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2022
Revenue Cycle Management Market

Revenue Cycle Management Market

by Type (Standalone and Integrated), Component, (Software and Services), Deployment (On-premise and Cloud), and End User (Hospitals, Physicians, and Diagnostic & Ambulatory Care Centers): Global Opportunity Analysis and Industry Forecast, 2021-2030

✷  Report Code: A01852
Pages: 329
Feb 2022 | 17100 Views
Author(s) : Kashinath G , Vineet K
Tables: 152
Charts: 58
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Revenue Cycle Management Market Statistics: 2030

The revenue cycle management market size was valued at $ 97.29 billion in 2020, and is projected to reach $329.71 billion by 2030, registering a CAGR of 12.7%. The current business scenario has witnessed surge in the adoption of revenue cycle management (RCM) in developed and developing regions, owing to technological innovations in product offerings, rise in adoption for cloud-based solutions, and increase in application areas among end users. In addition, supportive growth through regulatory compliance and increase in healthcare spending are expected to supplement the revenue cycle management market growth during the forecast period.

Due to ongoing automation of healthcare services in several large healthcare organizations, revenue cycle management will experience high adoption in the upcoming years. increasing adoption of artificial intelligence Also, growing integration of AI and increasing demand for cloud based RCM deployments post COVID-19 will fuel the market growth post covid-19.

Covid-19 Impact Analysis

The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The outbreak of COVID-19 has caused a great deal of difficulties globally. During the COVID-19 pandemic, revenue cycle management plays a vital role in checking patients' eligibility, which reduces hospital maintenance time during the pandemic. COVID-19 does not have major negative impact on the growth of the market, and is expected to provide numerous opportunities for the market to grow in the revenue cycle management market forecast period. Increase in demand for healthcare solutions and advanced patient management is expected to surge the demand for revenue cycle management solutions and services in hospitals across the globe.

Revenue-Cycle-Management-Market,-2021-2030

Top Impacting Factors    

The global revenue cycle management market is influenced by several factors that include supportive growth through regulatory compliance, increase in healthcare spending, rise in demand for cloud-based solutions, high costs associated with RCM deployment, scarcity of trained professionals, and rise in market for outsourced RCM solutions. All these factors collectively create opportunities for the market growth, while some of them account for limitations in the market. However, each factor is expected to have a definite impact on the market.    

Supportive Growth Through Regulatory Compliance

The healthcare industry has undergone multiple changes regarding regulatory framework to protect patient data and ensure there is a smooth flow of claims management. Health Insurance Portability and Accountability Act of 1996 (HIPAA) is one such regulation that protects electronic protected health information (e-PHI) to shield health information privacy rights. Through this act, confidentiality, integrity, and availability of e-PHI are maintained. In addition, there are coding and compliance models such as Current Procedural Terminology (CPT) codes, International Classification of Diseases (ICD) diagnosis codes, and Healthcare Common Procedure Coding System (HCPCS), which are deployed to integrate the whole healthcare and insurance industry on one platform. Furthermore, there are other government mandates such as Affordable Care Act (ACA) 2010, also called the ObamaCare and Health Information Technology for Economic and Clinical Health (HITECH) Act, which were implemented to improve the quality of healthcare and insurance services at affordable costs and promote the growth of the healthcare IT sector. All these factors collectively drive the market growth for revenue cycle management.    

Increasing Healthcare Spending

The healthcare sector has witnessed an upsurge in healthcare-related expenditure in the recent past, and this trend is expected to prevail during the forecast period. The healthcare spending growth rate is attributed to the rise in medical prices, growth associated with the insured population, and increase in demand for advanced healthcare services. In addition, the major factor that contributes to the growth of revenue cycle management in Europe includes, rise in healthcare expenditure among countries, such as Germany, France, Sweden, UK, and others in this region. Furthermore, high spending patterns of hospitals and physicians among the developing nations of Asia-Pacific and LAMEA is expected to fuel the demand for revenue cycle management.

Growing Demand For Cloud-based Solutions

The cloud computing model is widely adopted due to its powerful and flexible infrastructural option. Several end users are adopting the cloud-based deployment mode to simplify the storage of data, as the cloud provides remote server access on the Internet, which provides access to unlimited computing power. Furthermore, the implementation of the cloud-based model enables organizations to manage all applications, as there is no invisibility with exceptionally challenging analytics that run in the background.

Revenue Cycle Management Market
By Component

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Service segment is projected as one of the most lucrative segments.

