The Europe Revenue Cycle Management Market should witness market growth of 12.3% CAGR during the forecast period (2022-2028).
Revenue cycle management in healthcare aids in the reduction of claim submission errors. Healthcare data specialists can utilize healthcare management software to automatically detect and report issues. It also allows patient payments by sending billing notifications through email or text messages. Using electronic data interchange techniques, this message directly connects to payment gateways. Financial management solutions can sustain patient engagement, including scheduling, intake forms, billing, and insurance eligibility, when integrated into patient health record systems.
These measures result in a streamlined procedure that enhances patient happiness and accelerates revenue recognition. Programs for healthcare revenue cycle management aid providers in their move to value-based reimbursement. By analyzing data provided by linked record-keeping and billing systems, the provider can diagnose patient population patterns and identify areas of need.
The contemporary corporate environment has witnessed a growth in the acceptance of RCM in both established and developing regions due to technological advances in product offerings and an expansion of end-user application areas. In addition, the increase in healthcare expenditures in developing nations, the expansion of the market for outsourced RCM solutions, and technical improvements for workflow efficiency drive the need for advanced healthcare systems, hence offering lucrative growth prospects.
In this region, chronic conditions represent a major contributor to morbidity and mortality. According to research, the burden of comorbidity and complicated diseases like diabetes and depression will increase over time. The pharmaceutical industry has been driven to create stronger medications due to the rising knowledge of the disease's harmful effects. According to studies, middle-aged adults and those from lower socioeconomic positions are more prone to have chronic diseases. Therefore, the need for healthcare has increased due to the prevalence of disease, creating profitable chances for the expansion of the revenue cycle management market in Europe.
The Germany market dominated the Europe Revenue Cycle Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $13,422.4 Million by 2028. The UK market is anticipated to grow at a CAGR of 11.4% during (2022-2028). Additionally, The France market would exhibit a CAGR of 13.2% during (2022-2028).
Based on End-use, the market is segmented into Hospitals, Physicians, Diagnostic Laboratories and Others. Based on Deployment, the market is segmented into Web-based, Cloud and On-premise. Based on Component, the market is segmented into Software and Services. Based on Type, the market is segmented into Integrated and Standalone. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Quest Diagnostics Incorporated, Athenahealth, Inc. (Veritas Capital), GE HealthCare Technologies, Inc., Experian PLC, R1 RCM, Inc., Epic Systems Corporation, eClinicalWorks LLC, McKesson Corporation, Oracle Corporation (Cerner Corporation), and AllScripts Healthcare Solutions, Inc.
Revenue cycle management in healthcare aids in the reduction of claim submission errors. Healthcare data specialists can utilize healthcare management software to automatically detect and report issues. It also allows patient payments by sending billing notifications through email or text messages. Using electronic data interchange techniques, this message directly connects to payment gateways. Financial management solutions can sustain patient engagement, including scheduling, intake forms, billing, and insurance eligibility, when integrated into patient health record systems.
These measures result in a streamlined procedure that enhances patient happiness and accelerates revenue recognition. Programs for healthcare revenue cycle management aid providers in their move to value-based reimbursement. By analyzing data provided by linked record-keeping and billing systems, the provider can diagnose patient population patterns and identify areas of need.
The contemporary corporate environment has witnessed a growth in the acceptance of RCM in both established and developing regions due to technological advances in product offerings and an expansion of end-user application areas. In addition, the increase in healthcare expenditures in developing nations, the expansion of the market for outsourced RCM solutions, and technical improvements for workflow efficiency drive the need for advanced healthcare systems, hence offering lucrative growth prospects.
In this region, chronic conditions represent a major contributor to morbidity and mortality. According to research, the burden of comorbidity and complicated diseases like diabetes and depression will increase over time. The pharmaceutical industry has been driven to create stronger medications due to the rising knowledge of the disease's harmful effects. According to studies, middle-aged adults and those from lower socioeconomic positions are more prone to have chronic diseases. Therefore, the need for healthcare has increased due to the prevalence of disease, creating profitable chances for the expansion of the revenue cycle management market in Europe.
The Germany market dominated the Europe Revenue Cycle Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $13,422.4 Million by 2028. The UK market is anticipated to grow at a CAGR of 11.4% during (2022-2028). Additionally, The France market would exhibit a CAGR of 13.2% during (2022-2028).
Based on End-use, the market is segmented into Hospitals, Physicians, Diagnostic Laboratories and Others. Based on Deployment, the market is segmented into Web-based, Cloud and On-premise. Based on Component, the market is segmented into Software and Services. Based on Type, the market is segmented into Integrated and Standalone. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Quest Diagnostics Incorporated, Athenahealth, Inc. (Veritas Capital), GE HealthCare Technologies, Inc., Experian PLC, R1 RCM, Inc., Epic Systems Corporation, eClinicalWorks LLC, McKesson Corporation, Oracle Corporation (Cerner Corporation), and AllScripts Healthcare Solutions, Inc.
Scope of the Study
By End-use
- Hospitals
- Physicians
- Diagnostic Laboratories
- Others
By Deployment
- Web-based
- Cloud
- On-premise
By Component
- Software
- Services
By Type
- Integrated
- Standalone
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- Quest Diagnostics Incorporated
- Athenahealth, Inc. (Veritas Capital)
- GE HealthCare Technologies, Inc.
- Experian PLC
- R1 RCM, Inc.
- Epic Systems Corporation
- eClinicalWorks LLC
- McKesson Corporation
- Oracle Corporation (Cerner Corporation)
- AllScripts Healthcare Solutions, Inc.
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
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- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 4. Europe Revenue Cycle Management Market by End-use
Chapter 5. Europe Revenue Cycle Management Market by Deployment
Chapter 6. Europe Revenue Cycle Management Market by Component
Chapter 7. Europe Revenue Cycle Management Market by Type
Chapter 8. Europe Revenue Cycle Management Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- Quest Diagnostics Incorporated
- Athenahealth, Inc. (Veritas Capital)
- GE HealthCare Technologies, Inc.
- Experian PLC
- R1 RCM, Inc.
- Epic Systems Corporation
- eClinicalWorks LLC
- McKesson Corporation
- Oracle Corporation (Cerner Corporation)
- AllScripts Healthcare Solutions, Inc.
Methodology
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About the Revenue Cycle Management Market
Revenue Cycle Management (RCM) is a term used to describe the process of managing the financial aspects of a hospital's operations. It includes activities such as patient registration, billing, collections, and payment processing. RCM is an important part of hospital management, as it helps to ensure that the hospital is able to generate revenue and remain financially viable. RCM involves a number of different processes, such as patient registration, coding, billing, collections, and payment Read more
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