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Revenue Cycle Management (RCM) Global Market Report 2023
Major players in the revenue cycle management (RCM) market are The SSI Group LLC, Allscripts Healthcare Solutions Inc., Experian Health, R1 RCM Inc., McKesson Corporation, Athenahealth Inc., Epic Systems Corporation, Quest Diagnostics Inc.
New York, March 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Revenue Cycle Management (RCM) Global Market Report 2023" - https://www.reportlinker.com/p06433317/?utm_source=GNW
, Cerner Corporation, Constellation Software, GE Healthcare, eClinicalWorks, NXGN Management LLC, CareCloud Corporation, AdvantEdge Healthcare Solutions, Huron Consulting Group, Optum Inc., 3M, Cognizant, GeBBSHealthcare Solutions, Infosys Limited, Oracle Corporation, Accenture plc, and Conifer Health Solutions LLC.
The global revenue cycle management (rcm) market grew from $102.95 billion in 2022 to $117.15 billion in 2023 at a compound annual growth rate (CAGR) of 13.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The revenue cycle management (rcm) market is expected to grow to $193.64 billion in 2027 at a CAGR of 13.4%.
The revenue cycle management market includes revenues earned by entities by providing utilization review, medical coding, denial management, referral verification.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The revenue cycle management refers to the services used by healthcare providers to be financially viable and to continue providing their patients high-quality treatment through the process of locating, obtaining, and managing the practice’s revenue from payers based on the services rendered.This helps providers prevent delayed or lost money.
These are useful in tracking patient care episodes from registration to the final payment of a balance.
North America was the largest region in the revenue cycle management market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the revenue cycle management (RCM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types products in revenue cycle management are integrated, and standalone RCM.Standalone RCM refers to complete in itself.
The different components include software and services that involve several functions such as claims and denial management, medical coding and billing, electronic health record (EHR), clinical documentation improvement (CDI), insurance, and other functions.The various deployment types include web-based, cloud-based, and on-premises.
The various end-users involved are hospitals, general physicians, labs, and others.
Increasing healthcare expenditures is expected to propel the growth of the revenue cycle management market going forward.Health expenditure will include all expenditures for the provision of health services, family planning activities, nutrition activities, and emergency aid that have been designated for health.
Healthcare facilities are adopting advanced solutions such as revenue cycle management for managing the administrative and clinical functions due to the rise in healthcare expenditure.These solutions are associated with claims processing, payment, and revenue generation.
For instance, according to the U.S. Centres for Medicare & Medicaid Services, a US-based federal agency, in 2020, U.S. health spending climbed by 9.7% to $4.1 trillion, or $12,530 per person. Compared to 2019, this growth rate is significantly larger by 4.3%. Therefore, the increasing healthcare expenditure is driving the growth of the revenue cycle management market.
Technological advancements are a key trend gaining popularity in the revenue cycle management market.Major companies operating in the revenue cycle management market are focused on developing new technological solutions to strengthen their position.
For instance, in June 2022, Olive, a US-based healthcare automation company launched its Autonomous Revenue Cycle (ARC) management suite of solutions that allows healthcare organizations to handle time-consuming administrative tasks using artificial intelligence in the revenue cycle and get paid quicker while reducing the uncompensated care risk. It integrates practice management systems and existing electronic health records.
In August 2020, R1 RCM Inc., a US-based company operating in revenue cycle management acquired Cerner’s revenue cycle business for an amount of $30 million. With this acquisition, R1 and RevWorks are expected to provide enhanced revenue cycle capabilities and expertise to the clients and new prospects, helping drive sustainable financial improvements for providers while improving their patients’ overall experience. Cerner is a US-based company operating in revenue cycle management.
The countries covered in the revenue cycle management (RCM) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The revenue cycle management market research report is one of a series of new reports that provides revenue cycle management market statistics, including revenue cycle management industry global market size, regional shares, competitors with a revenue cycle management market share, detailed revenue cycle management market segments, market trends and opportunities, and any further data you may need to thrive in the revenue cycle management industry. This revenue cycle management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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