Global Revenue Cycle Management Market Insights Forecasts to 2032
- The Global Revenue Cycle Management Market Size was valued at USD 266.37 billion in 2022.
- The market is growing at a CAGR of 10.59% from 2022 to 2032
- The Worldwide Revenue Cycle Management Market is expected to reach USD 728.7 billion by 2032
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Revenue Cycle Management Market Size is expected to reach USD 728.7 billion by 2032, at a CAGR of 10.59% during the forecast period 2022 to 2032.
Revenue cycle management (RCM) is an approach utilized by healthcare organizations throughout the globe in order to track revenue from patients from their very first appointment or interaction with their healthcare provider through the final settlement of the payment. The process of revenue generation occurs when a patient books an appointment and ends after all payments have been processed by the healthcare provider. According to the Healthcare Financial Management Association (HFMA), the revenue cycle encompasses all managerial and clinical operations that help with the collection, administration, and processing of patient service revenue. Medical coding and billing, patient insurance eligibility verification, electronic health records, clinical documentation, and claims and denials management are just a few of the revenue cycle processes that RCM systems assist healthcare professionals to manage and streamline. Revenue cycle management is frequently regarded as a subset of the larger healthcare IT business, which also encompasses HIS, RIS, EHR, PACS, CPOE, VNA, mHealth, healthcare analytics, telemedicine, logistics administration, customer relationship management (CRM) fraud monitoring, and reimbursement administration.
The major key players in the Global Revenue Cycle Management Market include McKesson, Cerner, GE Healthcare, Dell EMC, Meditech, 3M, AdvantEdge Healthcare, CareCloud Corporation, Veradigm LLC, and Oracle. In order to expand their industry knowledge and product portfolio, these important companies tend to concentrate on strategic activities such as mergers and acquisitions, technological collaborations, partnerships, funding and investments, and creative product creation and launches.
For instance, On June 2023, Aspirion, a leading technology-enabled healthcare RCM provider for complex claims and revenue integrity, announced the acquisition of FIRM Revenue Cycle Management Services, Inc. (FIRM RCM), a trusted partner to hospital systems in the recovery of denied, unpaid, and underpaid medical insurance claims. This is Aspirion's sixth successful purchase in the last five years, expanding the spectrum of services accessible to its clients.
Global Revenue Cycle Management Market Report Coverage
|Market Size in 2022:||USD 266.37 billion|
|Forecast Period:||2022 - 2032|
|Forecast Period 2022 - 2032 CAGR:||10.59%|
|2032 Value Projection:||USD 728.7 billion|
|Historical Data for:||2018 - 2021|
|No. of Pages:||210|
|Tables, Charts & Figures:||129|
|Segments covered:||By Offering, By Delivery Mode, By Sourcing, By Function, By End-Use, By Region|
|Companies Covered:||McKesson, Cerner, GE Healthcare, Dell EMC, Meditech, 3M, AdvantEdge Healthcare, CareCloud Corporation, Veradigm LLC, Oracle, Epic Systems Corporation, Optum Inc., R1 RCM, Inc., Change Healthcare, Cognizant, Experian Health, eClinicalWorks, SSI Group LLC|
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One of the main factors driving the global revenue cycle management market is the rising patient number and accompanying increase in health insurance claims. This is mostly attributed to an increase in the overall incidence of chronic diseases, an increase in consumer demand for high-quality medical care, and an increase in the total number of healthcare insurance policies. The rising demand for medical facilities has led to an upsurge in the total quantity of medical coverage claims. As a result, comprehensive revenue cycle management products and services are required for overseeing the growing number of health insurance claims and maximizing healthcare providers' profitability. Furthermore, the implementation of Electronic Health Records (EHRs) transformed healthcare institutions' ability to gather, analyze, and report patient information. In conclusion, healthcare facilities are working on enhancing the organizational structure of the revenue cycle management solutions in accordance with the EHR/EMR system.
The increasing demand in healthcare organizations for workflow optimization, combined with modern synchronization software for operational management systems, is likely to drive market expansion. The market is being driven by increased support from government organizations and government organizations in the form of favorable regulatory revisions. Furthermore, the growing outsourcing of revenue cycle management products and services in emerging countries is creating profitable market opportunities. Moreover, the availability of a big contingent workforce in emerging nations allows healthcare businesses to minimize overhead expenses and improve profits. As a result, the market potential in emerging nations is likely to rise dramatically, making revenue cycle management organizations for investors appear more appealing.
However, among developing and less developed countries, IT infrastructure limits can be a key impediment to the global revenue cycle management market's development. The deployment of revenue cycle management solutions is hampered by the shortage of basic information technology infrastructure such as dependable internet connectivity, data center space, and software and hardware systems. Furthermore, another of the market's primary obstacles is the unwillingness to abandon traditional revenue cycle management methodologies. In addition, the expense of transitioning to the latest system is a significant impediment to the adoption of cutting-edge technology. Moreover, a lack of standards and technical support might stymie the adoption of new technology. As a result, all of these constraints are projected to hinder revenue cycle management growth over the projection period.
By Offering Insights
The services segment is dominating the market with the largest revenue share over the forecast period.
