US Laboratory Revenue Cycle Management Market Size By Product (Integrated and Standalone RCM), By Deployment (On-Premise, Cloud-Based, and Web-Based), And Forecast
US Laboratory Revenue Cycle Management Market Size By Product (Integrated and Standalone RCM), By Deployment (On-Premise, Cloud-Based, and Web-Based), And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
US Laboratory Revenue Cycle Management Market Size By Product (Integrated and Standalone RCM), By Deployment (On-Premise, Cloud-Based, and Web-Based), And Forecast
U.S. Laboratory Revenue Cycle Management Market Size And Forecast
U.S. Laboratory Revenue Cycle Management Market size was valued at USD 10,281.34 Million in 2020 and is projected to reach USD 25,419.67 Million by 2028, growing at a CAGR of 11.55% from 2021 to 2028.
The demand for the Lab-Specific Revenue Cycle Management has been growing on account of segregating the lab operations from the overall hospital RCM system, and focusing on increasing the lab revenue throughout streamlining of the billing cycle. The U.S. Laboratory report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
U.S. Laboratory Revenue Cycle Management Market Definition
Think of laboratory revenue cycle management as handling everything from when a patient books an appointment (patient registration and scheduling) to getting paid. It's about coding what's wrong and what's done, collecting payments, and making sure the services are accurate. It's not simple! Keeping patient info right, having a good billing system, and getting paid quickly are key. Luckily, laboratory revenue cycle management software can automatically figure out things like denial rates and collection rates, reducing mistakes and saving time. In the U.S., where healthcare billing can be a headache, lab RCM really helps to simplify things.
U.S. Laboratory Revenue Cycle Management Market Overview
With more and more doctors and hospitals using electronic health records, Revenue Cycle Management (RCM) is really taking off! But get thisHIMSS Analytics found that a whopping 31% of healthcare providers are still managing claim denials manually. Because of stuff like that, the IT world is pushing hard for everyone to adopt Electronic Health Records (EHRs), especially with the government cracking down with tougher rules. According to KLAS, a good 59% of organizations are actually ditching their old RCM systems and going for the all-in-one RCM/EHR solutions. What's also interesting is that hospitals are increasingly using RCM for their labs, seeing them as a way to actually make money. So, we're seeing a bigger demand for Lab-Specific Revenue Cycle Management—the idea is to separate the lab's finances from the rest of the hospital and boost revenue by making the billing process smoother.
However, because of the significant costs required, small healthcare facilities and clinics, particularly in developing countries, are hesitant to replace old systems with RCM solutions. This is one of the reasons impeding market expansion.
U.S. Laboratory Revenue Cycle Management MarketSegmentation Analysis
The U.S. Laboratory Revenue Cycle Management Market is segmented on the basis of Product And Deployment.
U.S. Laboratory Revenue Cycle Management Market, By Product
• Integrated• Standalone RCM
To Get Summarized Market Report By Product-
Based on Product, the market is bifurcated into Integrated and Standalone RCM. Integrated accounted for the largest market share in 2020. Effective use of the RCM platform is crucial to the success of most healthcare businesses, including laboratories. This is expected to push the demand for integrated RCM in laboratories and subsequently, it will help to grow the RCM laboratory market in the near future.
U.S. Laboratory Revenue Cycle Management Market, By Deployment
• On-Premise• Cloud-Based• Web-Based
To Get Summarized Market Report By Deployment-
On the basis of Deployment, the U.S. Laboratory Revenue Cycle Management Market has been segmented into On-Premise, Cloud-Based, and Web-Based. On-Premise accounted for the largest market share in 2020. On-premises let hosting users attain full control and ownership of the platform which also provides better security and additional flexibility to the users in managing the overall revenue cycle management.
Key Players
Want to get the inside scoop on the "U.S. Laboratory Revenue Cycle Management Market"? This study dives deep into the U.S. market, spotlighting key players like Telcor, Waystar, Xifin, AdvancedMD, Quadax, Advanced Data Systems Corp, 4medica Inc., Laboratory Billing Solutions, Comtron Inc., LigoLab, and Others. We've even dedicated a whole section to these major players, where our analysts break down their financial statements, benchmark their products, and give you a full SWOT analysis. Plus, you'll find a competitive landscape section packed with key development strategies, market share data, and market ranking analysis for all the companies mentioned.
Key Developments
Company Name
Key Development
Description
Telcor
Product Development
• TELCOR Inc., the market leader in revenue cycle management (RCM) software and service solutions, has declared the advancement of Brandon Effle.
Waystar
Acquisition
• The company acquired Waltham, Mass. – based Connance Inc. The combine company will work under Waystar name and will have offices in Louisville, Chicago, Atlanta, and Boston.
Xifin
Business Expansion
• The company confirmed its expansion into digital as well as genomic health, patient monitoring, and oncology while supplying successful outcomes for customers and create unique insights into other lab system testing.
Xifin
Product Development
• XIFIN officially launched the latest release of its cloud-based laboratory information system, XIFIN LIS 8, illustrating the company’s ongoing effort to improve operational, clinical, as well as financial outcomes for diagnostic providers. Customer / market input is constantly used to notify the development of new features for XIFIN LIS 8. XIFIN carried out a survey with responses from approximately 100 labs in the United States.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2017-2028
BASE YEAR
2020
FORECAST PERIOD
2021-2028
HISTORICAL PERIOD
2017-2019
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
Telcor, Waystar, Xifin, AdvancedMD, Quadax, Advanced Data Systems Corp, 4medica Inc., Laboratory Billing Solutions, Comtron Inc., LigoLab, and Others.
SEGMENTS COVERED
ProductÂ
Deployment
CUSTOMIZATION SCOPE
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Reasons to Purchase this Report
We'll dig into the market, using both the numbers and the stories behind them, breaking it all down into segments based on what people can afford and other important stuff. You'll get the market value in good ol' USD Billion for every segment and sub-segment. We'll point out the region and segment we think will explode in growth and which one will be king of the hill. Plus, we'll give you a geographic breakdown, showing where the product/service is being used and the things that are shaping each regional market.
See who's on top with our competitive landscape view, including market rankings of the big players, their new product/service launches, partnerships, expansions, and acquisitions over the last five years. We've got detailed company profiles with overviews, insights, product benchmarking, and SWOT analyses for the major market players.
Get a sense of where the industry is now and where it's heading, with a look at recent developments, like growth opportunities, drivers, challenges, and restraints in both up-and-coming and established regions. We also offer in-depth market analysis through Porter's five forces and give you a look inside the market through the Value Chain. Understand the market dynamics, along with the growth opportunities waiting for you in the coming years. Bonus6 months of analyst support after you buy!
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