With the help of revenue cycle management, all patient registration, eligibility checks, claims processing, payment posting, and accounts receivable are efficiently managed.
The Global Revenue Cycle Management Market Size is estimated to be valued at US$ 156.68 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the revenue cycle management are Athenahealth, Experian Health, Cerner, GE HealthCare, Coronis, Epic Systems, Conifer Health Solutions, eClinicalWorks, Change Healthcare, Optum, Waystar, McKesson Corporation, R1, Experian Health, Veradigm LLC, CareCloud Corporation, Access Healthcare, and AdvantEdge Healthcare Solutions. These players are focusing on deploying advanced solutions and service to provide end-to-end revenue cycle management and stay competitive in the market.
There exists immense growth opportunities for market players in the form of growing adoption of RCM outsourcing services across healthcare organizations. Additionally, emerging economies with developing healthcare infrastructures are opening new revenue streams. Furthermore, increasing digitalization and need for automating billing processes are anticipated to boost adoption of cloud-based RCM solutions in the coming years.
Global expansion is one of the key strategies adopted by prominent players. For instance, Waystar expanded its international footprint with acquisitions in Europe and strategic collaborations in the Asia Pacific region. Similarly, other players such as Athenahealth and Cerner are targeting international markets through collaborations with local players and deployment of cloud-based solutions.
Market Drivers
Increasing government initiatives towards implementing favorable regulations for automating healthcare billing is a key factor boosting the RCM market growth. Additionally, rapidly growing healthcare expenditures along with demand for curbing administrative costs are accelerating adoption of RCM solutions globally.
Market Restrain
High implementation costs of RCM systems is one of the major challenges restraining the small healthcare organizations from adopting these solutions. Additionally, lack of skilled IT professionals for managing RCM systems and interoperability issues pose challenges for seamless revenue cycle management.
Segment Analysis
Revenue Cycle Management Market has two dominant segments- Integrated RCM and standalone RCM. Integrated RCM dominates the market with over 60% share due to increased efficiency and consolidated operations. Integrated RCM provides end-to-end automated solutions from patient registration, clinical documentation, revenue assessment, credit management, and claim processing. This reduces manual efforts, medical billing errors, and speeds up revenue cycle.
Global Analysis
Regionally, North America dominates the global revenue cycle management market due to large healthcare IT spending, stringent regulations for correct medical coding and billing, and presence of leading RCM players in the US. The Asia Pacific region is the fastest growing market attributed to increasing healthcare infrastructure, growing medical tourism, rising insurance coverage, and government initiatives to promote healthcare digitization. Europe is another major regional market owing to huge national healthcare budgets and investments in digitizing healthcare systems especially in Western European countries such as Germany and UK.
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