IMARC Group’s latest report, titled “Revenue Cycle Management Market Research Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global revenue cycle management market reached a value of US$ 106.93 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 211.51 Billion by 2027, exhibiting a CAGR of 11.80% during 2022-2027.
Revenue cycle management (RCM) is a financial process that assists healthcare facilities in collecting payments for medical bills. It includes a variety of operations, such as patient registration, the determination and verification of insurance coverage, the processing of claims, the coding of medical procedures, and the management of payments and accounts receivable. It helps in minimizing costs, managing time, improving patient outcomes and reducing human error in claim submission processes. It combines administrative data, such as the personal information, insurer name, and treatment codes of a patient, and financial billing information to provide insurance verification and point-of-service (POS) to overcome reimbursement complexities. The demand for RCM is increasing as it aid in centralizing billing and coding systems while improving compliance processes.
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Revenue Cycle Management Market Growth:
The rising focus on improving patient care is driving the global market. Moreover, the increasing adoption of RCM by the healthcare sector on account of growing digitalization is fuelling the market. Furthermore, numerous leading players are focusing on developing innovative product development strategies to enhance the patient-provider relationship in healthcare facilities, which in turn is fostering the uptake of RCM solutions across the globe. Along with this, increasing support from government bodies and federal agencies in the form of favorable regulatory reforms is contributing to the overall demand. Apart from this, the growing demand for workflow optimization in healthcare organizations and innovative synchronized management software systems is positively impacting the market. Other factors, such as augmenting medical costs, the growing demand for remote healthcare, and the increasing prevalence of chronic illnesses, are also influencing the market.
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Competitive Landscape with Key Players:
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
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 (2016-2021)
- Market Outlook (2022-2027)
- 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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