United States $286.7 Bn Revenue Cycle Management Markets to 2028
Dublin, Sept. 14, 2021 (GLOBE NEWSWIRE) -- The "U.S. Revenue Cycle Management Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The U.S. revenue cycle management market size is projected to reach USD 286.7 billion by 2028. This market is expected to expand at a CAGR of 11.2% over the forecast period.
An increase in pressure on healthcare providers to implement revenue cycle management (RCM) solutions, the rise in adoption of Consumer-driven Healthcare (CDH) accounts, and growth in the number of collaborations in the market are the major factors driving the industry growth.
The integrated product type segment accounted for the largest revenue share of over 70% in 2020 and is expected to grow at the fastest CAGR over the forecast period. These systems provide seamless access to clinical data from Electronic Health Records (EHRs) and similar databases.
For instance, according to a news article published by Cerner Corp. in 2020, fully integrated EHR systems provided by the company are proving to be beneficial and providing improvements in the RCM systems at the San Juan Regional Medical Center. Hence, the rising adoption of integrated systems is likely to fuel the segment growth during the forecast period.
On the basis of delivery mode, the web-based segment accounted for the highest revenue share in 2020. Key factors responsible for this growth included affordability, rapid Return on Investment (RoI), and ease of deployment of these systems. On the other hand, the cloud-based segment is expected to grow at the fastest CAGR over the forecast period.
Based on sourcing, the outsourcing segment is expected to register the fastest growth rate over the forecast period. There is a rise in the demand for services outsourcing during the Covid-19 pandemic owing to the rapidly increasing inpatient volume, claim fluctuations and staff productivity.
U.S. Revenue Cycle Management Market Report Highlights
The market was valued at USD 120.7 billion in 2020 and is anticipated to grow at a CAGR of 11.2% over the forecast period
In 2020, the services segment is predicted to account for the largest market share growing at the fastest CAGR from 2021 to 2028
This growth is credited to the increased demand for service outsourcing due to the dearth of skilled labor, shortage of resources, and rising healthcare costs in the U.S.
The software segment is also projected to witness significant growth over the forecast period owing to the rising adoption and penetration of software-based solutions in the market
In 2020, the integrated systems product type segment accounted for the largest revenue share owing to the increasing demand for these systems to eliminate human errors and speeding up the administrative functions
U.S. Revenue Cycle Management (RCM) Market Variables, Trends & Scope
Penetration & Growth Prospect Mapping
Regulatory Framework
Reimbursement framework
Regulatory Modifications Influencing Radiology Reimbursement
Regulatory Modifications Influencing Cardiology Reimbursement
Preparing for Value-Based Reimbursement in Oncology Practices
Standards & Compliances
Market Dynamics
Market Driver Analysis
Technological Advancements
Increase in Outsourcing of RCM
Increasing Adoption of mhealth
Growth of High-deductible Health Plans (HDHPs)
Market Restraint Analysis
Increasing Payer Partnerships
Lack of Professionals to Handle RCM Processes
Market Opportunities
The U.S. Revenue Cycle Management Market Analysis Tools
The U.S. Revenue Cycle Management (RCM) Market - PEST Analysis
Industry Analysis - Porter's
Pricing Trends, by Physician Specialty
Product Adoption Patterns Analysis
Technology Trends in the RCM
Covid-19 Impact on the U.S. RCM Market
The U.S. Revenue Cycle Management Market: Competitive Analysis
Recent Developments & Impact Analysis, by Key Market Participants
Healthcare veteran launched HealthRev Partners
Waystar Health launched Hubble
R1 RCM, Inc. launched R1 Professional
SOC Telemed launched RCM service offering
Mastercard launched new unit for healthcare billing and data security
Homecare Home-base launched new RCM tool
Apprio, Inc. introduced ApprioHealth
The SSI Group, Inc. launched a new machine learning capability for predicting payor remittance
Healthcare Administrative Partners launched MIPS Measure Assurance Services
Patientco launched PatientWalletSM
Vendor Landscape
Key company market share analysis, 2020
Company market position analysis
Market Differentiators
Synergy Analysis: Major Deals & Strategic Alliances
Investment
Partnership
Merger & Acquistion
List of key emerging companies' /technology disruptors/innovators
Company Profiles
The SSI Group, Inc.
Allscripts Healthcare, LLC
Cerner Corporation
Mckesson Corporation
Athenahealth, Inc. (Veritas Capital Fund Management, L.L.C. and Evergreen Coast Capital)
Oncospark, Inc.
R1 RCM, Inc.
Epic Systems Corporation
For more information about this report visit https://www.researchandmarkets.com/r/r3n243
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