About Revenue Cycle Management Solutions
Revenue Cycle Management Solution provides the budgetary procedure, conveying therapeutic charging programming that medicinal services offices use to follow patient consideration scenes from registration and arrangement planning to the last payment of a balance. Expanding pattern for developing the journey of medical clinics, larger carriers and clinics to recognize new income streams, overseeing income cycles, however making them. This industry is looking through income which can be framed through the interoperability of Annual Wellness Visits (AWV), chronic care and service care transitions between physical and behavioral health services.
Attributes | Details |
---|
Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
Major players putting High focus on providing customized solutions to customers in order to remain competitive in revenue cycle management solutions. This industry seeing more number of niche players coming up rather than traditional players. To provide the best services to the customers, companies are spending more on healthcare analytics-based solutions. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Revenue Cycle Management Solutions market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
R1 (United States), VRCM (India), Cognizant (United States), Cerner (United States), Optum (United States), Mednax (United States), Experian (United States), Visionary RCM Infotech (India), Netsmart (United States) and Availity (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Kareo Inc. (United States), Epic Systems Corporation (United States) and The SSI Group LLC (United States).
Segmentation Overview
AMA Research has segmented the market of Global Revenue Cycle Management Solutions market by Type (Integrated Solutions and Standalone), Application (Physicians, Hospitals, Laboratories and Other End Users (Pharmacies, Emergency Medical Centers)) and Region.
On the basis of geography, the market of Revenue Cycle Management Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment, the sub-segment i.e. Web Based will boost the Revenue Cycle Management Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Functions, the sub-segment i.e. Claim and Denial Management will boost the Revenue Cycle Management Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Bi-Directional Information Flow
Market Growth Drivers:
The decrease in Reimbursement in the Healthcare Industry, Reduction in Total Health Care Cost and Increasing Expenditure in the Healthcare Industry
Restraints:
Absence of Knowledge and Skills in Workers and Limitations in Technical Supports
Opportunities:
Increase Initiatives Taken By Governments for Implementation of the Revenue Cycle Management Solutions Has Become Strong Opportunity for Service Providers
Market Leaders and their expansionary development strategies
In Jan 2019, eMDs Inc. declared to the acquisition of Aprima Medical Software to create a world-class provider of fully integrated financial, administrative and clinical solutions, which are utilized by more than 63,000 providers and hospitals across the world.
In Mar 2019, GroupOne Health Source announced a rewards program that will include complimentary eClinicalWorks training, consulting, and optimization into the company’s current end-to-end healthcare revenue cycle management services.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Revenue cycle management solutions providers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.