Pune, India, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The global revenue cycle management market size is anticipated to rise at a CAGR of 11.4% between 2022 to 2029 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. The global revenue cycle management market size was valued at USD 105.86 billion in 2021. The market is projected to grow from USD 115.64 billion in 2022 to USD 246.40 billion by 2029.
Industry Developments:
- R1 RCM, Inc. announced that American Physician Partners extended its R1's revenue cycle management services partnership until 2031 to continue growth in emergency medicine.
- Optum, Inc. collaborated with Bassett Healthcare Network to provide revenue cycle management services to Bassett's clinics and improve patient care in Central New York.
- A cloud-based platform for revenue cycle management called Acute Care was launched by eClinicalWorks.
- 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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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 11.4% |
| 2029 Value Projection | USD 246.40 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 115.64 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
Key Takeaways
- The complexity of today's healthcare systems is growing, as are the costs of treatments, and patient consumerism is expanding.
- According to a report conducted by Change Healthcare in 2020, claim denials at U.S. hospitals increased dramatically by 23.0% in 2020 compared to 2016.
- Revenue for CERNER CORPORATION was USD 5,505.8 million in 2020, a 3.3% decrease from USD 5,692.6 million in 2019.
- According to a report, the cost of healthcare data breaches in the United States rose from roughly USD 7.13 million in 2020 to USD 9.23 million in 2021.
Drivers & Restraints-
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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Regional Analysis-
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.
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Segmentation-
Detailed Segmentation of Revenue Cycle Management Market:
In terms of structure, the market is segmented into in-house and outsource sub–segments. Among these, the in-house segment earned the highest market share. This is attributable to the higher adoption of RCM solutions by hospitals and the growing number of patient admissions.
Competitive Landscape-
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.
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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Detailed Table of Content:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Global Revenue Cycle Management Market Analysis, Insights and Forecast, 2016-2027
- 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 Analysis, Insights and Forecast, 2016-2027
- 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
- Canada
- Europe Revenue Cycle Management Market Analysis, Insights and Forecast, 2016-2027
- 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/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
Continued...
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Related Links:
Electronic Health Records (EHR) Market Size, Share, Industry Trends and Industry Analysis
Telemedicine Market Global Trends and Industry Analysis
Connected Healthcare Market Share, Trends and Industry Analysis
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