Revenue Cycle Management Market | Asia-Pacific Growing by South Korea, Singapore, Japan, China
WILMINGTON, DE, UNITED STATES, December 14, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Revenue Cycle Management Market, by Type (Integrated, Standalone), by Component (Software, Services), by Deployment Mode (On-Premise, Cloud), by End-User (Hospitals, Physicians, Diagnostic Laboratories, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031"
The revenue cycle management market was valued at $109.53 billion in 2021, and is estimated to reach $367.7 billion by 2031, growing at a CAGR of 13.2% from 2022 to 2031.
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Revenue cycle management, which encompasses all clinical and administrative activities related to generating and collecting patient revenue, has grown in importance in a competitive environment, as hospitals face stricter regulations and invoicing requirements, underpayments, and longer payment delays. With the practitioners’ continuous interest, revenue cycle management has gained growth in healthcare finance research. All clinical and administrative operations connected to the development, management, and collection of patient care revenue are included in hospital revenue cycle management. Although previously focused on back-end tasks such as payments and collections, clinic financial managers have shifted their focus to the front end of the revenue cycle, such as patient registration and filing, insurance verification, and prior authorization, as well as core revenue cycles tasks such as medical documentation and coding.
Increasing demand for workflow optimization in healthcare organizations along with innovative synchronized management software systems is expected to fuel the market growth. Increased support from government institutions and federal agencies in the form of favorable regulatory reforms is driving growth. The market for revenue cycle management is witnessing regular technological advancements and the industry is constantly evolving. Various healthcare providers and payers are rapidly adopting these innovative and upgraded RCM solutions. For instance, R1 RCM Inc launched R1 Professional in January 2020, an advanced RCM solution that is widely used by large hospital-owned medical groups and other groups involved in independent practices.
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Competitive Analysis:
The competitive environment of Revenue Cycle Management Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Revenue Cycle Management Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Athenahealth, Inc.
eClinicalWorks
Epic Systems Corporation
Experian Information Solutions, Inc.
GeBBS Healthcare Solutions
GE HealthCare
McKesson Corporation
Oracle Cerner
Quest Diagnostics Incorporated
Veradigm LLC and Many More
Region-wise, North America dominated the market in revenue cycle management market size in 2021 due to the presence of key players and surge in demand for IT solutions in the healthcare sector. However, Asia-Pacific is anticipated to register the highest growth rate in the revenue cycle management industry due to the rise in healthcare spending and technological advancements in the healthcare sector.
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The outbreak of COVID-19 has caused many difficulties globally. During the COVID-19 pandemic, revenue cycle management plays a vital role in checking patients' eligibility, which reduces hospital maintenance time during the pandemic.
COVID-19 does not have a major negative impact on the growth of the market and is expected to provide numerous opportunities for the market to grow in the revenue cycle management market forecast period. An increase in demand for healthcare solutions and advanced patient management is expected to surge the demand for revenue cycle management solutions and services in hospitals across the globe.
Similar Reports:
South Korea Revenue Cycle Management Market: https://www.alliedmarketresearch.com/south-korea-revenue-cycle-management-market
U.S. Revenue Cycle Management Market: https://www.alliedmarketresearch.com/u-s-revenue-cycle-management-market
Europe Revenue Cycle Management Market: https://www.alliedmarketresearch.com/europe-revenue-cycle-management-market
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