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Revenue Cycle Management Market By Type, By Component, By Deployment Mode, By End-User: Global Opportunity Analysis and Industry Forecast, 2022-2031

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    Report

  • 271 Pages
  • September 2023
  • Region: Global
  • Allied Market Research
  • ID: 5578323
Description Jump to:
Revenue cycle management is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance.

The growing number of multiple data siloes and unorganized workflows in healthcare settings is paving a path for revenue cycle management market development and growth. Revenue cycle management s(RCM) is a combination of third-party payers, payment models, guidelines, and codes. A practice’s existence depends upon obtaining the right assets. As precise payment for medical services becomes increasingly complex, it increases the value of obtaining an efficient RCM solution.

The supportive growth through regulatory compliance and the increase in healthcare spending are the driving factors for the growth of the revenue cycle management market. In addition, the rise in demand for cloud-based solutions has driven the expansion of the worldwide revenue cycle management market. However, high costs associated with RCM deployment and the scarcity of trained professionals are some of the factors that hamper the market growth. On the contrary, the market for revenue cycle management is witnessing regular technological advancements and the industry is constantly evolving. Various healthcare providers and payers are rapidly adopting these innovative and upgraded RCM solutions. For instance, R1 RCM Inc. launched R1 Professional in January 2020, an advanced RCM solution that is being widely used by large hospital-owned medical groups and other groups involved in independent practices.

The revenue cycle management market is segmented into type, component, deployment mode, end user, and region. By type, the market is differentiated into standalone and integrated. By component, the market is segmented into software and services. Depending on deployment mode, it is fragmented into cloud and on-premise. Depending on end user, it is segmented into hospitals, physicians, diagnostic laboratories, and others. Region wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA.

The revenue cycle management market analysis includes top companies operating in the market such as Athenahealth, Inc., eClinicalWorks, Epic Systems Corporation, Experian Information Solutions, Inc., GeBBS Healthcare Solutions, GE HealthCare, McKesson Corporation, Oracle Cerner, Quest Diagnostics Incorporated, and Veradigm LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the accounting and budgeting software industry.

Key Benefits For Stakeholders

  • The study provides in-depth analysis of the global revenue cycle management market along with current trends and future estimations to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, & opportunities and their impact analysis on the global revenue cycle management market size are provided in the report.
  • The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • The quantitative analysis of the global revenue cycle management market from 2021 to 2031 is provided to determine the market potential.

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Key Market Segments

By End-User

  • Hospitals
  • Physicians
  • Diagnostic Laboratories
  • Others

By Deployment Mode

  • On-Premise
  • Cloud

By Type

  • Integrated
  • Standalone

By Component

  • Software
  • Services

By Region

  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa
  • Key Market Players
  • Quest Diagnostics Incorporated
  • Athenahealth, Inc.
  • GE HealthCare
  • Experian Information Solutions, Inc.
  • GeBBS Healthcare Solutions
  • Epic Systems Corporation
  • eClinicalWorks
  • McKesson Corporation
  • Oracle Cerner
  • Veradigm LLC

 

