The latest report by IMARC Group, titled “Healthcare RCM Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global healthcare RCM outsourcing market reached a value of US$ 23.7 Billion in 2022. Healthcare revenue cycle management (RCM) outsourcing optimizes non-medical services in the healthcare industry. It includes various functions such as registration, scheduling, patient check-in/check-out, billing, as well as final balance payments. The process is an integral part of the healthcare industry as it offers better control and understanding of the revenue cycles. The administrative components comprise services such as front-end and back-end services, which help achieve cost savings. Nowadays, healthcare organizations are rapidly shifting from in-house management to outsourcing RCM processes as it helps in efficiently allocating financial and human resources. It also enables medical professionals to reduce the operation cost of office infrastructure, software, and equipment.
Global Healthcare RCM Outsourcing Market Trends:
The market is primarily driven by the rising prevalence of lifestyle and cardiovascular diseases. In addition, healthcare organizations are outsourcing their operational functions to RCM partners, which help focus on the actual business of providing quality healthcare and reducing the non-clinical task burden on hospitals. It also maintains tabs on the compliance regulations of the organization. In recent years, there has been a shortage of staff members across hospitals and clinics, which is fueling the growth of the market. Besides this, RCM service providers offer easy scaling up of requirements of the providers, which is creating opportunities for business expansion without any need for either human or infrastructure resources. Furthermore, governments across various countries are implementing stringent regulations to reduce the operating costs of healthcare facilities and medical billing companies, thereby propelling the market growth. Looking forward, the market is expected to grow at a CAGR of 17.4% during the forecast period (2023-2028).
- Based on the type, the market has been segmented into pre-intervention, intervention, and post-intervention.
- On the basis of the services, the market has been classified into back-end, middle, and front-end. Among these, back-end services hold the majority of the market share.
- The market has been categorized based on the end-user into hospitals and others. Currently, hospitals represent the largest segment.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Currently, North America is the leading position in the market.
- The competitive landscape of the market has been examined, with some of the key players being Conifer Health Solutions, Emdeon Business Services, MedAssets, Inc., McKesson Corporation, Parallon Business Solutions, and The SSI Group.
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