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Segment Review

The revenue cycle management market is segmented on the basis of type, Component , deployment mode, end user, and region. On the basis of type, the market is categorized into integrated and standalone RCM. On the basis of Component s, the market is segmented into software and services. On the basis of deployment mode, it is segmented into cloud-based and on-premise deployment. On the basis of end user, the market is divided into hospitals, physicians, and diagnostic & ambulatory care centers. By Region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. On the basis of type, the integrated RCM segment dominated revenue cycle management market share in 2020. This is attributed to the improved healthcare infrastructure, increased healthcare-related expenditures to cater to the untapped markets among the developing nations, challenges faced during accounts receivable (AR) management & claims processing, and rise in need to reduce cycle time.

By component, the services segment dominated the growth in the revenue cycle management market in 2020, and is expected to maintain its dominance in the upcoming years. This is due to improvement in healthcare infrastructure and healthcare expenditures to cater to the unmet medical needs in developing regions, which boosts the demand for RCM services.

Revenue Cycle Management Market
By Deployment Mode

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Cloud segment is projected as one of the most lucrative segments.

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By deployment, the on-premise segment dominated the growth in the revenue cycle management market in 2020, and is expected to maintain its dominance in the upcoming years. This is attributed to growing demand for mobile support systems for better customer (patient) engagement platforms. However, the cloud segment registered highest growth rate, as adoption of cloud revenue management solutions has grown among hospitals, physicians, and diagnostic & ambulatory care centers, owing to the transfer of increase in amounts of critical and confidential data. These solutions facilitate payers and providers with superior control over access to applications and sensitive patient information from distant locations.

By end user, the physician segment dominated the global revenue cycle management market in 2020. This is attributed to increased complexities of healthcare reimbursement methods, widespread adoption of electronic health records (EHR), varying models of payments, and change in regulations. The RCM industry is categorized based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2020. However, Asia-Pacific is projected to grow at the highest CAGR during the forecast period.

Revenue Cycle Management Market
By Region

2030
Europe 
North America
Asia-pacific
Lamea

Asia-Pacific is projected as one of the most significant region.

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Key Benefits For Stakeholders

  • This study includes the global revenue cycle management market analysis, revenue cycle management market trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and global revenue cycle management market opportunity.
  • The global revenue cycle management market size is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in global revenue cycle management industry.

Revenue Cycle Management Market Report Highlights

Aspects Details
By Type
  • Standalone
  • Integrated
By Component
  • Software
  • Services
By Deployment
  • Cloud
  • On-premise
By End-user
  • Hospitals
  • Physicians
  • Diagnostic & Ambulatory Care Centers
By Geography
  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Arica
Key players profiled in the report
  • Cerner Corporation
  • eClinicalWorks
  • Epic Systems Corporation
  • GeBBSHealthcare Solutions
  • GE Healthcare
  • Experian PLC
  • Mckesson Corporation
  • Quest Diagnostics Incorporated
  • Athenahealth, Inc.
  • Allscripts Healthcare Solutions, Inc.
 

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The global revenue cycle management market is projected to witness prominent growth, especially in Asia-Pacific and Europe during the forecast period. This growth is attributed to high investment in healthcare expenditure and rapid development in the healthcare industry, owing to various healthcare reforms and rise in demand and awareness about timely healthcare.

Revenue cycle management (RCM) refers to the process of identifying, collecting, and managing the  revenue from payers based on the services provided. A successful RCM process is essential for a healthcare practice to maintain financial viability and continue to provide quality care for its patients. Furthermore, the move toward value-based reimbursement and more holistic patient care has required healthcare providers to take a closer look at the way they approach revenue cycle management. Poor billing practices can result in financial losses and potentially risk the ability to deliver quality care. Striving to improve and streamline core operational procedures can help providers remain financially viable. So, many vendors and clients have adopted RCM solutions for better management.

In addition, there is an increase in the adoption of revenue cycle management solutions among hospitals, physicians, and diagnostic & ambulatory care centers. Rise in demand for application-specific RCM solutions and increase in market for outsourced RCM solutions contribute to the revenue cycle management market growth. However, high costs associated with RCM deployment and lack of trained professionals limit the market growth.

The global revenue cycle management market is dominated by key players such as Cerner Corporation, eClinicalWorks, Epic Systems Corporation, Gebbs Healthcare Solutions, GE Healthcare, Experian PLC., Mckesson Corporation, Quest Diagnostics Incorporated, Athenahealth, Inc., and Allscripts Healthcare Solutions, Inc. The key players have adopted various growth strategies to enhance and develop their product portfolio, strengthen their revenue cycle management market share, and to increase their market penetration. 

For instance, in October 2021, Cerner Corporation, a global leader in healthcare technology, announced Cerner RevElate a go-forward patient accounting product that is expected to bring new and enhanced capabilities to the Cerner revenue cycle management portfolio.
 

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