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.3. Porter’s five forces analysis
3.4. Market dynamics
CHAPTER 4: REVENUE CYCLE MANAGEMENT MARKET, BY TYPE
4.1. Overview
4.2. Integrated
4.3. Standalone
CHAPTER 5: REVENUE CYCLE MANAGEMENT MARKET, BY COMPONENT
5.1. Overview
5.2. Software
5.3. Services
CHAPTER 6: REVENUE CYCLE MANAGEMENT MARKET, BY DEPLOYMENT MODE
6.1. Overview
6.2. On-Premise
6.3. Cloud
CHAPTER 7: REVENUE CYCLE MANAGEMENT MARKET, BY END-USER
7.1. Overview
7.2. Hospitals
7.3. Physicians
7.4. Diagnostic Laboratories
7.5. Others
CHAPTER 8: REVENUE CYCLE MANAGEMENT MARKET, BY REGION
8.1. Overview
8.2. North America
8.3. Europe
8.4. Asia-Pacific
8.5. LAMEA
CHAPTER 9: COMPETITIVE LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product mapping of top 10 player
9.4. Competitive dashboard
9.5. Competitive heatmap
9.6. Top player positioning, 2021
CHAPTER 10: COMPANY PROFILES
10.1. Veradigm LLC
10.2. Athenahealth, Inc.
10.3. Oracle Cerner
10.4. eClinicalWorks
10.5. Epic Systems Corporation
10.6. Experian Information Solutions, Inc.
10.7. GeBBS Healthcare Solutions
10.8. GE HealthCare
10.9. McKesson Corporation
10.10. Quest Diagnostics Incorporated
List of Tables
Table 01. Global Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 02. Revenue Cycle Management Market for Integrated, by Region, 2021-2031 ($Billion)
Table 03. Revenue Cycle Management Market for Standalone, by Region, 2021-2031 ($Billion)
Table 04. Global Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 05. Revenue Cycle Management Market for Software, by Region, 2021-2031 ($Billion)
Table 06. Revenue Cycle Management Market for Services, by Region, 2021-2031 ($Billion)
Table 07. Global Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 08. Revenue Cycle Management Market for On-Premise, by Region, 2021-2031 ($Billion)
Table 09. Revenue Cycle Management Market for Cloud, by Region, 2021-2031 ($Billion)
Table 10. Global Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 11. Revenue Cycle Management Market for Hospitals, by Region, 2021-2031 ($Billion)
Table 12. Revenue Cycle Management Market for Physicians, by Region, 2021-2031 ($Billion)
Table 13. Revenue Cycle Management Market for Diagnostic Laboratories, by Region, 2021-2031 ($Billion)
Table 14. Revenue Cycle Management Market for Others, by Region, 2021-2031 ($Billion)
Table 15. Revenue Cycle Management Market, by Region, 2021-2031 ($Billion)
Table 16. North America Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 17. North America Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 18. North America Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 19. North America Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 20. North America Revenue Cycle Management Market, by Country, 2021-2031 ($Billion)
Table 21. U.S. Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 22. U.S. Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 23. U.S. Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 24. U.S. Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 25. Canada Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 26. Canada Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 27. Canada Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 28. Canada Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 29. Europe Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 30. Europe Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 31. Europe Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 32. Europe Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 33. Europe Revenue Cycle Management Market, by Country, 2021-2031 ($Billion)
Table 34. UK Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 35. UK Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 36. UK Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 37. UK Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 38. Germany Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 39. Germany Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 40. Germany Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 41. Germany Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 42. France Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 43. France Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 44. France Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 45. France Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 46. Italy Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 47. Italy Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 48. Italy Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 49. Italy Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 50. Spain Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 51. Spain Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 52. Spain Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 53. Spain Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 54. Rest of Europe Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 55. Rest of Europe Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 56. Rest of Europe Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 57. Rest of Europe Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 58. Asia-Pacific Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 59. Asia-Pacific Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 60. Asia-Pacific Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 61. Asia-Pacific Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 62. Asia-Pacific Revenue Cycle Management Market, by Country, 2021-2031 ($Billion)
