The U.S. revenue cycle management (RCM) market size is expected to reach USD 25.63 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 11.2% over the forecast period. Supportive government reforms along with growing need for optimization of the organizational workflow will propel the market growth.
Government reforms, such as the Affordable Care Act (ACA) U.S. focused on expanding health insurance coverage to individuals with low income, improving the quality of healthcare services, and reducing healthcare costs are playing a crucial role in boosting the adoption of Revenue Cycle Management (RCM) systems. Furthermore, the expanding insurance coverage is projected to increase the reimbursements as well as denials that are required to be managed through RCM. Therefore, the demand for systems that can efficiently manage reimbursement processes is expected to increase.
In addition, the Health Information Technology for Economic and Clinical Health (HITECH) Act promotes the adoption of certified EHR systems in U.S., which is anticipated to bode well for the growth of the market in near future. Implementation of Stage 3 of the Medicaid and Medicare EHR Incentive Programs in 2015 that promoted the adoption of Healthcare IT systems to improve healthcare quality, is also contributing to the U.S. revenue cycle management market.
Several healthcare providers across the country are undertaking initiatives to facilitate health data exchange and improve the efficiency of healthcare systems. For instance, the initiative taken by healthcare providers to use paperless healthcare systems and incorporate HIT systems by 2020 is likely to boost the U.S. market growth during the forecast period.
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Further key findings from the report suggest:
- Integrated software emerged as the largest segment owing to factors, such as growing number of healthcare facilities, need for improved efficiency of healthcare systems, and elimination of human errors
- Cloud-based segment is projected to witness the fastest growth over the forecast period owing to the flexibility and scalability offered by cloud-based solutions
- Physician’s office dominated the market in 2017, owing to rising usage by the physicians’ staff and office managers to facilitate smooth functioning of their units
- Some key players in the U.S. revenue cycle management market are SSI Group; Allscripts, Cerner Corporation; McKesson Corporation; athenahealth, Inc.; Epic Systems Corporation; eClinicalworks; NextGen Healthcare Information System; CareCloud Corporation; Quest Diagnostics; and Kareo, Inc.
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