According to the latest report by IMARC Group, titled “Revenue Cycle Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global revenue cycle management market size reached a value of US$ 106.93 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 211.51 Billion by 2027, exhibiting a CAGR of 11.80% during 2022-2027.
- 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.
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