On the basis of offering, the global revenue cycle management market is segmented into the software and services. Among these, the services segment is dominating the market with the largest revenue share of 68.3% over the forecast period. The growing practice of outsourcing these services to healthcare facilities can be related to this growth. Outsourcing of services has increased as many healthcare providers now require resources and skill sets for the deployment of revenue cycle management systems. Companies provide a wide range of RCM services, including patient management solutions, medical billing, medical coding, and others. Several strategic activities are being undertaken by key actors.
By Delivery Mode Insights
The cloud-based segment is witnessing the highest CAGR growth over the forecast period.
On the basis of delivery mode, the global revenue cycle management market is segmented into web-based, cloud-based, and on-premise. Among these, the cloud-based segment is witnessing the highest CAGR growth over the forecast period. This segment's growth is likely attributed to benefits such as low setup and upkeep costs, unlimited data storage, quick access to data from any location, and reduced spam and web dangers. Also, the cloud-based delivery option provides end users with more versatility and cost-effectiveness. Furthermore, cloud-deployed solutions assist healthcare institutions in dealing with electronic medical records, patient portals, big data analytics, and mobile applications while avoiding extra expenditures for server maintenance.
By End-Use Insights
The hospitals segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of end-use, the global revenue cycle management market is segmented into hospitals, diagnostic laboratories, physician back offices, and others. Among these, the hospitals segment is dominating the market with the largest revenue share of 57.2% over the forecast period. This dominance can be due to the increasing quantity of patient safety protocols and guidelines published by regulatory authorities. The growing need for revenue cycle management solutions in hospitals is being driven by the increased demand for optimizing hospital workflows and improving workforce effectiveness and productivity. Hospitals frequently employ an integrated RCM system that brings patients and providers together on a single platform.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 48.7% market share over the forecast period. Given the presence of key players, this region contributed to the majority of the worldwide revenue cycle management market share. Furthermore, the presence of big recognized universities and widely recognized healthcare facilities, the growing desire to reduce costs associated with healthcare, and favorable laws present profitable potential opportunities for the region's market. Also, higher adoption of the software/service in the United States will aid in the expansion of the regional market as well. Furthermore, the introduction of novel solutions by the region's leading players helps the market's growth in North America.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. This can be ascribed to an increase in supportive government efforts and assistance, an increase in demand for higher medical service quality, and increasing unmet healthcare requirements in the region's burgeoning economies. Furthermore, increasing acceptance of healthcare IT solutions, advancements in healthcare infrastructure, and increased healthcare IT investment are likely to drive the popularity of the revenue cycle management market in the Asia Pacific region.
The Europe market is expected to register a substantial CAGR growth rate during the forecast period. The availability of growth potential for startup companies that offer effective banking technologies is driving the region's adoption and development of the revenue cycle management service. Furthermore, a large number of healthcare organizations are constantly expanding their funding in the establishment of information technology infrastructure. This factor also contributes to the market's growth in this area during the forecast period.
List of Key Market Players
- GE Healthcare
- Dell EMC
- AdvantEdge Healthcare
- CareCloud Corporation
- Veradigm LLC
- Epic Systems Corporation
- Optum Inc.
- R1 RCM, Inc.
- Change Healthcare
- Experian Health
- SSI Group LLC
Key Market Developments
- On April 2023, SYNERGEN Health and PreciseMDX have announced a strategic alliance to provide laboratories and diagnostics with a unified, end-to-end revenue cycle solution to improve operational efficiencies, scalability, and growth. The combination of these two renowned healthcare IT firms serves to strengthen new and existing customer connections while also driving long-term engagements. SYNERGEN Health's comprehensive revenue cycle management services will be integrated with PreciseMDX's enterprise Lab Business Management Solution (LBMS) as part of the collaboration. SYNERGEN Health and PreciseMDX, when combined, will deliver demonstrable value to clients by implementing long-term changes that minimize costs, maximize cash flow, and improve the patient-provider experience.
- On March 2023, Satori Healing, LLC recently selected eClinicalWorks and Healow for enhanced patient satisfaction and Revenue Cycle Management (RCM) services, according to eClinicalWorks®, the biggest ambulatory cloud EHR. Satori Healing, LLC will benefit from advanced billing and claims management tools, as well as real-time access to financial data, by using the eClinicalWorks RCM service. The collaboration will assist the practice in leveraging RCM to enhance financial performance, increase collection rates, and streamline analytics through real-time dashboards.
- On August 2022, R1 RCM Inc., a leading provider of technology-driven solutions that transform healthcare providers' patient experiences and financial performance, announced an agreement to be the exclusive provider of revenue cycle management services for Emergency Physicians Professional Association (EPPA), a physician group providing high-quality emergency medicine and urgent care across Minnesota. The collaboration is projected to improve EPPA's clinical, financial, and operational performance while also improving patient experience and service.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Revenue Cycle Management Market based on the below-mentioned segments:
Revenue Cycle Management Market, Offering Analysis
Revenue Cycle Management Market, Delivery Mode Analysis
- Web -based
Revenue Cycle Management Market, Sourcing Analysis
- External RCM Apps/ Software
- Outsourced RCM Services
Revenue Cycle Management Market, Function Analysis
- Product Development
- Member Engagement
- Network Management
- Care Management
- Claims Management
- Risk & Compliances
Revenue Cycle Management Market, End-Use Analysis
- Diagnostic Laboratories
- Physician Back Offices
Revenue Cycle Management Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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