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US Revenue Cycle Management Market Report Up to 2031
US Revenue Cycle Management market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031.
Revenue cycle management in healthcare is a process of managing claim process, payment, and revenue generation. Revenue cycle management (RCM) helps a medical practice to increase the revenue by proper claim management. The four components which are involved in revenue cycle management of healthcare system includes patients, healthcare providers, billing company and insurance player.
Significance on increasing the acceptance of Electronic Health Records (EHRs) by healthcare delivery networks is projected to drive the RCM market. Moreover, focus on providing value-based care and reducing healthcare expenditure technological advancements, and outsourcing of health information technology services are the prime factors propelling the overall growth.
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Technological advancements in the Healthcare Revenue Cycle Management (HRCM) software has positively influenced the industry growth throughout analysis timeframe. Recently developed software are highly efficient and helps in providing enhanced patient care. Moreover, upgraded HRCM software have reduced the outstanding accounts receivable of several hospitals and healthcare facilities. Furthermore, adoption of centralized software for medical billing and coding has reduced errors and enhanced the clinical outcomes. Therefore, availability of such technologically advanced systems has escalated the US healthcare revenue cycle management market growth.
On the basis of end user, the market is segmented into physicians, hospitals, laboratories, and other end users (including pharmacies, long-term acute care facilities, and academic medical centres). The physicians segment is estimated to account for the largest share of the US market in 2017 and is projected to register the highest CAGR during the forecast period. The growing adoption of integrated practice management systems among physicians is the key factor driving the growth of this market.
The market is highly competitive. Key contributors include SSI Group; Allscripts, Cerner Corporation;
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