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| Global Revenue Cycle Management Market Size |
Revenue cycle management (RCM) is a business methodology that combines people,
processes, and technologies to help health care organizations properly file,
bill, and collect revenues from all possible sources for clinical services
provided. With the help of revenue cycle management, all patient registration,
eligibility checks, claims processing, payment posting, and accounts receivable
are efficiently managed.
The Global
Revenue Cycle Management Market Size is estimated to be valued at US$ 156.68 Bn in 2024 and is expected
to exhibit a CAGR of 11% over the
forecast period 2024 to 2031.
Key Takeaways
Key players operating in the revenue cycle management are Athenahealth,
Experian Health, Cerner, GE HealthCare, Coronis, Epic Systems, Conifer Health
Solutions, eClinicalWorks, Change Healthcare, Optum, Waystar, McKesson
Corporation, R1, Experian Health, Veradigm LLC, CareCloud Corporation, Access
Healthcare, and AdvantEdge Healthcare Solutions. These players are focusing on
deploying advanced solutions and service to provide end-to-end revenue cycle
management and stay competitive in the market.
There exists immense growth opportunities for market players in the form of
growing adoption of RCM outsourcing services across healthcare organizations.
Additionally, emerging economies with developing healthcare infrastructures are
opening new revenue streams. Furthermore, increasing digitalization and need
for automating billing processes are anticipated to boost adoption of
cloud-based RCM solutions in the coming years.
Global expansion is one of the key strategies adopted by prominent players. For
instance, Waystar expanded its international footprint with acquisitions in
Europe and strategic collaborations in the Asia Pacific region. Similarly,
other players such as Athenahealth and Cerner are targeting international
markets through collaborations with local players and deployment of cloud-based
solutions.
Market Drivers
Increasing government initiatives towards implementing favorable regulations
for automating healthcare billing is a key factor boosting the RCM market
growth. Additionally, rapidly growing healthcare expenditures along with demand
for curbing administrative costs are accelerating adoption of RCM solutions
globally.
Market Restrain
High implementation costs of RCM systems is one of the major challenges
restraining the small healthcare organizations from adopting these solutions.
Additionally, lack of skilled IT professionals for managing RCM systems and
interoperability issues pose challenges for seamless revenue cycle management.
Segment Analysis
Revenue Cycle Management Market has two dominant segments- Integrated RCM and
standalone RCM. Integrated RCM dominates the market with over 60% share due to
increased efficiency and consolidated operations. Integrated RCM provides
end-to-end automated solutions from patient registration, clinical
documentation, revenue assessment, credit management, and claim processing.
This reduces manual efforts, medical billing errors, and speeds up revenue
cycle.
Global Analysis
Regionally, North America dominates the global revenue cycle management market
due to large healthcare IT spending, stringent regulations for correct medical
coding and billing, and presence of leading RCM players in the US. The Asia
Pacific region is the fastest growing market attributed to increasing
healthcare infrastructure, growing medical tourism, rising insurance coverage,
and government initiatives to promote healthcare digitization. Europe is
another major regional market owing to huge national healthcare budgets and
investments in digitizing healthcare systems especially in Western European
countries such as Germany and UK.
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