Report Id: SNS/ICT/1279 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Revenue Cycle Management (RCM) Market size was valued at USD 238.97 Bn in 2021 and is expected to reach at USD 462.63 Bn by 2028, and grow at a CAGR of 9.89% over the forecast period 2022-2028.
The management of all administrative and clinical operations that contribute to patient service adds directly or indirectly to revenue in order to maximize profits is known as revenue cycle management. By processing claims, the RCM process helps health providers to maximize income.
Patient registration, insurance eligibility, and verification, medical coding, claim to process, and payment and AR management are all procedures that fall under revenue cycle management. Patients, healthcare providers, billing businesses, and insurance payers are the four most important RCM components.
Multiple data silos and disorganized workflows in healthcare settings are creating opportunities for industry expansion and growth. Third-party payers, payment structures, rules, and codes make up RCM. Obtaining the correct assets is critical to a practice's survival. As the payment of medical services gets more exact, the need of having an effective RCM solution grows.
Government measures are driving up demand.
Cost-effective product development through technological advances
Reduced billing mistakes and improved processes are examples of product applications.
A shortage of trained workers and advanced technologies.
In emerging markets, there are high prices and maintenance expenses, as well as IT infrastructure limits.
The dangers of data privacy and security.
Demand for RCM solutions on the cloud.
growing concentration among organizations that provide end-to-end services.
IMPACT OF COVID-19:
The current 2028 forecast is expected to be greater than pre-COVID-19 projections. COVID-19 has created widespread problems across the world. During the COVID-19 pandemic, revenue cycle management is critical in determining patient eligibility, which cuts down on hospital maintenance time. COVID-19 has no significant negative influence on market growth and is predicted to create several chances for market expansion throughout the projection period for revenue cycle management. The need for revenue cycle management systems and services in hospitals throughout the world is predicted to rise as demand for healthcare solutions and sophisticated patient management grows.
Revenue cycle management is divided into four categories: type, component, deployment mechanism, and end-user. The market is divided into two types: integrated RCM and standalone RCM. The market is divided into software and services based on component types. It is divided into cloud-based and on-premise deployment modes based on deployment mode. The market is segmented by end-users into hospitals, physicians, and diagnostic and ambulatory care facilities. The market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA. In 2021, the revenue cycle management market share was led by the integrated RCM segment. This is due to better healthcare infrastructure, higher healthcare-related expenditures to cater to unexplored markets in emerging countries, issues encountered during accounts receivable (AR) administration and claims processing, and a growing demand to minimize cycle time.
In 2021, the revenue cycle management market's growth was led by the services sector, which is projected to continue in the future years. This is due to increased healthcare infrastructure and spending to meet unmet medical requirements in emerging countries, which increases the demand for RCM services.
In 2021, the on-premise category led the revenue cycle management market in terms of growth, and this trend is projected to continue in the following years. The increased need for mobile support systems for improved customer (patient) interaction platforms is to blame for this. However, the cloud category grew at the fastest rate, as hospitals, physicians, and diagnostic and ambulatory care centers used cloud revenue management systems as the amount of essential and secret data transferred increased. These technologies allow payers and providers to have more control over remote access to apps and sensitive patient information.
Physicians led the worldwide revenue cycle management market by end-user in 2020. The rising complexity of healthcare compensation techniques, broad adoption of electronic health records (EHR), varied payment structures, and regulatory changes are all contributing to this.
KEY MARKET SEGMENTS:
On The Basis of Type:
On The Basis of Component:
On The Basis of Deployment:
On The Basis of End-user:
Diagnostic & Ambulatory Care Centers
North America dominated the revenue cycle management market in 2021, accounting for the greatest revenue share. The expanding presence of physician's offices in the United States accounts for a high revenue portion of the industry. Regulatory reforms have resulted in a digital transformation of healthcare systems, with a considerable increase in demand for healthcare IT solutions including revenue cycle management systems to improve efficiency and service delivery. Furthermore, the region's market benefits from the existence of major, well-known hospitals and well-established healthcare facilities, as well as the growing demand to reduce healthcare costs and favorable legislation.
In contrast, the revenue cycle management market in the Asia Pacific is expected to grow at the fastest rate in the coming years, thanks to rising favorable government initiatives and support, increasing demand to improve care delivery quality, increasing digital literacy, growing adoption of healthcare IT solutions, advancing healthcare infrastructure, rising healthcare IT spending, and rising unmet healthcare needs in emerging economies. Furthermore, the Asia Pacific region offers cheap manufacturing prices and access to cost-effective labor, making conducting business easier.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Cerner Corporation, eclinicalworks, Epic Systems Corporation, gebbshealthcare Solutions, GE Healthcare, Experian PLC, Mckesson Corporation, Quest Diagnostics Incorporated, Athenahealth, Inc., Allscripts Healthcare Solutions, Inc.
|Market Size in 2021||US$ 238.97 Bn|
|Market Size by 2028||US$ 462.63 Bn|
|CAGR||CAGR of 9.89% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Type (Standalone and Integrated)
• by Component (Software and Services)
• by Deployment (Cloud and On-premise)
• by End-user (Hospitals, Physicians, and Diagnostic & Ambulatory Care Centers)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Cerner Corporation, eclinicalworks, Epic Systems Corporation, gebbshealthcare Solutions, GE Healthcare, Experian PLC, Mckesson Corporation, Quest Diagnostics Incorporated, Athenahealth, Inc., Allscripts Healthcare Solutions, Inc|
|Key Drivers||• Government measures are driving up demand.
• Cost-effective product development through technological advances
|Market Opportunities||• Demand for RCM solutions on the cloud.
• growing concentration among organizations that provide end-to-end services.
Frequently Asked Questions (FAQ) :
Ans:- The Revenue Cycle Management (RCM) Market is expected to reach at USD462.63Bn by 2028.
Ans:- Demand for RCM solutions on the cloud and growing concentration among organizations that provide end-to-end services.
Ans:- Revenue cycle management is divided into four categories: type, component, deployment mechanism, and end-user.
Ans:- North America dominated the revenue cycle management market in 2021.
Ans:- The primary growth tactics of Revenue Cycle Management (RCM) market participants include merger and acquisition, business expansion, and product launch.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Revenue Cycle Management (RCM) Market Segmentation, by Type
9. Revenue Cycle Management (RCM) Market Segmentation, by Component
10. Revenue Cycle Management (RCM) Market Segmentation, by Deployment
11. Revenue Cycle Management (RCM) Market Segmentation, by End-user
11.3 Diagnostic & Ambulatory Care Centers
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Cerner Corporation
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.3 Epic Systems Corporation
13.4 GeBBSHealthcare Solutions
13.5 GE Healthcare
13.6 Experian PLC
13.7 Mckesson Corporation
13.8 Quest Diagnostics Incorporated
13.9 Athenahealth, Inc.
13.10 Allscripts Healthcare Solutions, Inc.
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
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