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

Laboratory revenue cycle management involves managing patient registration and scheduling, coding diagnosis and procedures, collecting payments, and reviewing medical services. It is a complex process, with factors such as maintaining an accurate patient database, the absence of a proper billing process, and improving point-of-service receivables being a primary focus of the optimum laboratory billing cycles. Laboratory revenue cycle management software aid in the calculation of denial rate, net collection rate, first acceptance rate, A/R, in an automated manner, lowering the manual workforce involvement and associated errors. In the case of the U.S., the complexity of healthcare billing and claims is further streamlined by the adoption of lab RCM.

U.S. Laboratory Revenue Cycle Management Market Overview

The growth in the adoption of electronic health records has been instrumental in the growing adoption of the RCM by the hospitals and general physician clinics, surgery centers. In accordance with the survey of HIMSS Analytics, there has been a record of 31% of providers that still have manual claims denial management process. Owing to this factor, the adoption of Electronic Health Records (EHRs) has been mandated by the IT industry with respect to stringent regulations proposed by the government. In accordance with the news source, in the KLAS survey, it is estimated that 59% of the organization opted for the RCM replacement as the preference is more to the integrated RCM/EHRs solution. However, the adoption of the RCM is for hospital labs is growing in recent years, on account of focusing on making hospital labs a profitable business entity. 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.

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

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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

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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

The “U.S. Laboratory Revenue Cycle Management Market” study report will provide a valuable insight with an emphasis on the U.S. market including some of the major players such as Telcor, Waystar, Xifin, AdvancedMD, Quadax, Advanced Data Systems Corp, 4medica Inc., Laboratory Billing Solutions, Comtron Inc., LigoLab, and Others. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

Key Developments

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors.• Provision of market value (USD Billion) data for each segment and sub-segment.• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market.• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region.• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled.• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions.• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis.• Provides insight into the market through Value Chain.• Market dynamics scenario, along with growth opportunities of the market in the years to come.• 6-month post-sales analyst support.

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