Revenue Cycle Management Market

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.

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.

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.

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:

• 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:

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.