Revenue Cycle Management Market: Global Industry Analysis and Forecast (2022-2029) by Technology, Product, Type, Specimen and Region

Revenue Cycle Management Market size was valued at US$ 135.4 Bn. in 2021 and the total Revenue Cycle Management revenue is expected to grow at 10.8% from 2022 to 2029, reaching nearly US$ 307.56 Bn.

Revenue Cycle Management Market Overview:

Revenue cycle management, which encompasses all clinical and administrative activities related to generating and collecting patient revenue, has grown in importance in today's competitive environment, as hospitals face stricter regulations and invoicing requirements, underpayments, and longer payment delays. Notwithstanding practitioners continuous interest, revenue cycle management has gained little attention in health care finance research. All clinical and administrative operations connected to the development, management, and collection of patient care revenue are included in hospital revenue cycle management. Although previously focused on back-end tasks such as payments and collections, clinic financial managers have recently shifted their focus to the front end of the revenue cycle, such as patient registration and filing, insurance verification, and prior authorization, as well as core revenue cycle tasks such as medical documentation and coding. Modern, well-managed processes at the front end of the revenue cycle enable hospitals to increase their performance at back-end duties, generating more patient income and collecting it on time. Advances in technology, for example, enable patients to simply book appointments and submit online registration information over the internet. Similarly, integrating basic operations such as patient care documentation and medical coding into the revenue cycle has become critical to ensuring proper billing and claims collection on the back end. Specialized coding software, for example, enables hospitals to significantly increase the accuracy of medical coding, which is expected to become increasingly crucial in the future. Hospitals approach to payment management differs from that of other sectors. In most sectors, the client pays the provider directly for the products or services provided; however, hospital treatment is largely paid for by third-party payers such as government programs, commercial insurers, and managed care organizations. Healthcare payment investments are thus an operational need for hospitals, and because most third-party payers are volume purchasers, hospitals face the additional challenge of having to externally supervise the prompt payment of bills. Furthermore, given the nature of hospital demand, changes in credit conditions are unlikely to drive volume and enhance profitability, and hospitals often suffer all expenses while reaping few, if any, of the advantages associated with credit extension. Hospital administrators have created industry-specific revenue cycle management rules and procedures to maximize both the quantity and the speed with which patient revenue is collected. The bottom-up approach has been used to estimate the market size. Key Players in the Revenue Cycle Management market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included a review of annual and financial reports of leading manufacturers, while primary research included interviews with important opinion leaders and industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. Some of the leading key players in the global Revenue Cycle Management market include Epic Systems Corporation, NXGN Management, LLC, CareCloud Corporation, and Quest Diagnostics, Inc. Revenue Cycle Management MarketTo know about the Research Methodology :- Request Free Sample Report

Revenue Cycle Management Market Dynamics:

Market growth is expected to be aided by rising demand for organizational workflow optimization and increasing innovation in synchronized management software and systems. In addition, the formation of regulatory reform teams by federal authorities may lead to the reclassification of numerous healthcare goods within the medical industry. Increased technology improvements and increased acceptance of revenue cycle management (RCM) systems by various healthcare providers and others have resulted in the development and upgrade of solutions given by key players. R1 RCM, for example, announced the launch of R1 Professional, a physician revenue cycle management solution, in January 2020, to support big hospital-owned medical groups as well as groups with independent practices. This will aid in the development of a consistent revenue cycle management approach and reimbursement models. Revenue Cycle Management MarketHealthcare providers have faced considerable hurdles as a result of the COVID-19 epidemic, with most reporting major revenue and inpatient volume reductions. Due to rising healthcare expenses and the complexity of medical billing, revenue cycle management services are increasingly being outsourced around the world. Remote coding services, payer connect, audit and compliance, reporting and analytics, and other advanced value-added features given by market participants have resulted in increased productivity and revenue production, which has influenced market growth. The availability of qualified and trained personnel, cost-effective and efficient services, and compliance with applicable norms and regulations are all important benefits of outsourcing revenue cycle management. As a result of these benefits, outsourcing services have become more popular in recent years. According to a 2020 article published in Med USA, around two-thirds of healthcare firms use outsourcing services for their revenue cycle management requirements. As a result, the market for revenue cycle management is expected to rise throughout the forecast period due to increased usage.

