In terms of revenue, the Global Revenue Cycle Management Market is expected to reach USD 450.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.10% from 2022 to 2028.
The fast-expanding era of healthcare digitization is driving the demand for sophisticated Revenue Cycle Management solutions. Multiple data silos and disorganized workflows are becoming more prevalent in healthcare settings, fostering industry expansion. Third-party payers, payment models, rules, and codes combine to make up Revenue Cycle Management. The ability of a practice to survive depends on acquiring the proper assets. An effective Revenue Cycle Management system is increasingly important as medical care payments become more accurate.
Key Highlights from Report:
· Cloud Based segment will hold a significant share in the market in 2021. Cloud-based technologies have made it simple and secure to share medical data. It facilitates the development and security of telehealth apps while automating backend procedures. Additionally, cloud-deployed solutions assist healthcare organizations in managing electronic health records, patient portals, big data analytics, and mobile applications while saving money on server maintenance. Products built on the cloud have been developed to reinforce operations, increase infrastructure dependability, and improve resource procurement.
· Healthcare Providers are estimated to dominate the market during the forecast period. This End-User category has a sizable market share and is seeing rapid expansion, ascribed to the growing desire to increase healthcare operations' profitability through value-based care and greater financial transparency.
· North America is estimated to dominate the largest share in the market in 2021 due to expanding supportive government policies, rising calls for higher-quality healthcare delivery, rising digital literacy, the rising take-up of healthcare IT solutions, expanding healthcare infrastructure, rising healthcare IT spending, and expanding unmet healthcare requirements in emerging economies.
The procedure known as Revenue Cycle Management (RCM) is used to monitor patient payments from the time they make their first visit or contact with the healthcare system until the balance is paid in full. Healthcare institutions and independent practitioners can operate more efficiently thanks to this procedure. Revenue Cycle Management (RCM) solutions assist providers in managing and improving revenue cycle processes such as clinical documentation, claims & rejections management, electronic health records, patient insurance eligibility verification, and medical coding & billing. The rise in regulatory requirements and government initiatives to encourage the use of Revenue Cycle Management (RCM) solutions, rising patient volumes and health insurance growth, revenue loss from billing errors, and the growing demand for significant process improvements in healthcare are all factors contributing to the market's growth.
North America is expected to register the highest growth in the market during the forecast period. Due to the increasing number of doctor's offices in the United States, the market has a sizable revenue share. Healthcare systems have undergone a digital revolution because of regulatory reforms like the ICD-10 revisions in 2015. There has been a considerable demand for healthcare IT solutions like Revenue Cycle Management systems to boost productivity and improve service delivery. Additionally, the region's market is presented with significant growth opportunities due to the presence of famous sizable hospitals and well-established healthcare facilities, the growing desire to reduce healthcare expenses, and favorable laws.
The Global Revenue Cycle Management Market is Segmented as follows:
- Delivery Mode
- End Use
- Physician Offices
- Diagnostic Laboratories
- Other Uses
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Revenue Cycle Management Market is:
The SSI Group Inc., AllScripts Healthcare LLC, Experian Health, R1 RCM Inc, McKesson Corporation, Athena Health Inc, Epic Systems Corporation, NXGN Management LLC, CareCloud Corporation, Quest Diagnostics Inc.
The Global Revenue Cycle Management Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|