Revenue Cycle Management Market

Market Synopsis:

The Global Revenue Cycle Management Market was valued USD 264.42 Billion in 2022 and is anticipated to reach a value of USD 613.78 Billion by 2030. The Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 11.10% over the forecast period.

The practice of tracking patient income, from their first appointment or interaction with the healthcare system to their final payment of the remainder, is known as Revenue Cycle Management (RCM). Healthcare institutions and independent practitioners can operate more efficiently thanks to this procedure. RCM solutions assist providers in managing and improving revenue cycle processes such as clinical documentation, claims & rejections management, electronic health records, patient insurance eligibility verification, and medical coding & billing. The market for healthcare Revenue Cycle Management (RCM) software is expanding as a result of the increased requirement to stop revenue leakage in the healthcare system. The loss of money by healthcare service providers as a result of ineffective internal procedures and payment frameworks is referred to as revenue leakage. Process leaks, payer leaks, and patient leaks are all possible causes of this problem. The need for electronic health and transaction recording systems has increased as a result.

During the projection period, the market for healthcare Revenue Cycle Management (RCM) software will face challenges related to interoperability. No matter which EHR system other doctors use, interoperability in healthcare RCM software enables any authorized physician or doctor to securely access all clinical information about the patient. Interoperability problems, however, have led to more denials, which are lowering revenue generation and operational effectiveness for healthcare service providers.

Market Segmentation:

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The Revenue Cycle Management market is segmented on basis of Product, Type, Delivery Mode, End-Use, and Region. Based on Product, the market is further segmented into Software and Services. Furthermore, based on Type, the market is further segmented into Integrated and Standalone. In addition, based on the Delivery Mode, the market is further segmented into On-Premise, Web-Based, and Cloud-Based. Likewise, based on the End Use, the market is further segmented into Physician Offices, Hospitals, Diagnostic Laboratories, and Diagnostic Other Use.

Based on Product:

The Revenue Cycle Management market was dominated by Software, which also had the biggest revenue share. Process digitalization and workflow streamlining are required for increased efficiencies and better patient care due to growing data silos and the volume of data collected from numerous healthcare tasks. Consolidation is necessary due to the increasing volume of disorganized data, which is driving up demand for RCM software solutions. Multiple data silos make it harder to evaluate data effectively and raise the possibility of data loss.

Based on Delivery Mode

Due to the increasing adoption of Web-Based solutions, the Web-Based delivery method segment led the market for Revenue Cycle Management and represented the greatest revenue share. The adoption of Web-Based solutions versus On-Premise provided solutions is increasing since they don't need extra hardware or storage, can be placed off-site, and can be managed by a third party. Affordable costs and quick deployment are advantages of web-based systems.

North America had a major share and is projected to continue its dominance over the forecast period

In terms of revenue share in 2021, North America dominated the market for revenue cycle management. Due to the increasing number of doctor's offices in the United States, the market has a sizable revenue share. Healthcare systems have undergone a digital revolution as a result of regulatory reforms like the ICD-10 revisions in 2015, and there has been a considerable increase in demand for healthcare IT solutions like Revenue Cycle Management systems to boost productivity and improve service delivery. Additionally, the region's market is presented with significant growth opportunities due to the presence of sizable famous hospitals and well-established healthcare facilities, the growing desire to reduce healthcare expenses, and favorable laws.

The market for revenue cycle management, on the other hand, is predicted to grow at the fastest rate in the Asia Pacific over the coming years due to a combination of factors including expanding favorable government initiatives and support, growing demand to improve the quality of healthcare delivery, rising digital literacy, growing adoption of healthcare IT solutions, improving healthcare infrastructure, growing healthcare IT spending, and expanding unmet healthcare needs in emerging economies. Additionally, the Asia Pacific market has affordable labor expenses and low production costs, which makes it easier to conduct business there.

Competitive Landscape:

The key players in the Global Revenue Cycle Management Market include- The SSI Group Inc., AllScripts Healthcare LLC, Experian Health, R1 RCM Inc, McKesson Corporation, Athena Health Inc, Epic Systems Corporation, NXGN Management LLC, CareCloud Corporation, Quest Diagnostics Inc. and others.

Segmentation of the Global Revenue Cycle Management Market: