According to the report, the global revenue cycle management market accounted for USD 23.40 billion in 2016 and is expected to reach around USD 43.80 billion by 2022, growing at a CAGR of around 11.0
Revenue Cycle Management Market According to the report, the global revenue cycle management market accounted for USD 23.40 billion in 2016 and is expected to reach around USD 43.80 billion by 2022, growing at a CAGR of around 11.0% between 2017 and 2022. Revenue cycle management in healthcare is a process of managing claim process, payment, and revenue generation. Revenue cycle management helps a medical practice to increase the revenue by proper claim management. The four player which involved in revenue cycle management of healthcare system includes patients, healthcare providers, billing company and insurance player. Request For Free Sample Report: https://goo.gl/TxyF3E Increasing awareness regarding revenue cycle management is one of the major driving factors for global revenue cycle management market. Furthermore, the need of improvement in health care organization coupled with increasing government initiatives for implementing RCM solutions are some other factors that are influencing the overall revenue cycle management market.However, the high cost of technology is a major restrain the growth of RCM market. Nonetheless, ongoing research and development and adoption of new and updated versions of RCM solution can create opportunities nearby future.
Revenue Cycle Management Market Based on product, RCM market is segmented into two types: integrated and standalone. An integrated management system integrates all of an organization’s systems and processes into one complete framework, which allows the organization to work as a single unit with unified objectives. Inquiry more about this report: https://goo.gl/NYJvfz Based on the component, RCM market is segmented into two types: service and software. The services segment accounted for the largest share of the market in 2016. This growth is attributed due to increasing reliability on maintenance of software. RCM software required yearly updating or annual subscription which considered as the major driving factor for the growth of the services segment in RCM market. Based on deployment, the global revenue cycle management market is classified into three types: web-based, on-premises and cloud based system. Web-based system accounted for the largest market share in 2016. This growth is attributed due to the wide adoption of mobile support system in healthcare. Based on end-user, the global revenue cycle management market is classified into four types: physician or consultant, hospital, medical and diagnostic laboratories and others. Physician segment expected to account for the largest share of the market in 2022. This growth is accredited due to increasing number of patients visiting physician or consultants. In addition, rising demand for healthcare insurance are the major factors contributing to the growth of this segment.