Pune, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Revenue Cycle Management Market Size Analysis:
“The SNS Insider report indicates that the Revenue Cycle Management (RCM) Market size was valued at USD 49.8 billion in 2023 and is expected to grow to USD 140.3 billion by 2032, achieving a compound annual growth rate (CAGR) of 12.21% over the forecast period from 2024 to 2032.”
The Revenue Cycle Management is expected to experience great growth with various factors associated with it. One of the reason is attributed to the complexity involved in healthcare billing cases. The hospital facilities need an RCM system that can help in simplifying the task so that they can receive payments for the services they provide on time. The organization wants to enhance their cash flows and reduce the billing errors. Apart from RCM systems undertake to ensure the relationship between the organization and the clients geared toward patient engagement, focus and satisfaction that is accomplished through the billing practices. On the other hand, the need to develop RCM systems is associated with the system providing the provider-client relation with analytic processes that help in carrying out billing transactions that are monitored. The system allows the provider to pay acute attention to the previous payment balances and transaction to understand the trend in the current transaction where they identify different risks. The demand for more advanced RCM systems is driven by changes in regulations and compliance requirements within healthcare facilities. These medical institutions must operate within the framework of strict rules that govern their administrative processes and other areas of service delivery. Moreover, the rates have to be paid at the best amount since the organizations’ prices need to comply with the price listed by the associated foundations.
Another aspect attributed to the RCM system’s growth is the significant attention gained by the global health sector. With various nations endeavor to invest heavily in the healthcare system, they require an efficient RCM system to handle transactions as the case. Finally, the growing appreciation of technology due to improvement is also a factor that contributes to the growth of the RCM systems. For Instance, Research indicated that 75% of patients expect healthcare providers to offer a personalized experience, underscoring the need for RCM systems that enhance patient engagement through transparency and accountability.
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Major Players Analysis Listed in this Report are:
- Optum360 - (Revenue Cycle Services, Claims Management)
- Cerner Corporation - (RCM Solutions, Patient Billing Services)
- McKesson Corporation - (Billing and Accounts Receivable Management, Claims Management)
- Change Healthcare - (Revenue Cycle Analytics, Claims Lifecycle Management)
- Athenahealth - (Cloud-Based RCM Services, Patient Engagement Solutions)
- eClinicalWorks - (RCM Services, Revenue Cycle Optimization)
- NextGen Healthcare - (Integrated RCM Services, Medical Billing Solutions)
- Quest Diagnostics - (Revenue Cycle Management Services, Lab Billing Solutions)
- Conifer Health Solutions - (Healthcare Revenue Cycle Services, Patient Access Solutions)
- R1 RCM - (Comprehensive RCM Services, Analytics and Insights)
- Kareo - (Medical Billing Services, RCM Solutions for Small Practices)
- Cognizant Technology Solutions - (Healthcare RCM Services, Analytics and Consulting)
- GeBBS Healthcare Solutions - (End-to-End RCM Services, Medical Coding Solutions)
- Zotec Partners - (Revenue Cycle Management Solutions, Analytics and Technology)
- NaviNet - (Healthcare RCM Solutions, Claims Management)
- MedAptus - (RCM Software Solutions, Charge Capture Solutions)
- Vyaire Medical - (Revenue Cycle Optimization, Patient Financial Services)
- Streamline Healthcare Solutions - (Managed RCM Services, Medical Coding Services)
- Vitus Health - (Complete RCM Solutions, Telehealth Billing Services)
- Sunknowledge Services Inc. -(Healthcare RCM Services, Medical Billing and Coding)
Revenue Cycle Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 49.8 billion |
| Market Size by 2032 | USD 140.3 billion |
| CAGR | CAGR of 12.21% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •The shift toward digital healthcare technologies is driving demand for RCM solutions that streamline billing and revenue management processes. •Incentives to modernize healthcare infrastructure, like the HITECH Act, are encouraging the adoption of advanced RCM systems. •The adoption of cloud-based RCM systems is increasing due to their scalability, cost-effectiveness, and real-time data access. |
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Segmentation Analysis
By Product
In 2023, the services segment dominated the market, accounting for an impressive 68.6% of total revenue. This increase is mainly driven by the growing trend of healthcare facilities outsourcing these services. Many healthcare operations demand specialized resources and expertise to implement RCM solutions, resulting in a rise in outsourcing, either fully or partially through long-term contracts. RCM services help healthcare procedures maximize their returns on investment. The increasing volume of data generated across various healthcare functions is fueling the need for digitalization and streamlined workflows to boost efficiency and enhance patient care. The growing amount of unstructured data necessitates consolidation, driving further demand for RCM software solutions. Data silos obstruct accurate data analysis and raise the risk of data loss.
An RCM software tool can efficiently handle large amounts of data, simplifying the evaluation process and enabling the design of effective mitigation strategies. This capability allows staff to quickly document and review performance, leading to informed decision-making regarding process selection.
The software segment of the Revenue Cycle Management (RCM) market is anticipated to see significant growth, attributed to growing need for automated billing solution and improved data analysis accountability. In an attempt to enhance operational performance and reduce possible mistakes, healthcare enterprises are increasingly introducing the sophisticated RCM software.
Revenue Cycle Management Market Segmentation:
By Product
- Software
- Services
By Delivery Mode
- Web-based
- Cloud-based
- On-premise
By Type
- Integrated
- Standalone
By End-Use
- Physician Back Offices
- Hospitals
- Diagnostic Laboratories
- Other
Regional Landscape
In 2023, North America dominated the market, holding the largest revenue share of 55.6%. This leadership position is largely due to the increasing number of physician offices in the U.S. Regulatory reforms, such as the updates to ICD-10, have sparked a digital transformation in healthcare systems, significantly boosting the demand for healthcare IT solutions like RCM systems to enhance efficiency and improve care delivery. Additionally, the presence of large, esteemed hospitals, the need to cut healthcare costs, and favorable regulations are creating attractive growth opportunities for the market in this region.
The Asia Pacific is anticipated to achieve the fastest compound annual growth rate (CAGR) during the forecast period. This growth is driven by supportive government initiatives, a rising demand for enhanced care quality, increased digital literacy, greater adoption of healthcare IT solutions, advancements in healthcare infrastructure, and rising healthcare IT expenditures, along with the unmet healthcare needs of emerging economies. Furthermore, the Asia Pacific market benefits from lower manufacturing costs and a cost-effective workforce, facilitating business operations.
Specifically, the revenue cycle management market in China is expected to see significant CAGR during the forecast period, propelled by a rise in patient volume and an increase in health insurance claims. The growing adoption of cloud-based RCM solutions, recognized for their flexibility and cost-effectiveness, further fosters this growth. Cloud technologies allow for secure data sharing, improve telehealth applications, automate backend processes, and lower server maintenance costs, all contributing to market expansion.
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Recent Developments
In January 2024, R1 RCM Inc. finalized the acquisition of Acclara from Providence, a health systems provider. This strategic move aims to strengthen R1 RCM Inc.'s market presence and support the deployment of advanced technology solutions, ultimately enhancing outcomes for both patients and clients.
In July 2023, TELCOR launched version 21.3 of its RCM software. This updated version introduces improved web application programming interfaces (APIs) along with a new Report Designer and Executive Module, designed to enhance laboratory productivity and collection efforts.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Revenue Cycle Management Market Segmentation, by Product
8. Revenue Cycle Management Market Segmentation, by Type
9. Revenue Cycle Management Market Segmentation, by Delivery Mode
10. Revenue Cycle Management Market Segmentation, by End-Use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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