North America Revenue Cycle Management Market Estimated to be Worth USD 40.44 Billion by 2021, at a Developing CAGR of 12.0%
PUNE, India, April 19, 2016 /PRNewswire/ --
According to the new Market Research Report "North America Revenue Cycle Management (RCM) Market, by product (Integrated RCM, Standalone RCM), by Component, by Deployment (On premise, Web based, Cloud-based), by End-User (Hospitals, Physicians, Labs, Others), by Function (Front office, Middle office, Back office) - Forecast to 2021", The Revenue Cycle Management system market in North America is pegged at USD 20.50 billion in 2015 and is estimated to grow to around USD 40.44 billion by 2021, at a developing CAGR of 12.0% from 2016 to 2021.
Browse 51 market data Tables and 51 Statistical Figures in the report with an elaborate TOC North America Revenue Cycle Management (RCM) Market for an in-depth analysis of the industry trends and segments
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The international statistical classification of diseases and related health problems revised the coding guidelines from ICD9 to ICD 10 for care providers. The transition to ICD-10 enables providers to receive more detailed classification about patients' medical conditions and hospital inpatient procedures than ICD-9. ICD-10 will increase the number of codes from 18,000 to 64,000, making the coding process more complex and difficult, requiring sound technical knowledge. If hospitals fail to implement this system, they face loss of productivity and denied claims. Thus, this results in more adoption of RCM solutions by hospital in order to gain high rate of return on investment.
Revenue cycle management directly affects the revenues generated by the hospital and clinics. As Errors in revenue cycle management results in 3% to 5% loss of revenues in hospitals/clinics. Hence to reduce the errors in RCM, shorter the cycle and better efficiency will compel providers to invest in revenue cycle management system.
North American Revenue Cycle Management system market growth is attributed to the consolidation of healthcare providers in North America, reduction of overall healthcare cost in this region and decreasing reimbursements. Despite this, limited investment in healthcare IT and high cost of RCM systems affected the North American market for revenue cycle management in last few years. The adoption rate for RCM solutions is low among medical organizations, due to their high costs and the significant investments involved in hardware, software, and staff training.
In this report, the market is segmented and forecasted on the basis of Components and Deployments of Revenue Cycle Management system market in North American region. The Components comprise of Hardware, Software and Services, while the deployment are on premise, cloud-based, web-based are discussed. The market is further segmented and forecasted on the basis of major countries, such as U.S., Canada and Mexico. The market is also segmented and analyzed further on the basis of the end-users.
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This report also includes the market share, supply chain and value chain analyses, and market metrics such as drivers, restraints and upcoming opportunities in the market. In addition, it presents a competitive landscape and company profiles of key players in the market including major companies which provide revenue cycle management system as a product.
Key Players of North American Revenue Cycle Management (RCM) Market:
The major players operating in this market are Quest Diagnostics (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Athenahealth, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), eClinicalWorks, Inc. (U.S.), CareCloud Corporation (U.S.), The SSI Groups, Inc. (U.S.), GE Healthcare (U.K.), Epic Systems (U.S.), Siemens Healthcare (Germany), Kareo, Inc. (U.S.)
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