Luton, Bedfordshire, United Kingdom, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Revenue Cycle Management Market.
Global Revenue Cycle Management Market is anticipated to experience moderate growth in the forecast period (2023-2029). Growing at a CAGR of 10.6%, the market value is expected to reach US$ 91.57 billion by 2029-end.
Healthcare revenue cycle management is the financial process used to manage administrative and clinical functions related to claims processing, payments, and revenue generation. This process consists of identifying, managing and collecting revenue from patient services.
Financial processes are critical to ensuring that healthcare organizations can continue to operate to treat patients. Facilities use Healthcare Revenue Cycle Management to generate profits and maintain costs.
How Technology Helps Drive Healthcare Revenue Cycle Management
Healthcare IT and EHR systems have helped streamline and improve strategies for managing the healthcare revenue cycle. Many businesses use technology to track claims throughout their lifecycle, collect payments, and handle charge rejections. Ultimately, these technologies enable a steady stream of revenue.
During the COVID-19 pandemic, 75% of hospitals and healthcare systems nationwide were using revenue cycle management technology. Technology and automation also helped as revenue cycle management moved to remote work. Many healthcare providers have benefited from automating common issues of healthcare revenue cycle management, such as: B. Communicating between payers and service providers, recommending appropriate ICD-10 codes, monitoring medical billing processes, and even scheduling patient appointments.
Download Sample PDF Brochure of Revenue Cycle Management Market Size - COVID-19 Impact and Global Analysis with Strategic Insights at: https://exactitudeconsultancy.com/reports/5914/revenue-cycle-management-market/#request-a-sample
Some of the notable market players operating in the global health education market covered in this report are: R1 RCM (US), Cerner Corporation (US), Optum (US). Other prominent players in the market include McKesson Corporation (US), Change Healthcare (US), 3M (US), Experian plc (Ireland), Conifer Health Solutions (US), Allscripts Healthcare Solutions (US), GE Healthcare (US), Cognizant (US), Athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US), and others.
These players are majorly focusing on key strategies like launch, acquisition, and partnerships such as,
In September 2021, Azalea Health Company which provides health IT solutions and cloud-based patient management in the healthcare sector announced its acquisition of dashboardMD, a cloud provider of healthcare analytics and business intelligence reporting solutions. With this acquisition, the company focuses on expanding its business in the revenue cycle management market.
October 2021: 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.
May 2021 – 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.
Browse the full “Revenue Cycle Management Market by Type (Standalone and Integrated), Component (Software and Services), Deployment (On-premise and Cloud) and Region (APAC, North America, Europe, MEA and South America) – Global Forecast 2023-2029” Report at https://exactitudeconsultancy.com/reports/5914/revenue-cycle-management-market/
| Report Coverage | Details |
| Page number | 60 |
| Base year | 2022 |
| Forecast period | 2023-2029 |
| Growth momentum & CAGR | Accelerate at a CAGR of 10.6% |
| Market growth 2023-2029 | $ 91.57 billion |
| Market structure | Fragmented |
| YoY growth (%) | 10.59 |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Performing market contribution | Middle East & Africa at 30% |
| Key consumer countries | US, Canada, Australia, UK, and Germany |
| Competitive landscape | Leading companies, Competitive strategies, Consumer engagement scope |
| Key companies profiled | McKesson Corporation (US), Change Healthcare (US), 3M (US), Experian plc (Ireland), Conifer Health Solutions (US), Allscripts Healthcare Solutions (US), GE Healthcare (US), Cognizant (US), Athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US). |
| Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for forecast period |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
To learn more about this report, request a free sample copy
Key Market Segments: Revenue Cycle Management Market
Revenue Cycle Management Market by Type (In USD Million)
- Standalone
- Integrated
Revenue Cycle Management Market by Component (In USD Million)
- Services
- Software
Revenue Cycle Management Market by Deployment (In USD Million)
- On Premise
- Cloud
Revenue Cycle Management Market by Region (In USD Million)
- Asia Pacific
- Europe
- North America
- South America
- Middle East and Africa
Important countries in all regions are covered.
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Regional Insights:
Europe ranked second by value in the Revenue Cycle Management (RCM) market. Providing growth opportunities for start-ups to develop effective financial technology is driving adoption and adoption of the above services in the region. Chelsea and the Westminster Hospital NHS Foundation Trust, for example, have opened new doors for start-ups to develop innovative financial management solutions. This factor should boost the European market in the coming years. Additionally, the majority of healthcare companies are constantly focused on increasing their investment in IT infrastructure development. This factor also supports the growth of the market in this region during the study period. For example, according to an article published by Mobi Health News, the total value of European health tech companies has increased from $8 billion in 2016 to $41 billion in 2021.
Asia Pacific is expected to emerge as the fastest growing region during the forecast period as hospitals realize the benefits of his RCM services. Their rising adoption rate is responsible for higher growth in the region.
What are the Key Data Covered in this Revenue Cycle Management Market Report?
- CAGR of the market during the forecast period 2023-2029
- Detailed information on factors that will drive Revenue Cycle Management Market growth during the next five years
- Precise estimation of the Revenue Cycle Management Market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the Revenue Cycle Management industry across North America, Europe, APAC, South America, the Middle East, and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of Revenue Cycle Management Market vendors
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/5914/revenue-cycle-management-market/#request-a-sample
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