USD 109.5 billion
Global Revenue Cycle Management Market Size, Share, Growth Analysis, By Product Type(Software and Services), By Type(Integrated and Standalone), By Delivery Mode(On-Premises, Web-Based), By Physician Specialty(Oncology, Cardiology), By Sourcing(In-house, External RCM Apps/ Software), By Function(Product Development, Member Engagement), By End User(Physician Back Offices, Hospitals) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2131 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
203 |
Figures:
80
Global Revenue Cycle Management Market Insights
Revenue Cycle Management Market size was valued at USD 109.5 billion in 2019 and is poised to grow from USD 123.95 billion in 2023 to USD 334.22 billion by 2031, growing at a CAGR of 13.2% in the forecast period (2024-2031).
Today's healthcare systems are becoming more sophisticated, and patient consumerism as well as the price of treatments are rising. Large hospitals and clinics are put under a lot of pressure by these market realities, which forces them to change into revenue cycle management (RCM) businesses. This element is described as a procedure that a hospital develops and uses to optimise patient income and the speed of its collection. The use of Electronic Health Records (EHR) in healthcare settings is required by a number of legal requirements, and desire for integrated EHR/RCM software for efficient workflow is driving up demand for this service globally.
The demand for this service is also growing during the research period due to rise in the number of claims denials and an increase in the administrative costs associated with managing the denied claims.
US Revenue Cycle Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Integrated
Fastest Growth
Integrated
Growth Rate
13.2% CAGR
Global Revenue Cycle Management Market ($ Bn)
Country Share for North America Region (%)
Global Revenue Cycle Management Market By Type ($ Bn)
Global Revenue Cycle Management Market By Type (%)
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Global Revenue Cycle Management Market Segmental Analysis
Global Revenue Cycle Management market is segmented on the basis of Product Type, Type, Delivery Mode, Physician Specialty, Sourcing, Function, End User, and region. By Product Type, the market is segmented into Software, and Services. By Type, the market is segmented into Integrated, and Standalone. By Delivery Mode, the market is segmented into On-Premises, Web-Based, and Cloud-Based. By Physician Specialty, the market is segmented into Oncology, Cardiology, Anaesthesia, Radiology, Pathology, Pain Management, Emergency Service, and Others. By Sourcing, the market is segmented into In-house, External RCM Apps/ Software, Outsourced RCM Services. By Function, the market is segmented into Product Development, Member Engagement, Network Management, Care Management, Claims Management, and Risk and Compliances. By End User, the market is segmented into Physician Back Offices, Hospitals, Diagnostic Laboratories, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Revenue Cycle Management Market Analysis by Type
Due to the increased preference for volume-based payments over value-based payments, the integrated type segment led the market for revenue cycle management and had the highest revenue share of 69.8% in 2021. Integrated solutions provide a streamlined and coordinated framework for different financial activities via a single platform, resulting in a standardized data collecting and processing procedure. Growing collections and developing alternate payment and reimbursement methods are just two advantages of integrated revenue cycle management. Achieving successful integration enables healthcare professionals to raise net operating margins, lower costs, and improve efficiency. Due to the increasing need for improving healthcare system efficiency, expanding healthcare facilities, and rising healthcare expenses, the integrated kind of services is predicted to grow at the fastest rate during the upcoming years. An integrated type of service is also expected to emerge as a result of the growing demand to reduce or completely eliminate human error and speed up administrative procedures.
Revenue Cycle Management Market Analysis by Delivery Mode
A growing number of web-based solutions are being implemented, which has led to the web-based delivery mode segment dominating the market in 2021. Since they may be placed off-site and managed by a third party, web-based provided solutions are more widely used than on-premise delivered ones because they don't call for extra hardware or storage. Affordable pricing and rapid deployment are two main benefits of web-based distribution systems. However, due to its increased freedom and improved cost-effectiveness for end users, the cloud-deployed category is predicted to develop at the quickest rate in the years to come. The sharing of medical data has become easy and secure due to cloud-based technologies. While automating backend procedures, makes telehealth app development and security simpler. Additionally, cloud-deployed solutions assist healthcare organizations in managing electronic health records, patient portals, big data analytics, and mobile applications while trying to save money on server maintenance. Products based on the cloud have been developed to strengthen operations, increase infrastructure dependability, and improve resource procurement.
Global Revenue Cycle Management Market By Type, 2023 (%)
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Global Revenue Cycle Management Market Regional Insights
North America dominated the global market in 2021. A widespread RCM programmed deployment that supports everyone is possible thanks to advanced architecture. The engagement of numerous major competitors in the market, together with the significant yearly healthcare spending anticipated, also greatly benefits the business. One of the main factors influencing the market in the region is the rising prevalence of chronic diseases there. Healthcare costs ultimately rise as a result of chronic illnesses increasing the demand for surgical procedures and other healthcare services. In some cases, the United States uses technologically advanced methods of data processing despite its status as a developing country.
