European Revenue Cycle Management System Market driven by new projects initiated to meet huge demand - New Report by MicroMarket Monitor
(PRWEB) November 20, 2014 -- The European Revenue Cycle Management (RCM) System market report defines and segments the concerned market in Europe with analysis and forecast of revenue. This market is expected to reach $1,199.0 million by 2018 at a CAGR of 6.0% from 2013 to 2018.
Browse through the TOC of the European Revenue Cycle Management System Market report to get an idea of the in-depth analysis provided. It also provides a glimpse of the segmentation of this market in the region, which is supported by various tables and figures.
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Revenue cycle management, in simple terms, refers to the whole process of managing claims, revenues, and payments in a healthcare facility. It enables healthcare organizations of all sizes to accelerate their revenue cycles. This is achieved by reducing the number of denied insurance claims, speeding explanation of benefits (EOB) reconciliation, improving the quality of information, streamlining denial management, and automating processes. RCM solutions come into play as soon as a patient enters the hospital. They automate business processes leading to speedy patient and payer follow-up. Thus, they streamline the process and offer several advantages to healthcare service providers, insurance companies, and patients as well.
The European RCM market is witnessing growth on account of various factors, one of the major ones being the presence of several companies in the market. Each company offers a distinctive set of products and services to meet the varied demands of end users. Globally, Europe is the second-largest RCM market. This growth is attributed to the rise in the adoption of new and updated versions of RCM solutions. New projects have been initiated to meet the huge demand for new version. Healthcare providers in Europe are now undergoing consolidation to improve the purchasing capacity of RCM solutions.
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The European revenue cycle management system market is segmented on the basis of its types, deployments, components, and end users. By types, the market is segmented into web scheduling, integrated RCM system, standalone RCM system, web pre-registration, medical necessity alert at registration, claims attachment rules, billing dashboard, EMR Documentation for claims, direct payer claims, EFT transaction, eligibility transaction with payer, and web bill pay. The market by deployments and components is further categorized as on-premise, cloud-based, web-based and hardware, software, services respectively. End users of this market include hospitals, office-based physicians, ambulatory care solutions, and medical & diagnostic laboratories, among others. On the basis of geography, the report analyzes major countries such as the U.K., Germany, Spain, France, and Italy.
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This report also includes the market share, value chain analysis, and market metrics such as drivers, restraints, and upcoming opportunities in the market. In addition, it presents a competitive landscape and company profiles of the key players in the market.
Related Reports :
North American Non-Clinical Information Systems Market
Non-clinical information systems (NCIS) include solutions that are used for administrative functions, which have no effect on clinical functions directly. Non-clinical information systems facilitate revenue cycle management and offer automatic patient billing, cost accounting, payroll, and claims management. These functions gain significance in light of the reported fact that improper revenue cycle management in hospitals causes a 3% – 5% loss in net revenue.
The North American non-clinical information system (NCIS) report defines and segments the concerned market in North America with analysis and forecast of revenue. This market was valued at $6,297.4 million in 2013 and is estimated to grow to around $8,905.6 million by 2018, at a CAGR of 7.2% from 2013 to 2018.
The growth of the NCIS market in North America is mainly attributed to the transformation in the healthcare segment and the decline of Medicare, Medicaid, and commercial reimbursement rates in the U.S. This is forcing hospitals to find areas where they can increase efficiency via automation to save money. However, the end-user market for healthcare IT is highly fragmented and the requirements of each end user are varied. Hence, customized solutions cost more and it is not possible for some providers to self-fund these expenses. Also, resources such as healthcare IT professionals and investments in the healthcare IT sector and standard protocols are scarce, which are now posing as potential hurdles for the North American NCIS market.
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