Europe Revenue Cycle Management Market 2021:Size,Future Trends,Development, Top Manufacturers,Forecast To 2027|| Accuray Incorporated, IBA Worldwide, Eckert & Ziegler BEBIG, Koninklijke Philips N.V
A comprehensive analysis of the Europe Revenue Cycle Management Market is been done in this intelligence report. It includes the investigations done on the past progress, ongoing market scenarios, and future prospects. An accurate data of the products, strategies and market shares of leading companies in this particular market is mentioned. The report also analyzes innovative business strategies; value added factors and business opportunities with Detailed Porter’s Five Forces Analysis. The Europe Revenue Cycle Management market report presents a 360-degree overview of the competitive scenario of the market. The report further projects the size and valuation of the global market in the coming forecast period. The report also presents a thorough qualitative and quantitative data affecting to the projected impact of these factors on market’s future growth prospects.
Revenue cycle management market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses the market to grow at a CAGR of 12.55% in the above-mentioned forecast period. The increasing regulatory mandates for the adoption of EHR/EMR drive the revenue cycle management market.
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The Major Players Covered In The Revenue Cycle Management Market Report Are
- Varian Medical Systems, Inc,
- Mevion Medical Systems.,
- VIEWRAY TECHNOLOGIES, INC.,
- Siemens Healthcare Private Limited,
- Elekta AB,
- Accuray Incorporated,
- IBA Worldwide,
- Eckert & Ziegler BEBIG,
- Koninklijke Philips N.V.,
- GE Healthcare,
- Hitachi, Ltd. and Sumitomo Heavy Industries, Ltd
Revenue Cycle Management Market Scope and Market Size
Revenue cycle management market is segmented on the basis of product type, deployment, component, stage, function and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of product type, the revenue cycle management market is segmented into integrated RCM and standalone RCM.
- Based on deployment, the revenue cycle management market is segmented into web based, on premise and cloud based.
- Based on component, the revenue cycle management market is segmented into software and services.
- Based on stage, the revenue cycle management market is segmented into front office, mid office and back office.
- Based on function, the revenue cycle management market is segmented into claim and denial management, medical billing and coding, electronic health record (EHR), remittance, patient insurance eligibility check, clinical documentation improvement (CDI) and others. Others has been further segmented into scheduling and appointment referral management, and contract management.
- The revenue cycle management market is also segmented on the basis of end-user into hospitals, general physicians and labs.
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Revenue Cycle Management Market Drivers:
The increasing regulatory mandates for the adoption of EHR/EMR drive the revenue cycle management market.
The rising government initiatives to boost the adoption of Rcm solutions is the vital factor escalating the market growth, also loss of revenue due to billing errors, increasing process improvements in healthcare organizations, increasing supportive growth through regulatory compliance, rising healthcare spending and hiking demand for cloud-based solutions are the major factors among others driving the revenue cycle management market. Moreover, rising consolidation among vendors for end-to-end solutions, rising demand for cloud-based Rcm solutions and increasing potential Rcm markets for it vendors will further create new opportunities for revenue cycle management market in the forecasted period of 2020-2027.
Revenue Cycle Management Market Restraints:
However, high pricing and costly maintenance of Rcm solutions, rising scarcity of skilled IT professionals and It infrastructural constraints in developing markets are the major factors among others which will obstruct the market growth.
The rising integration of Rcm solutions within healthcare organizations and risks associated with data security and privacy will further challenge the growth of revenue cycle management market in the forecast period mentioned above.
List of Chapters:
1 Europe Revenue Cycle Management Market Overview
2 Europe Revenue Cycle Management Market Competitions by Manufacturers
3 Europe Revenue Cycle Management Capacity, Production, Revenue (Value) by Region (2020-2027)
4 Europe Revenue Cycle Management Supply (Production), Consumption, Export, Import by Region (2020-2027)
Europe Revenue Cycle Management Production, Revenue (Value), Price Trend by Type
6 Europe Revenue Cycle Management Market Analysis by Application
7 Europe Revenue Cycle Management Manufacturers Profiles/Analysis
8 Europe Revenue Cycle Management Manufacturing Cost Analysis
9 Industrial Chain, Sourcing Strategy and Downstream Buyers
10 Marketing Strategy Analysis, Distributors/Traders
11 Market Effect Factors Analysis
12 Europe Revenue Cycle Management Market Forecast (2020-2027)
13 Research Findings and Conclusion
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INCREASE IN THE ADOPTION OF RCM SOLUTIONS
There has been a notable increase in the number of professional seeking online tools for health information in European countries in accordance to OECD (Organization for Economic Co-operation and Development). There is a notable increase in the use of healthcare records in Europe.
A survey conducted in 2016 shows that fifteen European states including Estonia, Finland, Greece and the UK has implemented these system to the healthcare organization for operating their healthcare IT division. The digital transformation aims on improving the patient care and improves the patient experience. By the application of established revenue cycle management (RCM) best practices medical groups have substantially increased their revenues.
The rapid demand of solutions and the technological advancements in the field of healthcare IT has resulted in an increase in the demand for the RCM solutions hence it is driving the growth of the revenue cycle management market.
REVENUE LOSS RELATED TO BILLING ERRORS
The hospital billing processes are crucial for management of hospitals. The complexity of these processes, results in the billing errors which leads to costly financial losses.
For Instance: As per the Group One Health Source Studies indicate that approximately 25-30% of all medical practice income is lost due to improper billing 59% of in-house billers do not review Explanation of benefits and 55% of in-house billers have never appealed a denied claim. In order to minimize these claims RCM tool have been implemented such as:
- Electronic Health Records (EHR) a digital healthcare system that maintains the record of patient either cloud based or on web based servers which confirm that no component of data is lost and billing process is streamlined. EHR automates the clinician’s workflow generating the complete record of patients encounter providing evidence-based decision support and care management. EHR and medical billing software saves time and helps improve clean claim rates by eliminating multiple data entries and human errors.
There is a great amount of revenue loss due to billing errors resulting in various losses faced by healthcare organizations. For the purposes of reducing these losses proper implementation of Revenue Cycle Management is important which acts as a driver to the market.
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