The rapid adoption of electronic medical records and electronic health records by companies across the world drives the global revenue cycle management market or RCM market. Fortune Business Insights in its new report, titled “: Global Market Analysis, Insights and Forecast 2018-2025” predicts the market to grow at a remarkable rate during the forecast period. North America is expected to contribute significantly towards the growth of the revenue cycle management market.
Advent of IT and Analytics in Healthcare Industry Boosts the Market
“Cloud-based solutions are in high demand across the world for seamless data sharing,” stated a lead analyst at Fortune Business Insights. “Several companies are increasingly adopting cloud-based platforms to offer advanced revenue cycle management services,” he added. Robust government initiatives, coupled with decrease in healthcare reimbursements, are likely to drive the RCM market in the coming years. The rising use of analytical tools and IT in the healthcare industry is expected to increase the revenue generated by the RCM market between 2018 and 2025.
According to studies, Asia Pacific is projected to exhibit a high growth in the global RCM market. The growth is primarily attributable to the rising target population looking for medical claims and treatment. Moreover, the market is expected to witness exceptional growth opportunities in India, China, Singapore, and Japan.
Lack of Experts and High Deployment Cost of RCM Solutions May Limit Growth
Certain factors may negatively impact the growth of the RCM market. Dearth of well-trained professionals is the primary reason that may hamper the growth of the market in the coming years. In addition to this, high deployment costs associated with the RCM solutions are likely to restrict the growth of the market. Another challenge hindering the RCM market’s growth is denial identification. According to the Healthcare Information and Management Systems Society or HIMSS, around 31% of the healthcare providers are still using manual claims for denial identification.