Summary
The purpose of this report is to cover the definition, description, and forecast of the North American revenue cycle management system market. It involves a deep dive analysis of market segmentation which comprises sub-markets, products, component, deployment and end-users. The report also delivers in-depth insights of strategic analysis of the key players thriving in the market.
In this Market research report, the “North American revenue cycle management system market” is segmented on the basis of product, component, deployment, end-user, and geography. The North American revenue cycle management system market, by product is segmented into integrated RCM systems and standalone RCM systems, while the market by deployment is further categorized as on-premises, web-based, and cloud-based. On the basis of component, the market is segmented into hardware, software, and services.
The applications are web bill pay, web pre-registration, web scheduling, medical necessity alert at registration, medical necessity alert at scheduling, claims attachment rules, claims denial rules, biller’s dashboard, EMR documentation for claims, claims remittance updates AR, direct payer claims, EFT transaction, and eligibility transaction with payer among others. The end-users are physicians, ambulatory care solutions, hospitals, and labs.
Globally, North America is the largest revenue cycle management (RCM) system market growing at a CAGR of 12.0% from 2014 to 2019. This growth is mainly attributed to decreasing reimbursements in the healthcare industry, reduction of overall healthcare costs, and increasing expenditure on information technology.
Healthcare providers in the North American region are undergoing consolidation, and improving the purchasing capacity for RCM solutions in North America. The district health authority Nova Scotia on April 1, 2015, plans to create a new health system structure that unifies nine district authorities into one body. This is expected to improve the demand for healthcare information technology solutions in these markets.
Furthermore, initiatives undertaken by governmental bodies, such as Medicare Medicaid, to support and complement the transformation of healthcare industry in the country, and the e-Health initiative to implement healthcare IT solutions are significant factors propelling the growth of the RCM market. However, limited investments in healthcare IT and high cost of RCM solution are factors restraining its market growth.
The report provides a detailed competitive landscaping of companies operating in this market. Segment and country-specific company shares, news & deals, mergers & acquisitions, segment specific pipeline products, product approvals, and product recalls of major companies would also be detailed in this report. The main companies operating in this market are Allscripts Healthcare Solutions, Inc. (U.S.), Quest Diagnostics (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Athenahealth, Inc. (U.S.), eClinicalWorks, Inc. (U.S.), CareCloud Corporation (U.S.), The SSI Groups, Inc. (U.S.), GE Healthcare (U.K.), Epic Systems (U.S.), and Kareo, Inc. (U.S.).
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