The North America Revenue Cycle Management Market should witness market growth of 11.0% CAGR during the forecast period (2022-2028).
In the revenue cycle management market, technological improvements are a prominent trend that is gaining popularity. Companies with a significant presence in the market for revenue cycle management are concentrating on the development of innovative technical solutions to bolster their standing. Modern, well-managed systems at the front end of the revenue cycle allow hospitals to improve their back-end operations, generating more patient revenue and collecting it on time.
For instance, technological advancements permit patients to easily schedule visits and submit online registration data via the internet. Similarly, integrating fundamental processes like patient care documentation and medical coding into the revenue cycle has become essential for guaranteeing accurate billing and claims collection on the back end. Specialist coding software, for instance, enables hospitals to dramatically boost the accuracy of medical coding, which is projected to become increasingly vital in the future.
The RCM's ability to automate formerly manual tasks is crucial to the market's expansion. In addition, a high volume of patient data collection and a rising healthcare burden may result in errors in medical billing and other operations. In addition, six out of ten Americans have at least one chronic condition, including cancer, heart disease, diabetes, or stroke. These and other chronic diseases are America's leading causes of morbidity and mortality. As a result, the region's demand for improved healthcare facilities is increasing. With the increasing need for healthcare facilities, the growth prospects for the revenue cycle management market also rise in the North America region.
The US market dominated the North America Revenue Cycle Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $76,412.7 Million by 2028. The Canada market is poised to grow at a CAGR of 13.6% during (2022-2028). Additionally, The Mexico market would showcase a CAGR of 12.6% 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 U.S., Mexico, Canada, and Rest of North America.
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.
In the revenue cycle management market, technological improvements are a prominent trend that is gaining popularity. Companies with a significant presence in the market for revenue cycle management are concentrating on the development of innovative technical solutions to bolster their standing. Modern, well-managed systems at the front end of the revenue cycle allow hospitals to improve their back-end operations, generating more patient revenue and collecting it on time.
For instance, technological advancements permit patients to easily schedule visits and submit online registration data via the internet. Similarly, integrating fundamental processes like patient care documentation and medical coding into the revenue cycle has become essential for guaranteeing accurate billing and claims collection on the back end. Specialist coding software, for instance, enables hospitals to dramatically boost the accuracy of medical coding, which is projected to become increasingly vital in the future.
The RCM's ability to automate formerly manual tasks is crucial to the market's expansion. In addition, a high volume of patient data collection and a rising healthcare burden may result in errors in medical billing and other operations. In addition, six out of ten Americans have at least one chronic condition, including cancer, heart disease, diabetes, or stroke. These and other chronic diseases are America's leading causes of morbidity and mortality. As a result, the region's demand for improved healthcare facilities is increasing. With the increasing need for healthcare facilities, the growth prospects for the revenue cycle management market also rise in the North America region.
The US market dominated the North America Revenue Cycle Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $76,412.7 Million by 2028. The Canada market is poised to grow at a CAGR of 13.6% during (2022-2028). Additionally, The Mexico market would showcase a CAGR of 12.6% 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 U.S., Mexico, Canada, and Rest of North America.
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
- US
- Canada
- Mexico
- Rest of North America
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.
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- Exhaustive coverage
- The highest number of Market tables and figures
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 4. North America Revenue Cycle Management Market by End-use
Chapter 5. North America Revenue Cycle Management Market by Deployment
Chapter 6. North America Revenue Cycle Management Market by Component
Chapter 7. North America Revenue Cycle Management Market by Type
Chapter 8. North America 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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