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According to the latest report by IMARC Group, titled “Healthcare RCM Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global healthcare RCM outsourcing market reached a value of US$ 14.6 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit strong growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Revenue Cycle Management (RCM) is a financial process which is used for managing payment, claim processing and revenue generation. It is utilised by medical billing companies or healthcare facilities for the purpose of addressing issues and following up the claims process. There are numerous benefits which are offered by RCM outsourcing such as doctors have a better control and understanding of their revenue cycles. It also helps in maintaining billing operations and reducing the operating costs of office infrastructure, software and equipment.
Governments across various nations have been introducing stringent regulations over the past few years regarding healthcare, due to which there has been a significant rise in the operating costs of healthcare facilities and medical billing companies. This has created opportunities for outsourcing companies to assist them in revenue cycle management which acts as a major factor driving the growth of the global healthcare RCM outsourcing market. In addition to this, healthcare facilities have been facing several issues like rising financial challenges which has resulted in the need for augmented speed of billing. This, in turn, has highly contributed towards a propelling growth in the demand for RCM outsourcing agencies. Moreover, other factors which are bolstering the growth of the market include increasing industrialisation and urbanisation rates as well as a rapid rise in the prevalence of diseases across the globe. Looking forward, IMARC Group expects the global healthcare RCM outsourcing market to exhibit strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global healthcare RCM outsourcing market report, along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on region, type, services, and end-use.
Market Breakup by Type:
Based on type, the market has been segmented as pre-intervention, intervention and post-intervention.
Market Breakup by Services:
The market has been further segregated on the basis of services which include back-end services, middle services and front-end services. Among these, back-end services hold the majority of the market share.
Market Breakup by End-User:
On the basis of end-user, hospitals represent the largest segment.
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Currently, North America is the leading market owing to the rising adoption of advanced technologies which include electric health record (EHR) systems and hospital information systems.
Some of the leading players operating in the market are:
This report provides a deep insight into the global healthcare RCM outsourcing market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the healthcare RCM outsourcing industry in any manner.
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