Pune, India, May 02, 2022 (GLOBE NEWSWIRE) -- The global revenue cycle management market size was valued at USD 105.86 billion in 2021 and reached USD 115.64 billion in 2022. The market is expected to reach USD 246.40 billion by 2029, exhibiting a CAGR of 11.4% during the forecast period. The rise in preference for integrated RCM software and the rapid shift toward the outsourcing model are expected to boost the market growth. Fortune Business Insights™ presents this information in its report titled “Revenue Cycle Management Market, 2022-2029.”
Key Industry Development
- August 2021: GeBBS Healthcare Solutions, Inc. completed the acquisition of Aviacode to offer end-to-end revenue cycle management services to its users. It also offers a vast geographic footprint and workflow to consumers.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 21.8 % |
| 2027 Value Projection | USD 19.03 billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 4.65 billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 162 |
| Segments covered | By Application, Gynecology, Urology, Orthopedics |
| Growth Drivers | Increasing Prevalence of Chronic Disorders to Result in Patients Undergoing Surgical Procedures |
| Introduction of Advanced Robotic Surgical Systems by Key Players to Thrive Market Growth | |
| Higher Acquisition and Maintenance Cost of Robotic Surgical Systems to Limit Adoption in Emerging Countries |
Drivers and Restraints
Mandates for the Adoption of EHR/EMR to Enhance Market Growth
A revenue cycle management system is a data management system that enhances patient revenues and collection speed. It is an electronic health record management system responsible for presenting accurate data to consumers. Furthermore, the imposition of mandates for the adoption of electronic revenue management is expected to enhance demand. Moreover, reducing manual errors and the extensive adoption of the management system increased its demand from several healthcare administrations. These factors are likely to drive the revenue cycle management market share growth.
However, budgetary issues and the risks associated with healthcare IT solutions may hinder the market’s progress.
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COVID-19 Impact
Declining Operation Rates to Hinder Market Progress
The revenue cycle management market was negatively affected during the COVID-19 pandemic due to declining operation rates globally. The sudden spike in COVID-19 patients increased the number of hospital admissions, thereby declining operation rates. Further, the rapid adoption of telemedicine and online consultations may reduce the adoption of the management system. However, the resumption of activities has positively impacted the healthcare sector, which, in turn, may enhance the demand for revenue cycle management (RCM) services. This factor may propel the market’s progress in the coming years.
Segments
By structure, the revenue cycle management market is segmented into in-house and outsource. As per type, it is bifurcated into services and software. By function, it is categorized into claims & denial management, medical coding & billing, Clinical Documentation Improvement (CDI), insurance, and others. Based on end-user, it is classified into hospitals, physician’s office, and others. Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Regional Insights
Presence of Leading Players to Propel Market Progress in North America
North America is expected to dominate the global revenue cycle management market share due to the presence of leading players. The market in North America stood at USD 57.96 billion in 2021 and is expected to gain a huge portion of the global market share. Further, the rising adoption of software in the U.S. is expected to bolster its demand. These factors may incite growth in the region.
In Europe, growth opportunities for startups in the region are expected to enhance revenue cycle management software demand. For example, Westminster Hospital NHS Foundation Trust and Chelsea offered startups with a chance to create innovative financial solutions. Furthermore, rising investments by healthcare for the development of an authentic information infrastructure may propel revenue cycle management market development.
In Asia Pacific, the rising awareness among hospitals regarding the RCM service’s adoption may enhance sales. These factors may propel industry growth during the upcoming years.
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Competitive Landscape
Companies Engage in Partnerships to Enhance their Market Reach
Prominent companies operating in the market engage in partnerships to enhance their market reach. For example, R1 RCM Inc. announced American Physician Partners’ RCM partnership extension until 2031 in October 2021. This partnership may allow the company to enhance its growth in the emergency medicine sector. Further, companies invest in acquisitions, mergers, expansions, and research and development to boost their annual revenues and achieve a remarkable market position.
List of Key Players Profiled in the Report
- Allscripts Healthcare, LLC (U.S.)
- Cerner Corporation (U.S.)
- Conifer Health Solutions, LLC (U.S.)
- Epic Systems Corporation (U.S.)
- GeBBS Healthcare Solutions (U.S.)
- MEDHOST (U.S.)
- McKesson Corporation (U.S.)
- Medical Information Technology, Inc. (MEDITECH) (U.S.)
- Optum Inc. (U.S.)
- R1 RCM, Inc. (U.S.)
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Detailed Table of Content:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Statistical Overview of Hospital Admissions - For Key Countries, 2021
- Technological Advancements in the Revenue Cycle Management
- New Product Launch
- Overview of Regulatory Scenario
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Impact of COVID-19 on Revenue Cycle Management Market
- Major Factors Driving the Impact of COVID-19
- Reimbursement Changes -In Response to COVID-19 Impact
- Opportunities Offered by the Impact of COVID-19
- Global Revenue Cycle Management Market Share Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Structure
- In-house
- Outsource
- Market Analysis, Insights and Forecast – By Type
- Software
- Service
- Market Analysis, Insights and Forecast – By Functions
- Claims & Denial Management
- Medical Coding & Billing
- Clinical Documentation Improvement (CDI)
- Insurance
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Physician’s Office
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Revenue Cycle Management Market Size Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Structure
- In-house
- Outsource
- Market Analysis, Insights and Forecast – By Type
- Software
- Service
- Market Analysis, Insights and Forecast – By Functions
- Claims & Denial Management
- Medical Coding & Billing
- Clinical Documentation Improvement (CDI)
- Insurance
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Physician’s Office
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S
- By Structure
- Canada
- By Structure
- U.S
TOC Continued…..!!!!
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