Table 63. China Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 64. China Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 65. China Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 66. China Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 67. Japan Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 68. Japan Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 69. Japan Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 70. Japan Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 71. India Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 72. India Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 73. India Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 74. India Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 75. Australia Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 76. Australia Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 77. Australia Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 78. Australia Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 79. South Korea Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 80. South Korea Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 81. South Korea Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 82. South Korea Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 83. Rest of Asia-Pacific Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 84. Rest of Asia-Pacific Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 85. Rest of Asia-Pacific Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 86. Rest of Asia-Pacific Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 87. LAMEA Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 88. LAMEA Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 89. LAMEA Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 90. LAMEA Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 91. LAMEA Revenue Cycle Management Market, by Country, 2021-2031 ($Billion)
Table 92. Latin America Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 93. Latin America Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 94. Latin America Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 95. Latin America Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 96. Middle East Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 97. Middle East Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 98. Middle East Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 99. Middle East Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 100. Africa Revenue Cycle Management Market, by Type, 2021-2031 ($Billion)
Table 101. Africa Revenue Cycle Management Market, by Component, 2021-2031 ($Billion)
Table 102. Africa Revenue Cycle Management Market, by Deployment Mode, 2021-2031 ($Billion)
Table 103. Africa Revenue Cycle Management Market, by End-User, 2021-2031 ($Billion)
Table 104. Veradigm LLC: Key Executives
Table 105. Veradigm LLC: Company Snapshot
Table 106. Veradigm LLC: Service Segments
Table 107. Veradigm LLC: Product Portfolio
Table 108. Athenahealth, Inc.: Key Executives
Table 109. Athenahealth, Inc.: Company Snapshot
Table 110. Athenahealth, Inc.: Service Segments
Table 111. Athenahealth, Inc.: Product Portfolio
Table 112. Athenahealth, Inc.: Key Stratergies
Table 113. Oracle Cerner: Key Executives
Table 114. Oracle Cerner: Company Snapshot
Table 115. Oracle Cerner: Service Segments
Table 116. Oracle Cerner: Product Portfolio
Table 117. Oracle Cerner: Key Stratergies
Table 118. Eclinicalworks: Key Executives
Table 119. Eclinicalworks: Company Snapshot
Table 120. Eclinicalworks: Service Segments
Table 121. Eclinicalworks: Product Portfolio
Table 122. Epic Systems Corporation: Key Executives
Table 123. Epic Systems Corporation: Company Snapshot
Table 124. Epic Systems Corporation: Service Segments
Table 125. Epic Systems Corporation: Product Portfolio
Table 126. Experian Information Solutions, Inc.: Key Executives
Table 127. Experian Information Solutions, Inc.: Company Snapshot
Table 128. Experian Information Solutions, Inc.: Service Segments
Table 129. Experian Information Solutions, Inc.: Product Portfolio
Table 130. Experian Information Solutions, Inc.: Key Stratergies
Table 131. Gebbs Healthcare Solutions: Key Executives
Table 132. Gebbs Healthcare Solutions: Company Snapshot
Table 133. Gebbs Healthcare Solutions: Service Segments
Table 134. Gebbs Healthcare Solutions: Product Portfolio
Table 135. Gebbs Healthcare Solutions: Key Stratergies
Table 136. GE Healthcare: Key Executives
Table 137. GE Healthcare: Company Snapshot
Table 138. GE Healthcare: Service Segments
Table 139. GE Healthcare: Product Portfolio
Table 140. GE Healthcare: Key Stratergies
Table 141. Mckesson Corporation: Key Executives
