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 “Revenue Cycle Management: 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.

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The rising adoption of RCM among end users and presence of well-established healthcare infrastructure is expected to drive the RCM market in North America. In addition to this, revenue cycle management solutions offer long-term benefits, which is a key reason behind its high uptake in the region. Further, the increasing presence of physicians and hospitals in North America will fuel the demand for revenue cycle management services in the coming years.

According to studies, Asia Pacific is projected to exhibit a high growth in the global RCM market. The growth is primarily dependent 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.

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 gradually 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.

As per a survey conducted by a research organization called Black Book, out of 500 US hospitals surveyed, 400 hospitals implemented revenue cycle managements systems. With the help of analytical tools, RCM services provide better remote assistance and reduce vendor fees. They also help in streamlining the robotic process automation, encouraging companies to adopt RCM technologies.