Pune, India, Dec. 08, 2021 (GLOBE NEWSWIRE) -- The global revenue cycle management market size is anticipated to rise at a CAGR of 13.0% between 2020 to 2027 on account of the rising prevalence of various diseases resulting in an increase in patient pool. RCM is a method of identifying, managing, and collecting patient service revenue and administering it with revenue generation and claims processing. According to a published report by Fortune Business Insights titled “Revenue Cycle Management Market Size, Share & Industry Analysis, By Structure (In-house and Outsource), Type (Software and Service), Functions (Claims & Denial Management, Medical Coding & Billing, Clinical Documentation Improvement (CDI), Insurance, and Others), End User (Hospitals, Physicians Office, and Others) and Regional Forecast, 2020-2027,” the value of this market was USD 96.27 billion in 2019 and is projected to reach USD 258.16 billion by the end of 2027.
Industry Developments:
February 2018 – A cloud-based platform for revenue cycle management called Acute Care was launched by eClinicalWorks
March 2019 – A new RCM division was launched by Apprio Inc., called APPRIOHEALTH for delivering advanced technology solutions and services for healthcare organization.
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The rising prevalence of the COVID-19 has not only impacted the world economy but also led the healthcare sector to face a major crisis. This is attributable to the increasing patient pool for coronavirus positive patients and the lack of proper hospital beds and professionals. The imposition of lockdown by the governments across several countries has resulted in major economic losses for most businesses as it was not possible to operate from homes. However, the ones that did operate from homes barely managed meagre revenue.
We too hope the efforts put in by scientists and researchers reap efficient measures to fight the novel coronavirus pandemic and we can all get back to our normal lives. Fortune Business Insights has analyzed the impact of the COVID-19 pandemic and are offering reports on various markets. These reports will help players and interested candidates study the market both qualitatively and quantitatively and accordingly make future decisions.
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Increasing Adoption of Electronic Health Records (EHR) will Bolster Growth
The increasing adoption of advanced concepts in the medical sector such as electronic health records and other solutions stands as a key factor boosting the global revenue cycle management market growth. This, coupled with the wide range of IT products such as business intelligence tools, advanced predictive analytics, and automated patient collection systems provided by RCMs, will also aid in expansion of the market.
On the contrary, factors such as the budget constraints associated with the installation of RCM systems especially for small hospitals and physician’s offices may cause major hindrance to the growth of the market. Nevertheless, the complexities of financial management for end users have fueled the demand for medical coding and billing services, thereby creating new growth opportunities for the market for RCM in the coming years.
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North America Dominated the Market Owing to increasing Adoption of Innovative Medical Solutions
In 2019, the market in North America was worth USD 52.01 billion and this region emerged dominant. This is due to the presence of many players and the launch of innovative solutions and setting up of new research centers in the U.S. Europe, on the other hand ranks second, the growth of which is attributable to the increasing number of start-ups and development of financial technology. However, the market in Asia Pacific is expected to emerge as the fastest growing segment owing to the improving healthcare infrastructure and increasing adoption of revenue cycle management as software and services. Furthermore, the market in Latin America and the Middle East and Africa will grow steadily on account of gradual entry of healthcare advanced solutions.
Players Focusing on Delivering End-to-End Service to Gain Competitive Edge
Currently, Cerner Corporation is holding a dominant share in the market for revenue cycle management. This is attributable to the efficient RCM services provided by the company keeping in mind the production, efficiency, and budget requirements of the organization. The company also focuses on denial management, patient pays or pre-collect, medical billing and coding, and denial management, along with patient access for ensuring quality management services to their clients. The aforementioned factors will further help Cerner Corporation continue dominating the market in the coming years.
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List of Companies Profiled in the Report:
- Cerner Corporation (Missouri, U.S.)
- Epic Systems Corporation (Wisconsin, U.S)
- McKesson Corporation (Texas, U.S)
- MEDHOST (Tennessee, U.S)
- Allscripts Healthcare, LLC (Illinois, U.S.)
- Conifer Health Solutions, LLC (Texas, U.S)
- GeBBS Healthcare Solutions (California, U.S)
- Medical Information Technology Inc. (MEDITECH) (Massachusetts, U.S)
- eClinicalWorks (Massachusetts, U.S)
- Others
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