The Revenue Cycle Management Market size is expected to be worth around US$ 640.6 billion by 2030 from at US$ 261.10 billion in 2020 with a registered grow CAGR of 11.5% during forecast period 2021 to 2030.
This report focuses on the global Revenue Cycle Management market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Revenue Cycle Management market development in United States, Europe and China.
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In this study, the years considered to estimate the market size of Revenue Cycle Management are as follows:
- Historic Year: 2017-2020
- Base Year: 2021
- Forecast Year 2021 to 2030
Rising need for optimization of organizational workflow coupled with growing innovation in synchronized management software and systems is anticipated to promote market growth. Also, the establishment of teams by federal agencies for regulatory reforms leads to the possibility of reclassification of various healthcare products within the medical industry.
Increasing technological advancements and rising adoption of revenue cycle management (RCM) tools by various healthcare providers and others have led to the development and up-gradation of solutions provided by key players. For instance, in January 2020, R1 RCM announced the launch of R1 Professional, a physician revenue cycle management solution, for serving large hospital-owned medical groups and groups with independent practices. This will help in providing a standardized revenue cycle management strategy of operations and reimbursement models.
The COVID-19 pandemic has caused significant challenges to the healthcare providers, with most of these providers reporting a significant impact on revenue and inpatient volume. This increasing healthcare costs and medical billing complexity have created a rise in outsourcing of revenue cycle management services across the globe. The advanced value-added features provided by the market participants include remote coding services, payer connect, audit and compliance, and reporting and analytics have resulted in maximizing productivity and revenue generation that has influenced the growth of the market.
The major advantages of outsourcing the revenue cycle management are the availability of skilled and trained professionals, cost-effective and efficient services, and compliance to required rules and regulations. These advantages have led to the increased adoption of outsourcing services in recent years. For instance, as per the 2020 article published in Med USA, around two-thirds of the healthcare organizations are utilizing outsourcing services for their revenue cycle management needs. Hence, such increasing adoption is likely to fuel the growth of the market for revenue cycle management during the forecast period.
However, lack of proper reimbursement scenario is one of the major challenges faced by patients with respect to insurance and other formalities. The gap between reimbursement by government and private insurers is yet another factor hampering the market growth. For instance, according to a recent article published in Healthcare Financial Management Association (HFMA), the average span of reimbursement of payment by Medicare was around 28 days, while that of a private commercial insurer was twice than that. Such delay and discrepancy in reimbursement are creating hurdles in the adoption of such solutions.
the software segment dominated the market for revenue cycle management and held the largest revenue share of 61.1%. An increasing amount of data in recent years owing to the digitalization of processes and streamlining for better patient care have led to the adoption of solutions; hence, healthcare analytical software solutions are used frequently and gaining traction. For instance, according to data published by Health Catalyst, 90% of healthcare organizations use data and analytical software to improve quality and revenue cycle management.
On the other hand, the service segment is projected to be the fastest-growing segment over the forecast period, owing to the growing number of market participants offering outsourcing services to healthcare facilities is expected to boost market growth over the forecast period. In addition, strategic initiatives undertaken by players are also factors likely to boost the growth of the market for revenue cycle management over the forecast period. For instance, in 2020, Cerner announced the sale of its revenue cycle management outsourcing business, Cerner RevWorks, to R1 RCM, Inc. This will help in the integration of technology platforms of both companies and extend R1’s RCM capabilities.
Based on type, the integrated segment dominated the market for revenue cycle management with a revenue share of 69.6% in 2020. This growth can be majorly attributed to various changes, such as the preference for volume-based payments instead of value-based payments. Another reason contributing to the growth of this segment is that integrated solutions provide a coordinated and streamlined format of a variety of financial activities via a single platform, which results in a uniform process of data collection and analysis.
The integrated segment is expected to witness the fastest CAGR over the forecast period. The growth may be attributed to factors such as the need for improving the efficiency of healthcare systems, the growing number of healthcare facilities, and rising healthcare costs. Other factors supporting market growth include benefits such as elimination of human errors and speeding up administrative functions.
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The web-based segment dominated the market for revenue cycle management and held the largest revenue share of 48.6% in 2020 and is anticipated to grow at a steady rate during the forecast period. Increasing adoption of web-based solutions is likely to fuel the overall market growth in the coming years. Advanced HIMS, Simplex HIMES, e-Hospital Systems, and athenaOne are some of the web-based practice management solutions available in the market.
On the other hand, the cloud-based segment is projected to grow rapidly and provide higher flexibility, coupled with cost-efficiency to end-users. Some of the major factors responsible for its largest share include stable internet access, readily available information that can be accessed even from remote locations, higher reliability and faster processing, and one-time update across all domains.
In 2020, the physician back-office segment dominated the global revenue cycle management market and accounted for the largest revenue share of 37.9%. The rising focus of various healthcare institutions and organizations toward the implementation of these systems and increasing the number of physicians is likely to boost the market growth. For instance, the Association of American Medical Colleges is one such example striving toward increasing the number of physicians in the region. Such instances are beneficial in fuelling the market growth.
The hospitals segment is anticipated to grow at the fastest rate over the forecast period, owing to the rise in scrutiny associated with patient safety by regulatory authorities. Hospitals predominantly use integrated revenue cycle management systems to bring all the hospital staff and patients together on a single platform. Patients, physicians, and payers are updated on the medications billed to an individual. This helps in maintaining a complete database history of purchases, which leads to higher quality and efficiency in healthcare administration.
North America dominated the Revenue Cycle Management (RCM) market and accounted for the largest revenue share of 52.6% in 2020. Factors responsible for the large market share commanded by this region include the presence of numerous physicians’ offices across the U.S. In addition, amendments in regulatory guidelines such as the addition of ICD-10 in 2015 led to the growing demand for HIT systems including revenue cycle management systems to improve the efficiency of healthcare delivery. Furthermore, the presence of large established hospitals and healthcare infrastructures, favorable regulations, and increased need for reducing healthcare costs present lucrative growth opportunities for the market in North America.
In Asia Pacific, the market is estimated to witness the fastest growth over the forecast period owing to supportive government initiatives to improve the quality of healthcare delivery using HIT systems, rising healthcare expenditure, and growing unmet healthcare needs of the population. Moreover, the ease of doing business in the Asia Pacific is high due to low manufacturing costs and the availability of cheap labor. This is also a high-impact rendering driver for market growth in the region.
- The SSI Group, Inc.
- AllScripts Healthcare, LLC
- Experian Health, R1 RCM Inc.
- McKesson Corporation
- athenahealth, Inc.
- Epic Systems Corporation
- NXGN Management, LLC
- CareCloud Corporation
- Quest Diagnostics, Inc.
- R1 RCM Inc.
- Product Type Outlook
- Type Outlook
- Delivery Mode Outlook
- Cloud based
- End-use Outlook
- Physician Offices
- Diagnostic Laboratories
- Regional Outlook
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- North America
The Revenue Cycle Management market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Revenue Cycle Management market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Revenue Cycle Management market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Revenue Cycle Management capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Revenue Cycle Management by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Revenue Cycle Management market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Revenue Cycle Management market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Revenue Cycle Management market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Revenue Cycle Management industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Revenue Cycle Management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Revenue Cycle Management market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Revenue Cycle Management market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Revenue Cycle Management market. These factors have benefited the growth of the global market for Revenue Cycle Management. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Revenue Cycle Management. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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