On the other hand, it is anticipated that the revenue cycle management market will expand at the fastest rate in Asia Pacific over the coming years due to factors like expanding supportive government initiatives, 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 cases of emergency. Additionally, the Asia Pacific region has cheap manufacturing prices and access to a workforce that is cost-effective, which enables doing business abroad simpler.
Global Revenue Cycle Management Market By Region, 2024-2031
- Largest
- Fastest
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Global Revenue Cycle Management Market Dynamics
Revenue Cycle Management Market Drivers
Artificial intelligence is being Employed Rapidly
- The revenue cycle management (RCM) market is expected to expand more quickly than average over the course of the forecast period due to factors including rising demand for artificial intelligence and machine learning in various RCM suites, rising need to cut HR-related costs, prevalence of advanced solutions in the form of data processing and management, rising usages of RCM for souring & recruiting, applicant tracking, time & attendance management, payroll & compensation, and others.
Cloud-based Software Products are Popular and Digital Technologies are Being Used Extensively
- During the forecast period, the adoption of digital HR technology and the prevalence of cloud-based software solutions will present a variety of possible opportunities for the revenue cycle management (RCM) market.
Revenue Cycle Management Market Restraints
High Purchase and Maintenance Costs
- The adoption of RCM systems, particularly in the medical market, is likely to be hindered by a shortage of trained employees and cutting-edge technology. The revenue cycle management industry may face obstacles such as high purchase and maintenance costs, limited IT infrastructure in emerging markets, and concerns about data privacy and security.
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Global Revenue Cycle Management Market Competitive Landscape
The revenue cycle management (RCM) market's competitive environment lists competitors. A business overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance are all included in the data. In the aforementioned data points, just the companies' emphasis on the revenue cycle management (RCM) industry is stated.
Revenue Cycle Management Market Top Player’s Company Profiles
- Cerner Corporation
- Epic Systems Corporation
- Allscripts Healthcare Solutions, Inc.
- Athenahealth, Inc.
- eClinicalWorks
- GE Healthcare
- McKesson Corporation
- NextGen Healthcare Information Systems, LLC
- Optum, Inc.
- Siemens Healthineers
- Conifer Health Solutions
- Change Healthcare
- nThrive
- R1 RCM Inc.
- Experian Information Solutions, Inc.
- Convergent Healthcare Solutions, LLC
- MedeAnalytics, Inc.
- ZirMed, Inc.
- TransUnion Healthcare
- Waystar Health
Revenue Cycle Management Market Recent Developments
- In 2021, In the most recent agreement between an RCM vendor and a patient payment company, revenue cycle management (RCM) provider Waystar announced its intentions to purchase Patientco. By providing patients with user-friendly options for paying medical bills, the RCM vendor hopes that the combination will improve the patient's financial experience.
- In 2022, DashboardMD, a cloud-based provider of healthcare analytics and business intelligence reporting solutions, has been acquired by Azalea Health, a company that offers health IT solutions and cloud-based patient management in the healthcare industry. The company's goal with this acquisition is to grow its clientele in the revenue cycle management industry.
Global Revenue Cycle Management Key Market Trends
- One of the major trends pushing healthcare firms to outsource RCM solutions is the growing emphasis on enhancing patient care while also reducing healthcare expenses. These systems link financial billing information with administrative data, such as a patient's name, address, insurance provider, and treatment codes. To get around the difficulties of reimbursement, they additionally offer insurance verification and point-of-service (POS). Additionally, the coronavirus disease (COVID-19) pandemic has heightened the requirement for electronic health record (EHR) systems to facilitate successful data sharing, which is further fostering market growth. Other factors, such as the expanding use of remote healthcare, the rising cost of healthcare, and the rise in chronic illness prevalence, are also offering profitable prospects to market participants around the world. These competitors are also concentrating on merger and acquisition (M&A) activities and incorporating artificial intelligence (AI) technology to enhance RCM capabilities, which is anticipated to fuel market expansion.
Global Revenue Cycle Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global revenue cycle management market analysis, due to the time-consuming clerical responsibilities associated with managing personnel data, payroll, and benefits, revenue cycle management (RCM) software, an enterprise application solution, has become crucial in all firms. The significant potential brought about by expanding SMEs across regions, however, are the reason for the market's recent expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 109.5 billion |
| Market size value in 2031 | USD 334.22 billion |
| Growth Rate | 13.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Revenue Cycle Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Revenue Cycle Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Revenue Cycle Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Revenue Cycle Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Revenue Cycle Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Revenue Cycle Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Revenue Cycle Management Market Report Snapshots
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