Revenue Cycle Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Revenue Cycle Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A5647
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Market Overview:

The global revenue cycle management market size reached US$ 121.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 233.8 Billion by 2028, exhibiting a growth rate (CAGR) of 11.4% during 2023-2028. The growing demand for healthcare insurance plans, rising prevalence of chronic diseases, and increasing need to enhance patient health represent some of the key factors driving the market.   

Revenue cycle management (RCM) is time saving, cost-effective, increases efficiency, and reduces the risk of human errors in a process. It allows providers to receive reimbursement for care delivery in a real-time and efficient way. It also ensures improved revenue collection, financial viability, timely revenue, and better data management. It manages and optimizes all the administrative and clinical tasks, such as insurance verification, charge capture, coding, claim submission, remittance processing, reporting and benchmarking, and accounts receivable (AR) follow-up and collections. It assists in enhancing staff performance and patient experience while eliminating the risk of financial penalties and legal issues. Besides this, it aids in decreasing administrative burden, streamlining workflow management, reducing bad debt, and enhancing productivity. As a result, RCM is widely employed in hospitals, clinics, and ambulatory care centers around the world.

Global Revenue Cycle Management Market Report

Revenue Cycle Management Market Trends:

At present, the rising demand for healthcare insurance plans among individuals across the globe represents one of the key factors strengthening the growth of the market. In addition to this, the increasing demand for efficient RCM to maximize the revenue of healthcare providers is offering lucrative growth opportunities to industry investors. Besides this, the growing demand for RCM due to the rising prevalence of chronic diseases among the masses worldwide is positively influencing the market. Moreover, the increasing need to enhance patient health while lowering healthcare costs is offering a positive market outlook. Apart from this, the rising demand for workflow optimization in healthcare organizations with innovative and efficient management software systems is impelling the growth of the market. This, coupled with the increasing outsourcing of RCM services to reduce overall costs, is supporting the growth of the market. Additionally, the rising healthcare expenditure, along with the rapid adoption of cloud-based RCM for easy and secure data sharing, is contributing to the growth of the market. Besides this, the increasing demand for RCM, as it enables patient payments by sending billing reminders through email and text messages, is propelling the growth of the market. Furthermore, key players are introducing an advanced RCM solution for large hospital owned medical groups.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global revenue cycle management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, component, deployment and end user.

Type Insights:

  • Standalone
  • Integrated
     

The report has provided a detailed breakup and analysis of the revenue cycle management market based on the type. This includes standalone and integrated. According to the report, integrated represented the largest segment.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

To get more information about this market, Request Sample

Component Insights:

  • Software
  • Services
     

A detailed breakup and analysis of the revenue cycle management market based on the component has also been provided in the report. This includes software and services. According to the report, software accounted for the largest market share.

Deployment Insights:

  • Web-based
  • Cloud-based
  • On-premises
     

A detailed breakup and analysis of the revenue cycle management market based on the deployment has also been provided in the report. This includes web-based, cloud-based, and on-premises. According to the report, web-based accounted for the largest market share.

End User Insights:

  • Hospitals
  • Physicians
  • Diagnostic and Ambulatory Care Centers
     

A detailed breakup and analysis of the revenue cycle management market based on the end user has also been provided in the report. This includes hospitals, physicians, and diagnostic and ambulatory care centers.  

Regional Insights:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for revenue cycle management. Some of the factors driving the North America revenue cycle management market included the presence of numerous key players, rapid launch of innovative solutions, rising number of physician offices, etc.             

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global revenue cycle management market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered 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, Quest Diagnostics, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

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)


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the revenue cycle management market from 2017-2028.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global revenue cycle management market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the revenue cycle management industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global revenue cycle management market was valued at US$ 121.0 Billion in 2022.

We expect the global revenue cycle management market to exhibit a CAGR of 11.4% during 2023-2028.

The extensive adoption of RCM solutions by numerous healthcare providers to centralize billing and coding systems as well as provide reliable reimbursement and compliance processes, is primarily driving the global revenue cycle management market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing demand for revenue cycle management solutions owing to the growing adoption of electronic health record systems to enable effective data sharing.

Based on the type, the global revenue cycle management market can be bifurcated into standalone and integrated, where integrated RCM currently exhibits a clear dominance in the market.

Based on the component, the global revenue cycle management market has been categorized into software and services. Currently, software holds the majority of the total market share.

Based on the deployment, the global revenue cycle management market can be segmented into web-based, cloud-based, and on-premises. Among these, web-based deployment currently represents the largest market share.

On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.

Some of the major players in the global revenue cycle management market 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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Revenue Cycle Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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