North America Revenue Cycle Management Market Size, Share & Industry Trends Analysis Report By End-use (Hospitals, Physicians, Diagnostic Laboratories and Others), By Deployment, By Component (Software and Services), By Type, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Revenue Cycle Management Market would 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.
Free Valuable Insights: The Worldwide Revenue Cycle Management Market is Projected to reach USD 227.8 Billion by 2028, at a CAGR of 12%
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
Market Segments Covered in the Report:
- Diagnostic Laboratories
- 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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