(PRWEB) June 09, 2014
The overall revenue cycle management market is poised to witness a growth of 6.8% from $3794.2 million in 2013 to $5280.1million in 2018. In response to the staggering costs of healthcare and ongoing resource shortages, the healthcare industry is experimenting with revenue cycle management solutions to reduce costs. There is an intense pressure to achieve healthcare data interoperability between all the stakeholders. Despite the high priority regarding the security and privacy concerns, revenue cycle management solutions have a slow adoption rate.
Browse through the market data tables, figures and detailed ToC on the “Revenue Cycle Management System Market”.
North American Revenue Cycle Management System Market
The North American revenue cycle management market is expected to grow at a CAGR of 7.2% from $2235.6million in 2013 to $3161.5million in 2018. The demand for revenue cycle management is anticipated to increase in the future because of decreasing reimbursement in the healthcare industry, reduction of the overall healthcare costs, and growing expenditure of the healthcare industry on the information technology. Improvement in the quality of care and clinical outcomes and gradual transformation in the healthcare segment such as changes in the ICD (International Classification of Diseases) guidelines are also some of the factors that will help this market grow. However, high costs of healthcare IT solutions and limited investments by healthcare providers in information technology are some of the factors that may hinder the growth of this market to a certain extent.
European Revenue Cycle Management System Market
Europe is the second largest revenue cycle management market growing at a CAGR of 6.3% from $884.0million in 2013 to $1198.6million in 2018. Growth of this market has attributed to the rise in adoption of new and updated versions of RCM solutions. There is a huge unmet demand for new versions of revenue cycle management solutions; to meet these demands new projects have been initiated. However, limited support contributed from government bodies has adversely affected the European market for revenue cycle management during 2008-2009. Healthcare providers in Europe are now undergoing consolidation, improving purchasing capacity of revenue cycle management solutions.
Asian Revenue Cycle Management System Market
Asia is one of the fastest growing revenue cycle management (RCM) markets. The Asian revenue cycle management market is expected to grow at a CAGR of 7.2% from $474.4million in 2013 to $671.7million in 2018. Healthcare organizations in Asia-Pacific are actively moving towards digitization to ensure patient safety and care, and to streamline the entire workflow system in large healthcare enterprises. The countries actively adopting healthcare IT solutions are Japan, Taiwan, South Korea, India, China, and Australia. The Indian healthcare IT market is still at a nascent stage, whereas Japan, Australia, China, Taiwan and South Korea are lucrative markets for investors. However, the potential hurdle for Asian revenue cycle management solutions is the scarcity of resources with regards to healthcare IT professionals, investments in healthcare IT sector and standard protocols.
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