MOUNTAIN VIEW, Calif., June 25, 2013 /PRNewswire/ -- America's physicians are struggling with unprecedented disruption brought on by the transition to electronic health records (EHRs), mandatory upgrade to ICD-10, and, most significantly, the emerging shift to value-based reimbursement. Operational and financial challenges around reimbursement are often cited as contributing to the shrinking number of independent medical practices, as many physicians seek refuge under the umbrella of hospital ownership. While the vast majority of medical practices currently deploy some kind of IT solution to manage patient scheduling/registration, medical billing, and claims processing, many of these solutions are outdated, stand-alone applications, and often provided by a variety of different vendors.
New analysis from Frost & Sullivan's (http://www.connectedhealth.frost.com) U.S. Physician Revenue Cycle Management: Overview and Outlook, 2012-2017 research finds the market for physician RCM applications and services was valued at $11.1 billion in 2012. Market revenues are expected to grow 21.6 percent over the next five years, peaking at $14.6 billion in 2016. After 2016, revenue growth is expected to retrench due to various factors including increased market saturation and increased adoption of lower cost, web-based solutions. The overall compound annual growth rate (CAGR) over the forecast period of 2012 to 2017 is 3.9 percent.
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Frost & Sullivan Connected Health Principal Analyst Nancy Fabozzi, author of the analysis, note
|SOURCE Frost & Sullivan|
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