Europe's Revenue Cycle Management Market is expected to grow with the CAGR of 12.9% in the forecast period of 2022 to 2029. The years considered for study are as mentioned below.
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Europe revenue cycle management market is a highly consolidated market, which includes specific number of key players. The market has witnessed increased strategic developments owing to favourable market scenario.
The major players dealing in Europe revenue cycle management market are introducing strong range of products provider along with launching new products and adopting strategic initiative such as acquisition, agreement, business expansion, award and recognition into the market. This helped companies to maximize the sales with enhanced product portfolio.
For instance:
- In March 2021, 3M partnered with Michigan Medicine to strengthen the company's portfolio. This helped in the implementation of artificial intelligence in healthcare solutions to reduce the clinical documentation workload of physicians and enable better communication between clinicians and revenue cycle teams. This ensured better patient care and accurate data collection and storage in the patients’ records. This partnership will allow fully integrated electronic health records and help the majority of individuals, in their healthcare needs.
McKesson Corporation is the dominating player in Europe revenue cycle management market. The other key players existing in the market are Cerner Corporation, Epic Systems Corporation, Optum, Inc, 3M, Experian plc, Allscripts Healthcare, LLC, General Electric Company, Cognizant, AdvantEdge Healthcare Solutions, Huron Consulting Group Inc., Quest Diagnostics Incorporated, Chetu Inc., eClinicalWorks, Accenture, Atos SE, Crowe LLP, Hinduja Europe Solutions Ltd., Flatworld Solutions Pvt. Ltd, Wipro Limited, AIMA Business and Medical Support LLC, Protiviti Inc,Alvarez & Marsal Holdings, LLC, IBM Corporation, Brightree LLC and NTT DATA, Inc among others.
McKesson Corporation
McKesson Corporation was incorporated in the year 1833, headquartered is in Texas, U.S. The company offers an extensive range of solutions in pharmaceutical distribution, wholesale medical supplies, pharmacy services & technology, solutions for specialty practices, and solutions for biopharma. The company has several product categories including drug purchasing and management, full service practice management, revenue cycle analytics, oncology clinical management technology, advisors and tools of which revenue cycle analytics is the focused category.
For instance,
- In November 2021, McKesson's independent specialty pharmacy—Biologics, was chosen by Takeda Pharmaceutical Limited Company, to provide better treatment for adult patients, different cancer types. The treatment is a form of oral treatment, and the only one approved by the U.S. Food and Drug Administration (FDA). Electronic prescriptions for telephonic restrictions may be submitted to biologics, and the partnership was aimed at providing more effective and innovative solutions to the users.
The company has wide presence across North America and Europe
Quest Diagnostics Incorporated
Quest Diagnostics Incorporated was incorporated in in the year 1967, headquarter in New Jersey, U.S. The company is involved in providing diagnostic services, and business solutions such as hospitals & health systems, employer’s pharma solutions, health plans and other specialty services to customers. The company has several product categories including access patient results, billing & coding, lab tools & IT systems, and clinical experts & education of which lab tools & IT systems is the focused category.
For instance,
- In September 2016, Quest diagnostic announced their plan to outsource revenue cycle services from Optum, a subsidiary company of United Health group in order to improve cost transparency to customers and attract a wide range of customers by lowering their prices. Optum is likely to become the primary vendor for services like member biometric screening of employees and their health plans.
The company has presence in Americas and Europe
3M
3M was founded in the year 1902, headquarter in Minnesota, U.S. The company offers an extensive range of solutions in consumer, safety and industrial, healthcare, transportation. The company has product categories such as revenue cycle, time to care, and value based care out of which revenue cycle is the market focused category. The company operates in various business segments such as consumer, safety and industrial, healthcare, transportation out of which healthcare is the market focused category.
For instance,
- In August 2021, 3M and Waystar announced a partnership in order to implement artificial intelligence in hospital revenue cycle solution with the objective of improving reimbursements and compliance efforts. With this partnership Waystar's artificial intelligence, predictive analysis and machine learning Technology will be brought together with 3 M's service team to provide revenue cycle optimization solutions in the Healthcare field. This integration will also reduce a lot of manual labor and help streamline operability.
The company has presence across Americas, Middle East and Africa, Asia-Pacific and Europe
