Revenue Cycle Management Market 2023-2028: Industry Report, Growth Rate(CAGR of 11.4%), Top Companies, Business Opportunity and Forecast

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Revenue Cycle Management Market 2023-2028: Industry Report, Growth Rate(CAGR of 11.4%), Top Companies, Business Opportunity and Forecast
Revenue Cycle Management Market
The escalating emphasis on improving patient care and simultaneously lowering healthcare costs are among the primary factors driving the revenue cycle management market

How Big is Revenue Cycle Management Market ? : 

IMARC Group’s latest report, titled “Revenue Cycle Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, 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.

Revenue Cycle Management:

Revenue cycle management (RCM) represents a financial process that aids healthcare facilities in accumulating payments for medical bills. It also assists in minimizing costs, managing time, improving patient outcomes, and reducing human error in claim submission processes. RCM includes pricing, compliance, data analytics, cover scheduling, registration, financial clearance, medical coding, claims processing, contract management, patient collection, payment posting, accounts receivable (A/R) follow-up, reporting, and benchmarking. In addition, RCM centralizes billing and coding systems and enables reliable reimbursement and compliance processes. As a result, this procedure finds widespread applications in hospitals, clinics, diagnostic and ambulatory care centers across the globe.

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Who are the key Players of Revenue Cycle Management Market ? :

The competitive landscape of the industry has also been examined along with the profiles of the key players.

  • 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

Revenue Cycle Management Market Future Growth and Development:

The escalating emphasis on improving patient care and simultaneously lowering healthcare costs are among the primary factors driving the revenue cycle management market. Besides this, these solutions combine administrative data, such as the insurer name, personal information, and treatment codes of a patient, and also provide insurance verification and point-of-service (POS) to overcome reimbursement complexities, which is further augmenting the market growth. Moreover, the elevating focus of the leading players on merger and acquisition (M&A) activities to enhance RCM capabilities and the incorporation of artificial intelligence (AI) technology are also catalyzing the global market. Apart from this, the increasing need for electronic health record (EHR) systems to enable effective data sharing, on account of the sudden outbreak of the COVID-19 pandemic, is acting as another significant growth-inducing factor. Furthermore, the growing popularity of remote healthcare systems is expected to bolster the revenue cycle management market in the coming years. 

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Key Market Segmentation:

Breakup by Type:

  • Standalone
  • Integrated 

Breakup by Component:

  • Software
  • Services 

Breakup by Deployment:

  • Web-based
  • Cloud-based
  • On-premises 

Breakup by End User:

  • Hospitals
  • Physicians
  • Diagnostic and Ambulatory Care Centers

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other) 

Key Highlights of the Report: 

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. 

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise. 

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