Table 142. Mckesson Corporation: Company Snapshot
Table 143. Mckesson Corporation: Service Segments
Table 144. Mckesson Corporation: Product Portfolio
Table 145. Quest Diagnostics Incorporated: Key Executives
Table 146. Quest Diagnostics Incorporated: Company Snapshot
Table 147. Quest Diagnostics Incorporated: Product Segments
Table 148. Quest Diagnostics Incorporated: Product Portfolio
List of Figures
Figure 01. Revenue Cycle Management Market, 2021-2031
Figure 02. Segmentation of Revenue Cycle Management Market, 2021-2031
Figure 03. Top Impacting Factors in Revenue Cycle Management Market
Figure 04. Top Investment Pockets in Revenue Cycle Management Market (2022-2031)
Figure 05. Low Threat of Substitutes
Figure 06. Low Intensity of Rivalry
Figure 07. Low Bargaining Power of Suppliers
Figure 08. Low Threat of New Entrants
Figure 09. Low Bargaining Power of Buyers
Figure 10. Global Revenue Cycle Management Market: Drivers, Restraints and Opportunities
Figure 11. Revenue Cycle Management Market, by Type, 2021 and 2031 (%)
Figure 12. Comparative Share Analysis of Revenue Cycle Management Market for Integrated, by Country 2021 and 2031 (%)
Figure 13. Comparative Share Analysis of Revenue Cycle Management Market for Standalone, by Country 2021 and 2031 (%)
Figure 14. Revenue Cycle Management Market, by Component, 2021 and 2031 (%)
Figure 15. Comparative Share Analysis of Revenue Cycle Management Market for Software, by Country 2021 and 2031 (%)
Figure 16. Comparative Share Analysis of Revenue Cycle Management Market for Services, by Country 2021 and 2031 (%)
Figure 17. Revenue Cycle Management Market, by Deployment Mode, 2021 and 2031 (%)
Figure 18. Comparative Share Analysis of Revenue Cycle Management Market for On-Premise, by Country 2021 and 2031 (%)
Figure 19. Comparative Share Analysis of Revenue Cycle Management Market for Cloud, by Country 2021 and 2031 (%)
Figure 20. Revenue Cycle Management Market, by End-User, 2021 and 2031 (%)
Figure 21. Comparative Share Analysis of Revenue Cycle Management Market for Hospitals, by Country 2021 and 2031 (%)
Figure 22. Comparative Share Analysis of Revenue Cycle Management Market for Physicians, by Country 2021 and 2031 (%)
Figure 23. Comparative Share Analysis of Revenue Cycle Management Market for Diagnostic Laboratories, by Country 2021 and 2031 (%)
Figure 24. Comparative Share Analysis of Revenue Cycle Management Market for Others, by Country 2021 and 2031 (%)
Figure 25. Revenue Cycle Management Market by Region, 2021 and 2031 (%)
Figure 26. U.S. Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 27. Canada Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 28. UK Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 29. Germany Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 30. France Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 31. Italy Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 32. Spain Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 33. Rest of Europe Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 34. China Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 35. Japan Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 36. India Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 37. Australia Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 38. South Korea Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 39. Rest of Asia-Pacific Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 40. Latin America Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 41. Middle East Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 42. Africa Revenue Cycle Management Market, 2021-2031 ($Billion)
Figure 43. Top Winning Strategies, by Year (2019-2022)
Figure 44. Top Winning Strategies, by Development (2019-2022)
Figure 45. Top Winning Strategies, by Company (2019-2022)
Figure 46. Product Mapping of Top 10 Players
Figure 47. Competitive Dashboard
Figure 48. Competitive Heatmap: Revenue Cycle Management Market
Figure 49. Top Player Positioning, 2021
Figure 50. Veradigm LLC: Net Revenue, 2019-2021 ($ Million)
Figure 51. Veradigm LLC: Research & Development Expenditure, 2019-2021 ($ Million)
Figure 52. Veradigm LLC: Revenue Share by Segment, 2021 (%)
Figure 53. Veradigm LLC: Revenue Share by Region, 2021 (%)
Figure 54. Oracle Cerner: Net Revenue, 2019-2021 ($ Million)
Figure 55. Oracle Cerner: Research & Development Expenditure, 2019-2021 ($ Million)
Figure 56. Oracle Cerner: Revenue Share by Segment, 2021 (%)
Figure 57. Oracle Cerner: Revenue Share by Region, 2021 (%)
Figure 58. Experian Information Solutions, Inc.: Net Revenue, 2019-2021 ($ Million)
Figure 59. Experian Information Solutions, Inc.: Revenue Share by Segment, 2021 (%)
Figure 60. Experian Information Solutions, Inc.: Revenue Share by Region, 2021 (%)
Figure 61. GE Healthcare: Net Revenue, 2020-2022 ($ Million)
Figure 62. Mckesson Corporation: Net Revenue, 2019-2021 ($ Million)
Figure 63. Mckesson Corporation: Research & Development Expenditure, 2019-2021 ($ Million)
Figure 64. Mckesson Corporation: Revenue Share by Segment, 2021 (%)
Figure 65. Quest Diagnostics Incorporated: Net Revenue, 2019-2021 ($ Million)

