The revenue cycle management market size surpassed at USD 65,963.9 million in 2019 and expected to reach over US$ 135.12 billion by 2027 with a CAGR of 12.2%.
OTTAWA, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Precedence Research recently published a report on “Revenue Cycle Management Market (By Offering: Services and Software; By Type: Standalone and Integrated; By Deployment: Web-Based, On-Premise and Cloud-Based; By End User: Hospitals, Physician Offices, Diagnostic Laboratories and Others) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.
Revenue cycle management (RCM) is a wide term covering the financial side of healthcare. Healthcare is frequently thought of as a two party arrangement including the patient and healthcare professionals. Though, there is a critical third party involved. This group is made up of qualified professionals who are involved with the patient from the start of their care to the very end when payment is made. A well-managed revenue cycle management RCM system converts into stable revenue.
Revenue cycle management is the revenue driver of healthcare. It is the business practice that takes a clinical service occasion and turns it into dollars for the hospital. With RCM, all clinical encounters are documented through medical records. Some of the major functions of revenue cycle management is clinical documentation improvement (CDI), claims & denial management, medical coding & billing, patient insurance eligibility verification, payment remittance, electronic health record (EHR) and various others.
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The growth of revenue cycle management (RCM) market is mainly driven by government initiatives to support the adoption of RCM solutions paired with rising need of process improvements in healthcare sectors. In addition, growing complexity in revenue cycle, old technology, and limitations in staffing qualified employees is also predicted to propel the demand for revenue cycle management (RCM) market in years to come. On the contrary, high costs associated with revenue cycle management deployment and shortage of skilled IT professionals may limit the growth of market in years to come. Even so, increasing market for outsourced RCM solutions is expected to open up plenty of opportunities for market participant in near future.
The Coronavirus (COVID-19) and the subsequent “Stay Home” orders have deeply impacted every industry. Diagnostic leaders are analyzing their balance sheets to decide whether they can cut costs efficiently while they deal with major volume increases in testing, potentially adjusting their test mix while keeping their employees active and safe. According to the American Hospital Association (AHA) latest reports, hospitals and health systems are bleeding more than USD 50 billion every month – and potentially up to USD 1 to USD 1.2 billion per day. Hospitals and health system in America have stepped up heroically and unprecedentedly. However, fighting with virus has created the biggest financial crisis for hospitals and health systems in history.
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Favorable regulatory compliance, increasing need of process improvements in healthcare sectors and rising spending on healthcare are the major factors estimated to drive the global revenue cycle management market in years to come.
Standalone type segment is expected to lose its revenue share in coming years owing to increasing adoption of integrated type revenue cycle management systems by healthcare professional and hospitals.
In 2019, On-premise deployment segment of global revenue cycle management market was valued around USD 28,912 million. The growth of this segment is primarily driven by better data security and protecting unauthorized access of user’s server or workstation
Asia Pacific is predicted to be the fastest growing region for global revenue cycle management market and is likely to grow at a CAGR of 15.8% in forecast period.
In 2019, North America dominated the global revenue cycle management market and accounted over 41.1% of the revenue share. Rising number of hospital, high spending on healthcare and presence of major market players are some of the key driving factor for the growth of North America region. Furthermore, growing HCIT investments in United and Canada is also shaping the growth of revenue cycle management market. Europe held the second largest market in the revenue cycle management due to enhanced digitization paired with increasing focus on data integration, data quality, data governance and management over the forecast period.
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Asia Pacific is projected to be the fastest growing region in revenue cycle management market. The major factor driving the Asia Pacific market will include technological innovations, infrastructure development and increased adoption of revenue cycle management in the region's health care facilities. China, Japan and India are the main countries in the region that are rapidly adopting these management products and services, thereby boosting the global revenue cycles management market. Countries in Latin America such as Brazil and Mexico have significant growth potential due to the evolving medical system, high disposable income and rising emphasis of multinationals that have developed their operational establishments in Latin America.
Key Players & Strategies
The launch of new product according to client need and cost effective solution will be the key strategy of market participant in coming years. Some of the major players covered in the global revenue cycle management market research report are Cerner Corporation, McKesson Corporation, Quest Diagnostics Incorporated, Allscripts Healthcare Solutions, Athenahealth, CareCloud, Emdeon, The SSI Group Inc, GE Healthcare, Eclinicalworks, Meditech, Epic Systems, Conifer Health Solutions, Gebbs Healthcare Solutions, Constellation Software, Experian PLC and NextGen Healthcare Information System LLC amongst others.
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