{"id":130165,"date":"2024-03-24T20:12:49","date_gmt":"2024-03-25T00:12:49","guid":{"rendered":"https:\/\/v2fr5er78d.funnewsdaily.com\/books\/global-revenue-cycle-management-rcm-market-size-is-projected-to-reach-usd-586-5-billion-by-2031-growing-at-a-cagr-of-12-4-straits-research\/"},"modified":"2024-03-24T20:12:49","modified_gmt":"2024-03-25T00:12:49","slug":"global-revenue-cycle-management-rcm-market-size-is-projected-to-reach-usd-586-5-billion-by-2031-growing-at-a-cagr-of-12-4-straits-research","status":"publish","type":"post","link":"https:\/\/v2fr5er78d.funnewsdaily.com\/books\/global-revenue-cycle-management-rcm-market-size-is-projected-to-reach-usd-586-5-billion-by-2031-growing-at-a-cagr-of-12-4-straits-research\/","title":{"rendered":"Global Revenue Cycle Management (RCM) Market Size is projected to reach USD 586.5 billion by 2031, growing at a CAGR of 12.4%: Straits Research"},"content":{"rendered":"
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New York, United States, March 21, 2024 (GLOBE NEWSWIRE) — Revenue cycle management (RCM) is the process utilized by healthcare systems worldwide to monitor the revenue from patients, from their initial appointment or encounter to the payment of their final balance. It is software used for financial activities such as medical invoices, tracking patients and data, scheduling appointments and registrations, and in some cases tracking final payments and outstanding balances. Revenue cycle management combines the clinical and business aspects of the healthcare industry, integrating administrative data such as insurance provider information, patient name, and personal information with treatment type and other pertinent healthcare data.<\/p>\n
Download Free Sample Report PDF @\u00a0https:\/\/straitsresearch.com\/report\/revenue-cycle-management-market\/request-sample<\/a><\/strong><\/p>\n Positive Government Reforms Drive the Global Market Government reforms are essential for increasing the utilization and adoption of systems like revenue cycle management. For instance, the Affordable Care Act (ACA) focuses on expanding health insurance coverage for low-income individuals in the United States. It is anticipated that expanding insurance coverage will increase the number of reimbursements and denials requiring revenue cycle management.<\/p>\n In addition, numerous government organizations around the globe are implementing initiatives to facilitate the exchange of health data and enhance the effectiveness of healthcare systems. For instance, the NHS Five Year Forward View, released in 2014, emphasizes using technology to improve care delivery and reduce healthcare disparities. In addition, the NHS initiative to ensure a paperless healthcare system by 2020 by increasing the adoption of HIT systems will likely accelerate the market during the forecast period.<\/p>\n Increasing Outsourcing of Revenue Cycle Management Creates Tremendous Opportunities<\/b><\/p>\n The outsourcing of healthcare IT services has increased due to factors like the dearth of skilled labor, the scarcity of resources, and the escalating cost of healthcare. Primarily, healthcare organizations outsource coding requirements, key performance monitoring, claim follow-up, and data accuracy assurance. Inaccuracies can occur in medical invoicing and other processes due to the growing healthcare burden and volume of patient data. Therefore, outsourcing can aid in reducing these errors, allowing for the efficient operation of all aspects of revenue cycle management.<\/p>\n Additionally, major advantages of outsourcing revenue cycle management include the availability of competent and trained professionals, cost-effective and efficient services, and adherence to mandated regulations and guidelines. These advantages have resulted in increased adoption of outsourcing services in recent years. According to a 2020 article published in Med USA, approximately two-thirds of healthcare organizations outsource their revenue cycle management requirements. Consequently, this escalating adoption will likely generate market expansion opportunities during the forecast period.<\/p>\n Competitive Players<\/b><\/p>\n The key global\u00a0revenue cycle management (RCM) market players<\/a> are Allscripts Inc., The SSI Group Inc., Cerner Corporation, Change Healthcare, R1 RCM Inc., NextGen Healthcare Information Solution LLC, Experian Health, Epic Systems Corporation, McKesson Corporation, Quest Diagnostics Inc., and CareCloud Corporation<\/strong><\/em>.<\/p>\n Regional Analysis<\/b><\/p>\n North America is the most significant global revenue cycle management (RCM) market shareholder and is anticipated to exhibit a CAGR of 10.61% during the forecast period. In this region, factors such as rising healthcare costs, expanding government initiatives to implement RCM systems, and rising adoption of HIT systems will likely stimulate market growth. The U.S. healthcare system has shifted its emphasis from fee-for-service care models to value-based care. Governing bodies have initiated several measures toward this end. For instance, the U.S. Secretary of Health and Human Services (HHS) desires to direct 30% of Medicare payments to alternative payment models by the end of 2016 and 50% of Medicare payments by 2018. This has facilitated the development of Accountable Care Organizations (ACOs), bundled payments, and other methods of enhancing health outcomes while reducing costs which will increase RCM market growth in North America.<\/p>\n Europe is estimated to exhibit a CAGR of 10.3% over the forecast period. The RCM market in Europe is the second largest in the world and is growing profitably due to government policies. For example, the Digital Single Market Strategy of the European Commission makes it easier for consumers and businesses to access online services and goods across the continent, fostering the optimal environment for the growth of digital networks and services and maximizing the potential for economic expansion in Europe. In addition, the EU presented the eHealth action plan for 2014-2020, which comprises eHealth development strategies for Europe. These initiatives are anticipated to accelerate the healthcare IT market in Europe, thereby fostering the expansion of the RCM market. The increasing volume of patient data, technological advances, and rising demand for efficient and fast healthcare processes will also favor market growth.<\/p>\n Key Highlights<\/b><\/p>\n Market News Global Revenue Cycle Management (RCM) Market: Segmentation<\/b><\/p>\n By Product<\/b><\/p>\n By Type<\/b><\/p>\n By Delivery Mode<\/b><\/p>\n By End-User<\/b><\/p>\n By Regions<\/b><\/p>\n Get Detailed Market Segmentation @\u00a0https:\/\/straitsresearch.com\/report\/revenue-cycle-management-market\/segmentation<\/a><\/strong><\/p>\n About Straits Research Pvt. Ltd.<\/strong><\/p>\n Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.<\/p>\n Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client\u2019s purchase. We overcome our clients\u2019 issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.<\/p>\n For more information on your target market, please contact us below:<\/em><\/strong><\/p>\n Phone:<\/strong>\u00a0+1 646 905 0080 (U.S.)<\/p>\n +91 8087085354 (India)<\/p>\n +44 203 695 0070 (U.K.)<\/p>\n Email:\u00a0<\/strong>sales@straitsresearch.com<\/strong><\/a><\/p>\n Follow Us:\u00a0<\/strong>LinkedIn<\/strong><\/a>\u00a0|\u00a0<\/strong>Facebook<\/strong><\/a>\u00a0|\u00a0<\/strong>Instagram<\/strong><\/a>\u00a0|\u00a0<\/strong>Twitter<\/strong><\/a><\/p>\n
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