Revenue Cycle Management Market Segment Analysis:

The Software segment is estimated to grab larger market attention in the Revenue Cycle Management Market. In 2021, the software category dominated the revenue cycle management market, accounting for 61.1% of total revenue. In recent years, as a result of the digitalization of processes and streamlining for improved patient care, an increasing volume of data has led to the adoption of solutions; as a result, healthcare analytical software solutions are being used more frequently and are gaining traction. According to MMR, 90 percent of healthcare businesses employ data and analytical software to improve quality and revenue cycle management. The service segment, on the other hand, is likely to grow at the quickest rate during the forecast period, owing to an increase in the number of market participants Product outsourced services to healthcare facilities, which is expected to promote market growth during the forecast period. Furthermore, strategic initiatives done by players are expected to support the revenue cycle management market's growth over the forecast period. Cerner, for example, announced the sale of Cerner RevWorks, its revenue cycle management outsourcing company, to R1 RCM, Inc. in 2020. This will aid in the integration of both firms' technology platforms and expand R1's RCM capabilities. The integrated segment is supplementing the growth of the Revenue Cycle Management Market. With a revenue share of 71.3 % in 2021, the integrated segment dominated the revenue cycle management market by type. This development can be ascribed to some factors, including a preference for volume-based payments over value-based payments. Another factor driving this segment's growth is that integrated solutions offer a streamlined and coordinated approach for several financial tasks via a single platform, resulting in a consistent data collecting and analysis procedure. Over the forecast period, the integrated segment is expected to grow at the fastest rate. The need to improve the efficiency of healthcare systems, the growing number of healthcare institutions, and rising healthcare expenses are all contributing to the growth. Other aspects that contribute to market expansion include the removal of human errors and the acceleration of administrative activities. The physician back-office segment is enhancing the growth of the Revenue Cycle Management Market. The physician back-office sector dominated the worldwide revenue cycle management market in 2021, accounting for 34.8% of total revenue. The increased focus of various healthcare institutions and organizations on implementing these systems and increasing the number of physicians is expected to drive market growth. The Association of American Medical Colleges, for example, is one such organization working to increase the number of physicians in the region. Such occurrences are advantageous to the market's growth. The Web-based segment is fueling the growth of the Revenue Cycle Management Market. The web-based category dominated the revenue cycle management market in 2021, with a revenue share of 46.7%, and is expected to grow at a steady rate during the forecast period. In the future years, increasing usage of web-based solutions is expected to fuel overall market growth. Some of the web-based practice management options on the market are Advanced HIMS, Simplex HIMES, e-Hospital Systems, and athenaOne.

Revenue Cycle Management MarketRevenue Cycle Management Market Regional Insights:

North America is ruling the growth of the regional Revenue Cycle Management market in the forecast period. North America dominated the Revenue Cycle Management (RCM) market in 2021, accounting for 50.6 % of revenue. The existence of several physician's offices across the United States is one of the factors responsible for this region's significant market share. In addition, regulatory changes such as the adoption of ICD-10 in 2015 increased demand for HIT systems, notably revenue cycle management systems, to improve healthcare delivery efficiency. Additionally, the presence of big established hospitals and healthcare infrastructures, favorable regulations, and the rising need to reduce healthcare costs create profitable growth potential for the industry. Due to supporting government initiatives to improve the quality of healthcare delivery utilizing HIT systems, rising healthcare expenditure, and expanding unmet healthcare requirements of the population, the Asia Pacific market is expected to develop at the quickest rate throughout the forecast period. Furthermore, due to low manufacturing prices and the availability of inexpensive labor, the ease of doing business in the Asia Pacific is great. This is also a high-impact rendering driver for the region's market growth. The objective of the report is to present a comprehensive analysis of the Revenue Cycle Management Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Revenue Cycle Management Market dynamics, structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the Revenue Cycle Management Market make the report investor’s guide.

Revenue Cycle Management Market Scope:Inquire before buying

Global Revenue Cycle Management Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 135.4 Bn.
Forecast Period 2022 to 2029 CAGR: 10.8% Market Size in 2029: US $ 307.56 Bn.
Segments Covered: by Product • Hardware • Service
by Type • Integrated • Standalone
by Delivery Mode • On-premise • Web-based • Cloud-based
by End-User • Physician Offices • Hospitals • Diagnostic Laboratories • Others

Revenue Cycle Management Market, by Region

• North America • Europe • Asia Pacific • The Middle East and Africa • South America

Revenue Cycle Management Market Key Players

• The SSI Group, Inc. • AllScripts Healthcare, LLC • McKesson Corporation • athenahealth, Inc. • Epic Systems Corporation • NXGN Management, LLC • CareCloud Corporation • Quest Diagnostics, Inc. • R1 RCM Inc. • Experian plc • Conifer Health Solutions • GE Healthcare • Cognizant • Athenahealth • SSI Group LLC • Huron Consulting Group • Cognizant

Frequently Asked Questions:

1. Which region has the largest share in Global Revenue Cycle Management Market? Ans: North America region holds the highest share in 2021. 2. What is the growth rate of Global Revenue Cycle Management Market? Ans: The Global Revenue Cycle Management Market is growing at a CAGR of 10.8% during forecasting period 2022-2029. 3. What is scope of the Global Revenue Cycle Management market report? Ans: Global Revenue Cycle Management Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Revenue Cycle Management market? Ans: The important key players in the Global Revenue Cycle Management Market are – The SSI Group, Inc., AllScripts Healthcare, LLC, McKesson Corporation, athenahealth, Inc., Epic Systems Corporation, NXGN Management, LLC, CareCloud Corporation, Quest Diagnostics, Inc., R1 RCM Inc., Experian plc, Conifer Health Solutions, GE Healthcare, Cognizant, Athenahealth, SSI Group LLC, Huron Consulting Group, and Cognizant 5. What is the study period of this market? Ans: The Global Revenue Cycle Management Market is studied from 2021 to 2029.
1. Global Revenue Cycle Management Market: Research Methodology 2. Global Revenue Cycle Management Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Revenue Cycle Management Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Revenue Cycle Management Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Revenue Cycle Management Market Segmentation 4.1 Global Revenue Cycle Management Market, by Product (2021-2029) • Hardware • Service 4.2 Global Revenue Cycle Management Market, by Type (2021-2029) • Integrated • Standalone 4.3 Global Revenue Cycle Management Market, By Delivery Mode (2021-2029) • On-premise • Web-based • Cloud-based 4.4 Global Revenue Cycle Management Market, by End-User (2021-2029) • Physician Offices • Hospitals • Diagnostic Laboratories • Others 5. North America Revenue Cycle Management Market (2021-2029) 5.1 North America Revenue Cycle Management Market, by Product (2021-2029) • Hardware • Service 5.2 North America Revenue Cycle Management Market, by Type (2021-2029) • Integrated • Standalone 5.3 North America Revenue Cycle Management Market, By Delivery Mode (2021-2029) • On-premise • Web-based • Cloud-based 5.4 North America Revenue Cycle Management Market, by End-User (2021-2029) • Physician Offices • Hospitals • Diagnostic Laboratories • Others 6. Asia Pacific Revenue Cycle Management Market (2021-2029) 6.1. Asia Pacific Revenue Cycle Management Market, by Product (2021-2029) 6.2. Asia Pacific Revenue Cycle Management Market, by Type (2021-2029) 6.3. Asia Pacific Revenue Cycle Management Market, By Delivery Mode (2021-2029) 6.4. Asia Pacific Revenue Cycle Management Market, by End-User (2021-2029) 6.5. Asia Pacific Revenue Cycle Management Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Revenue Cycle Management Market (2021-2029) 7. 1 Middle East and Africa Revenue Cycle Management Market, by Product (2021-2029) 7.2. Middle East and Africa Revenue Cycle Management Market, by Type (2021-2029) 7.3. Middle East and Africa Revenue Cycle Management Market, By Delivery Mode (2021-2029) 7.4. Middle East and Africa Revenue Cycle Management Market, by End-User (2021-2029) 7.5. Middle East and Africa Revenue Cycle Management Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Revenue Cycle Management Market (2021-2029) 8.1. Latin America Revenue Cycle Management Market, by Product (2021-2029) 8.2. Latin America Revenue Cycle Management Market, by Type (2021-2029) 8.3. Latin America Revenue Cycle Management Market, By Delivery Mode (2021-2029) 8.4. Latin America Revenue Cycle Management Market, by End-User (2021-2029) 8.5. Latin America Revenue Cycle Management Market, by Country (2021-2029) • Brazil • Argentina • Rest Of Latin America 9. European Revenue Cycle Management Market (2021-2029) 9.1. European Revenue Cycle Management Market, by Product (2021-2029) 9.2. European Revenue Cycle Management Market, by Type (2021-2029) 12.3. European Revenue Cycle Management Market, By Delivery Mode (2021-2029) 9.4. European Revenue Cycle Management Market, by End-User (2021-2029) 9.5. European Revenue Cycle Management Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. Stem Cell 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Geographic Footprint 10.1.4. Grade Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Applied Science Laboratories 10.3. Toii Ab 10.4. SR Research Ltd. 10.5. Mirametrix, Inc. 10.6. SensoMotoric Instruments 10.7. EyeTribe 10.8. SmartEye 10.9. EyeTech Digital Systems, Inc. 10.10. EyeTracking, Inc 10.11. iMotions 10.12. LC Technologies, Inc. 10.13. Ergoneers 10.14. Eyegaze (US) 10.15. PRS IN VIVO

About This Report

Report ID 3258
Category Healthcare
Published Date Sept 2022
Updated Date
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