks had launched new Acute Care HER and revenue cycle management cloud based platform for ambulatory care centers. Moreover, in June 2019, Homecare Homebase had launched new its new revenue cycle management tool. Also, process improvements in healthcare sectors will fuel the global revenue cycle management market growth.
Market Restraints
However, high cost and lack of skilled professionals are the restraining factors which are expected to hamper the global revenue cycle management market growth. Also, data privacy and security concerns will affect the market growth.
Market Segmentation
Global Revenue Cycle Management Market is segmented into type such as Integrated, and Standalone, by deployment type such as On-Premise, and Cloud Based. Further, market is segmented into component such as Software, and Services, and by end user such as Hospitals, Physicians, Diagnostic Centers, and Ambulatory Care Centers.
Also, Global Revenue Cycle Management Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Market Taxonomy
By Type
- Integrated
- Standalone
By Deployment
- On-Premise
- Cloud Based
By Component
- Software
- Services
By End User
- Hospitals
- Physicians
- Diagnostic Centers
- Ambulatory Care Centers
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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