Executive Summary

According to the report, the revenue cycle management market was valued at $109.53 billion in 2021, and is estimated to reach $367.7 billion by 2031, growing at a CAGR of 13.2% from 2022 to 2031.

Revenue Cycle Management Market is likely to experience a significant growth rate of 13.2% from 2022-2031 owing to increasing market demand from hospitals and physicians

Revenue cycle management (RCM) refers to the process of managing the financial interactions between healthcare providers, patients, and insurance companies throughout the entire patient care experience, from the initial point of contact through the final payment of the balance. Moreover, RCM involves various administrative and clinical tasks such as patient registration, insurance eligibility verification, coding and billing, claims processing, denial management, and collections. Additionally, the goal of RCM is to optimize the revenue generated by healthcare providers while ensuring compliance with regulations and providing high-quality care to patients. Therefore, by streamlining the billing and payment process, providers can focus on delivering quality care to patients without worrying about financial issues.

Furthermore, the healthcare industry has undergone multiple changes regarding regulatory framework to protect patient data and ensure there is a smooth flow of claims management. Additionally, the Health Insurance Portability and Accountability Act of 1996 (HIPAA) is one such regulation that protects electronic protected health information (e-PHI) in order to shield health information privacy rights. Moreover, the increasing rise in demand for cloud-based solutions has been widely adopted due to its powerful and flexible infrastructural option. In addition, several end users are adopting the cloud-based deployment mode, to simplify the storage of data. Therefore, the implementation of the cloud-based model enables organizations to manage all the applications, as there is no invisibility with exceptionally challenging analytics that run in the background.

However, the high costs associated with RCM deployment is one of the factors that restricts the growth of RCM market. Because the process of RCM implementation is not limited to the purchase of software and solutions, as it needs to be incorporated into the whole process from the appointment scheduling stage to payments, which increases the overall cost of implementation. Furthermore, other issues faced by healthcare and insurance companies are the unavailability of trained RCM professionals and the resistance faced by end users to adopt the RCM workflow. As it is the most advanced model for revenue management in the market. Thus, there is a lack of awareness about this, which results in the unavailability of trained RCM professionals. Therefore, the pricing structure and unavailability of trained RCM professionals are one of the factors which are restraining the growth of the RCM market among developing economies.

Contrarily, the rise in the market for outsourced RCM solutions helps for the maintenance of regulatory compliance, reduction in billing errors, improved accuracy over co-pay data, improved service quality, and cost-effectiveness. Therefore, these are some of the factors that are expected to create lucrative opportunities for outsourced RCM market growth.

The revenue cycle management market is segmented on the basis of type, component, deployment mode, end user, and region. By type, the market is differentiated into standalone and integrated. By component, the market is segmented into software and services. Depending on deployment mode, it is fragmented into cloud and on-premises. Depending on the end user, it is segmented into hospitals, physicians, diagnostic laboratories, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

The key players operating in the revenue cycle management market analysis include Athenahealth, Inc., eClinicalWorks, Epic Systems Corporation, Experian Information Solutions, Inc., GeBBS Healthcare Solutions, GE HealthCare, McKesson Corporation, Oracle Cerner, Quest Diagnostics Incorporated, and Veradigm LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. For instance, in May 2022, Cerner aimed to help members achieve revenue cycle automation by providing access to an artificial intelligence (AI) driven platform through a collaboration with AKASA. The partnership allows Cerner customers to use AKASA’s AI-based Unified Automation platform to automate revenue cycle tasks. Through the platform, healthcare providers can automate eligibility checks and denials. The system checks eligibility using information from insurance cards, amend eligibility-related denials, and automatically re-submit corrected claims. Therefore, the rise in demand for cloud-based software drives the growth of the revenue cycle management market. Therefore, such strategies will help to grow the revenue cycle management market in upcoming years.

Key Market Insights

By type, the integrated segment was the highest revenue contributor to the market, and is estimated to reach $289.11 billion by 2031, with a CAGR of 14.8%.

By component, the software segment dominated the global market, and is estimated to reach $221.68 billion by 2031, with a CAGR of 12.1%. However, the services segment is expected to be the fastest growing segment with the CAGR of 15.0% during the forecast period.

By deployment mode, the on-premise segment dominated the global market, and is estimated to reach $179.18 billion by 2031, with a CAGR of 11.1%. However, the cloud segment is expected to be the fastest growing segment with the CAGR of 15.6% during the forecast period.

By end user, the hospitals segment was the highest revenue contributor to the market, and is estimated to reach $137.37 billion by 2031, with a CAGR of 10.5%. However, the diagnostic laboratories segment is estimated to be the fastest growing segment with the CAGR of 16.7% during the forecast period.

Based on region, North America was the highest revenue contributor, accounting for $42.11 billion in 2021, and is estimated to reach $114.54 billion by 2031, with a CAGR of 10.8%.

Companies Mentioned

  • Quest Diagnostics Incorporated
  • Athenahealth, Inc.
  • GE HealthCare
  • Experian Information Solutions, Inc.
  • GeBBS Healthcare Solutions
  • Epic Systems Corporation
  • eClinicalWorks
  • McKesson Corporation
  • Oracle Cerner
  • Veradigm LLC

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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Revenue Cycle Management (RCM) Global Market Report 2024

  • Report
  • 200 Pages
  • Global
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