Chicago, July 27, 2023 (GLOBE NEWSWIRE) -- In the near future, the revenue cycle management (RCM) industry is poised for significant transformation and growth, driven by technological innovations and evolving healthcare practices. Advanced technologies, such as blockchain, artificial intelligence, and automation, will revolutionize the RCM process, streamlining billing, coding, and reimbursement procedures. These solutions will lead to increased efficiency, reduced administrative burdens, and minimized errors, ultimately improving revenue collection and financial outcomes for healthcare providers. Moreover, the industry will witness greater integration of telehealth services, enabling seamless billing and coding for virtual consultations, reflecting the ongoing trend towards digital healthcare. As RCM companies leverage data analytics and predictive modeling, they will offer more proactive and data-driven solutions to optimize revenue streams and identify potential bottlenecks in the revenue cycle. Overall, the revenue cycle management industry is set to flourish in the near future, ushering in a new era of enhanced financial performance and operational efficiency for healthcare providers.
Revenue Cycle Management market in terms of revenue was estimated to be worth $49.6 Billion in 2023 and is poised to reach $84.1 Billion by 2028, growing at a CAGR of 11.1% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The introduction of transformative technologies such as AI in the RCM market has revolutionized the process of reimbursement. Payers & providers have now started adopting AI-based solutions to minimize the pressure on human resources. Furthermore, predictive analytics has enhanced the financial performance of healthcare systems by providing accurate futuristic trends. Moreover, RCM market growth is mainly attributable to the need for managing increasing volumes of unstructured healthcare data as well as the need for more patients. The majority of data in the healthcare industry is unstructured, increasing dependence on AI-based solutions such as NLP to simplify reimbursement.
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Revenue Cycle Management Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $49.6 Billion |
| Estimated Value by 2028 | $84.1 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.1% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & services, delivery mode, end user and region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing demand for AI & cloud-based deployment |
| Key Market Drivers | Growing need to manage unstructured healthcare data |
Revenue Cycle Management market major players covered in the report, such as:
- R1 RCM (US)
- Oracle (US)
- Optum (US)
- McKesson Corporation (US)
- Change Healthcare (US)
- 3M (US)
- Experian plc (Ireland)
- Conifer Health Solutions (US)
- Veradigm (US)
- GE Healthcare (US)
- Cognizant (US)
- athenahealth (US)
- SSI Group LLC (US)
- AdvantEdge Healthcare (US)
- Huron Consulting Group (US)
- and Among Others
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The research report categorizes the revenue cycle management market into the following segments and subsegments:
Product & Services
- Solutions
- Patient Access Solutions
- Eligibility Verification Solutions
- Pre-certification & Authorization Solutions
- Other Patient Access Solutions
- Mid-Revenue cycle Solutions
- Clinical Coding Solutions
- Clinical Documentation Improvement Solutions
- Other Mid-revenue cycle Solutions
- Back-end Revenue cycle Solutions
- Claims Processing Solutions
- Denial Management Solutions
- Other Back-end Revenue cycle Solutions
- Outsourcing Services
- Patient Access Outsourcing Services
- Mid-revenue cycle Outsourcing Services
- Back-end Revenue cycle Outsourcing Services
Delivery Mode
- On-premise Solutions
- Cloud-based Solutions
End User
- Healthcare Providers
- Inpatient Facilities
- Hospitals
- Others
- Outpatient Facilities
- Physicians Practices
- Ambulatory Surgical Centers (ASCs)
- Hospital Outpatient Facilities
- Diagnostic & Imaging Centers
- Other Outpatient Facilities
- Healthcare Payers
Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America
- Middle East and Africa
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The key stakeholders in the Revenue Cycle Management market include:
- Healthcare Providers
- Healthcare Vendors
- Technology Developers
- Patients
- Regulators and Policy makers
- Insurance companies and payers
- Government Institutions
- Market Research and Consulting Firms
- Venture Capitalists and Investors
Frequently Asked Questions (FAQs) of Revenue Cycle Management Market:
Q1. What is the total market value of Revenue Cycle Management Market report?
Q2. Which are the top companies holding the market share in Revenue Cycle Management Market?
Q3. Which are the largest regions for this Market?
Q4. What is the leading technology of Revenue Cycle Management Market?
Q5. What are the major drivers for this specific Market?
Q6. What are the upcoming key trends in the Revenue Cycle Management Market report?
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Recent Developments:
- In 2023, Optum partnered with Owensboro Health to manage revenue cycle and information technology and improve patient outcomes and safety.
- In 2022, the R1 RCM announced 10-year end-to-end RCM partnerships with Scion Health, Sutter Health, and St. Clair Health to streamline workflow standardization and improve patient access platforms.
- In 2022, McKesson signed a definitive agreement to acquire Rx Savings Solutions to offer medication therapy more affordable and increase medication adherence to improve outcomes.
Report Objectives:
- To define, describe, and forecast the global revenue cycle management market by product & services, delivery mode, end-user, and region
- To provide detailed information about the significant factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall revenue cycle management market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the revenue cycle management market in five major regions along with their respective key countries (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)
- To profile the key players in the global revenue cycle management market and comprehensively analyze their core competencies and market shares
- To track and analyze competitive developments such as mergers, acquisitions, developments, expansions, partnerships, alliances, and R&D activities of leading players in the market
Related Reports:
Population Health Management Market
Clinical Decision Support Systems Market
Back-End Revenue Cycle Management Market
Clinical Documentation Improvement Market
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