The global revenue cycle management market amounted to $23.4 billion in 2016 and is anticipated to grow to approximately $43.8 billion by 2022, according a Zion Market Research report.
Here six things to know about the global RCM market, according to the report.
1. Continuous process improvement in healthcare organizations accelerated the global RCM market. An increase in the number of patients and the demand for health insurance increased market growth, while high deployment costs impeded growth.
2. Integrated RCM products — as opposed to standalone products — are expected to represent the largest share of the global RCM market in 2016.
3. RCM services — as opposed to software — accounted for the largest share of the global RCM market in 2016 in terms of revenue. An increasing dependency of healthcare organizations on consulting, training, maintenance services and software updates contributed to the growth.
4. Web-based RCM deployment held the largest share of the global market in 2016 in terms of revenue compared to on-premises and cloud-based system deployment.
5. Physician end users represented the largest share of the 2016 global RCM market in terms of revenue compared to hospital, medical and diagnostic labs and other users.
6. North America is expected to see the largest growth in the global RCM market due to technological advancements. Asia Pacific is anticipated to be the fastest growing regional segment of the global RCM market in 2022.