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- Global Revenue Cycle Management Market
Global Revenue Cycle Management Market to Reach US$ 233.8 Billion by 2028, Propelled by the Improving Medical Infrastructure
August 04, 2022
| Healthcare
According to the latest report by IMARC Group, titled “Revenue Cycle Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global revenue cycle management market reached a value of US$ 121.0 Billion in 2022. Revenue cycle management (RCM) is a financial process that involves tracking the revenue generated by patients from the moment they contact the healthcare system until they make their final payment. An RCM system includes registration, compliance, financial clearance, patient collection, claims processing, contract management, payment postings, accounts receivable (A/R) follow-up, data analytics, reporting, and benchmarking. Healthcare organizations and private practices benefit from it by minimizing costs, managing and enhancing revenue cycles, ensuring reimbursement and compliance, improving patient outcomes, and reducing human errors. As a result, RCM solutions are extensively utilized by healthcare providers across the globe to efficiently manage their records.
Global Revenue Cycle Management Market Trends:
The market is primarily driven by rapid improvements in the medical facility infrastructure. This can be attributed to the rapid digitization, along with considerable growth in the application areas among end users. In addition to this, the rising adoption of advanced technologies, such as artificial intelligence (AI), the Internet of things (IoT) and cloud computing, for business operations are also providing an impetus to the market growth. Moreover, several initiatives for the development of patient care plans with lowered healthcare costs are also creating a positive outlook for the market. The market is further driven by the increasing outsourcing of RCM solutions on the global level. Some of the other factors contributing to the market include expanding healthcare expenditure, continual innovations in synchronized management software systems, inflating disposable income levels and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 233.8 Billion by 2028, exhibiting a CAGR of 11.4% during 2023-2028.
Market Summary:
- Based on the type, the market has been classified into standalone and integrated.
- On the basis of the component, the market has been divided into software and services.
- Based on the deployment, the market has been categorized into web-based, cloud-based and on-premises.
- On the basis of the end user, the market has been segmented into hospitals, physicians, and diagnostic and ambulatory care centers.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Allscripts Healthcare LLC, Athenahealth, CareCloud Inc, Cerner Corporation, Cognizant, EClinicalWorks, Epic Systems Corporation, Experian Information Solutions Inc, GeBBs Healthcare Solutions, General Electric, McKesson Corporation, Oracle Corporation, and Quest Diagnostics.
Report Scope:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Type, Component, Deployment, End User, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Allscripts Healthcare LLC, Athenahealth, CareCloud Inc, Cerner Corporation, Cognizant, EClinicalWorks, Epic Systems Corporation, Experian Information Solutions Inc, GeBBs Healthcare Solutions, General Electric, McKesson Corporation, Oracle Corporation and Quest Diagnostics |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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