“The Revenue cycle management market is projected to grow at a CAGR of 10.6% during the forecast period (2020–2026).”
The global revenue cycle management market is projected to reach USD 67.8 billion by 2026 from USD 40.9 billion in 2021, at a CAGR of 10.6% during the forecast period. The growth of this market is majorly attributed to the growing regulatory requirements & government initiatives to boost the adoption of RCM solutions, increasing patient volumes, and the growing need to manage unstructured healthcare data. However, the deployment of RCM software and the associated infrastructure requires significant investments, owing to which the adoption of RCM is low among small healthcare organizations. This, along with a dearth of skilled personnel, is expected to challenge market growth in the coming years.
“The outsourcing services segment will grow at the highest rate during the forecast period.”
Based on product & services, the revenue cycle management market has been segmented into solutions and outsourcing services. The outsourcing services segment is expected to grow at the highest growth rate during the forecast period. The large share and high growth of this segment can be attributed to the lack of IT infrastructure and the shortage of skilled HCIT personnel.
“By delivery mode, the on-premise segment accounted for the largest share of the revenue cycle management market in 2020.”
On the basis of delivery mode, the global revenue cycle management market is segmented into on-premise and cloud-based. On-premise accounted for the largest share in the revenue cycle management market. The large share of this segment is attributed to the increasing demand for mobile support systems for better customer (patient) engagement platforms.
“By end-user, the healthcare providers segment will grow at the highest rate during the forecast period.”
Based on end user, the global revenue cycle management market is segmented into healthcare providers and healthcare payers. The healthcare providers segment accounted for the largest share in the Revenue cycle management market. The large share of this segment can be attributed to the growing need to automate the process from patient registration to billing and claims processing and provide better transparency that improves the overall financial health of the provider organization.
“The market in Middle East & Africa is projected to witness the highest growth rate during the forecast period (2020–2026).”
North America accounted for the largest share of the IoT medical devices market in 2020. The large share of North America can be attributed to factors such as stringent regulations, increasing volume of claims denials, the presence of a high number of private healthcare payers and well-established government payers, and a large number of healthcare IT companies are some of the factors driving the growth of the revenue cycle management market in this region. The Middle East & Africa market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the due to government initiatives to promote eHealth, rising medical tourism, growing awareness, and the growing demand for quality healthcare.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type (Supply-side): Tier 1: 40%, Tier 2: 35%, and Tier 3: 25%
- By Designation: C-level: 25%, Director-level: 55%, and Others: 20%
- By Region: North America: 40%, Asia-Pacific: 25%, Europe: 20%, Latin America: 10%, and Middle East & Africa: 5%
R1 RCM (US), Cerner Corporation (US), Optum (US) are the leading players in the market. Other players include McKesson Corporation (US), Change Healthcare (US), 3M (US), Experian plc (Ireland), Conifer Health Solutions (US), Allscripts Healthcare Solutions (US), GE Healthcare (US), Cognizant (US), athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US)
Research Coverage:
The report analyzes the revenue cycle management market and aims at estimating the market size and future growth potential of this market based on various segments such as product & services, delivery mode, end user, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, products offered, recent developments, and key market strategies.
Reasons to Buy the Report
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one, or a combination of the below-mentioned five strategies.
This report provides insights into the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the revenue cycle management market. The report analyzes the market based on the product & services, delivery mode, end user, and region.
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the revenue cycle management market.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various types of revenue cycle management solutions across regions.
- Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in the revenue cycle management market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the revenue cycle management market.
