The global revenue cycle management (RCM) market size is expected to reach USD 258.16 billion, registering a CAGR of 13.0% during the forecast period. RCM process enables hospitals to streamline the patient revenue collection procedure. With RCM, hospitals can design and implement their methods for speedy collection. Fortune Business Insights™ has presented this information in an upcoming report titled, “Revenue Cycle Management (RCM) Market, 2020-2027”.The market size stood at USD 96.27 billion in 2019.
According to the report, the RCM market is gaining swift traction due to several reasons. For instance, many countries are witnessing an unparalleled inflow of patients due to the COVID-19 pandemic. The health crisis has almost brought the hospital industry to a near-collapse. This has put tremendous stress on the healthcare industry, and they are therefore relying on RCM services to ensure adequate revenue collection.
The global pandemic has wreaked unprecedented havoc on several industries and markets. Healthcare systems are on the verge of collapsing in many nations. The healthcare industry is under tremendous stress due to the massive inflow of patients. Efforts are being made to strengthen the medical infrastructure worldwide. The negative impact of the COVID-19 crisis is expected to gradually fade away as economies are trying to wade their way through the pandemic. It is uncertain to say how long the situation may persist this way. Nonetheless, our research report’s in-depth analysis will help you gain an exhaustive understanding of this niche market.
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On the basis of structure, the market bifurcates into outsource and in-house. On the basis of its type, the RCM market divides into software and service. Based on functions, the market segments into insurance, claims & denial management, clinical documentation improvement (CDI), medical coding & billing, etc. On the basis of its end-user, the market fragments into physician’s office, hospitals, etc. Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The report provides a comprehensive analysis of the RCM market. The report is developed using bottom-up and top-down approaches for an exhaustive study of the market. The report encompasses the effects of the COVID-19 pandemic on the market, PESTLE Analysis, and Porters’ Five Forces Analysis for an infallible prediction of the prospected market. The report contains information gathered through interviews with multiple stakeholders at regional, country, and global levels. The report also highlights the competitive landscape of the compact satellite market, including the information on rankings of key players, key market trends, recent industry developments, etc., that are contributing to the market’s growth.
Drivers & Restraints-
Integration of Artificial Intelligence in RCM Services to Augment Market Growth
The adoption of RCM services is rising in the global market. RCM provides a spectrum of IT products like advanced predictive analysis, automated patient collection systems, and business intelligence tools. This helps the healthcare providers in streamlining their revenue collection processes and is driving the growth of the RCM market. The incorporation of artificial intelligence in RCM is expected to further swell the market growth as it helps in automating processes and optimizing clinical outcomes. Most recently, Healthcare Financial Management Association (HFMA) revealed in a survey that around 75% of leaders in the healthcare industry are focusing on employing Artificial intelligence in RCM. The launch of Electronic Health Records (EHRs) has transformed the patient data collection, analysis, and reporting process in healthcare organizations and is expected to benefit the RCM market. Future technological advancements are expected to create further growth opportunities for the market.
However, the ambiguity related to IT infrastructure due to budgetary constraints are expected to restrain the market growth to a limited extent.
North America to Remain Dominant in the Market
North America is expected to hold the lion’s share in global market growth. Key players present in the region, coupled with the launch of advanced solutions and increasing utilization of RCM software in the U.S. are expected to augment market growth in North America. For instance, R1 RCM and Intermountain Healthcare collaboratively launched a new innovation hub to bolster RCM technology restructuring. Technological advancements in RCM solutions for better financial, clinical, and healthcare management in Canada are also expected to flourish the revenue cycle management market growth in North America.
The emergence of start-ups and their provision in developing efficacious financial technologies is expected to create opportunities for RCM market growth. This is expected to help Europe hold the second position in global market growth.
Rising awareness regarding the benefits of RCM services and their rising adoption amongst hospitals are expected to help Asia Pacific record fast growth in the forthcoming years.
Slow penetration of RCM solutions is expected to bring gradual growth in the Middle East & Africa, and Latin America.
Technological Advancements and New Product Launches to Intensify Market Growth
The global RCM market is relatively consolidated, with regional and international players competing in stiff competition. Major players are focusing on developing high-end technology-enabled RCM services to stay at the top of the game. For instance, in March 2019, APPRIOHEALTH was launched by Apprio Inc. The new RCM system will deliver advanced solutions to healthcare organizations and fulfill the revenue cycle management requirements.
- January 2020:R1 RCM launched R1 professional platform. The company also launched an innovation hub in collaboration with Intermountain Healthcare.
- June 2019: Homecare Homebase LLC launched RCM service to eradicate revenue generation-related burden.
Key Players in the Revenue Cycle Management (RCM) Market:
- Allscripts Healthcare LLC (Illinois, U.S.)
- Cerner Corporation (Missouri, U.S.)
- Conifer Health Solutions LLC (Texas U.S.)
- Epic Systems Corporation (Wisconsin, U.S.)
- GeBBS Healthcare Solutions (California, U.S.)
- McKesson Corporation (Texas, U.S.)
- Mediical Information Technology Inc (MEDITECH) (Massachusetts, U.S.)
- MEDHOST (Tennessee, U.S.)
- eClinicalWorks (Massachusetts, U.S.)
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