Revenue Cycle Management Market worth $84.1 billion | MarketsandMarkets

CHICAGO, June 30, 2023 /PRNewswire/ -- In the near future, the revenue cycle management (RCM) industry is expected to undergo significant transformation and growth. Advancements in technology, such as artificial intelligence and machine learning, will drive automation and optimization of RCM processes, reducing administrative costs and expediting revenue cycles. Data analytics will play a crucial role in identifying revenue leakage and improving financial outcomes. Moreover, there will be a greater emphasis on patient experience, with transparent pricing, cost estimates, and convenient payment options becoming integral to RCM practices. Compliance with evolving regulatory requirements will be a key focus, leading to increased demand for specialized RCM expertise. Outsourcing and strategic partnerships will continue to be prevalent, allowing healthcare organizations to leverage the expertise and scalability of RCM vendors. As the industry adapts to evolving payment models, such as value-based care, RCM processes will need to align with new reimbursement methodologies. Overall, the future of the RCM industry holds immense potential for innovation, efficiency, and improved financial outcomes for healthcare organizations.

Revenue Cycle Management Market in terms of revenue was estimated to be worth $49.6 billion in 2023 and is poised to reach $84.1 billion by 2028, growing at a CAGR of 11.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. The shift from fee-for-service to value-based reimbursement models is transforming the RCM market. Value-based reimbursement models are based on patient outcomes rather than the volume of treatments rendered to patients. Value-based reimbursement models have enhanced patient experience and facilitated financial workflows for providers. This has positively impacted the RCM market growth to a certain extent. Also, growing regulatory requirements & government initiatives are expected to drive demand of the RCM market during the forecast period.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153900104

Browse in-depth TOC on "Revenue Cycle Management Market"

282 - Tables
40 - Figures
275 - Pages

Revenue Cycle Management Market Scope:

By product & services segment, the outsourcing services segment is expected to grow at the highest growth rate during the forecast period.

The outsourced services segment is anticipated to expand at a considerable CAGR among the product & service categories throughout the forecast period. This can be attributed to its ability to optimize revenue cycle operations through the utilization of specialized resources and expertise from third-party providers. By doing so, healthcare organizations can focus on their core competencies, achieve cost reductions, and enhance operational efficiency. Furthermore, outsourcing services grant access to advanced technology platforms, enabling seamless integration, streamlined workflows, and robust data analytics capabilities. With scalability and adaptability, outsourcing services drive revenue cycle management advancements, bolster financial stability, and elevate overall performance for healthcare providers.

By delivery mode, the on-premise segment is expected to account for the largest revenue cycle management market share.

In 2022, the on-premise segment held the largest market share for revenue cycle management globally. The significant market share of this segment can be attributed to the security and data safety features possessed by on-premise deployment. Easy data access within the interdependent facilities of a healthcare setting has further elevated the market share.

By end user, the healthcare providers segment is expected to account for the largest share of the revenue cycle management market.

Healthcare payers and providers are the two market segments for revenue cycle management based on end users. RCM offers numerous benefits for healthcare providers, helping them optimize financial performance, improve operational efficiency, and enhance the overall patient experience. These factors have elevated the adoption of RCM solutions amongst healthcare providers, thus, positively impacting the market growth.

North America dominates the revenue cycle management market during the forecast period.

In 2022, North America held the largest market share for revenue cycle management. The large share of this region can be attributed to several factors, including strict regulations, an increase in the number of claims denials, well-established government payers and high numbers of private healthcare payers, and a sizable number of healthcare IT companies.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=153900104

Revenue Cycle Management Market Dynamics:

Drivers:

1. Growing need to manage unstructured healthcare data

Restraints:

1. Deployment costs include licensing and subscription costs

Opportunities:

1. Growing demand for AI & cloud-based deployment

Challenges:

1. Issues related to data security and confidentiality

Key Market Players:

R1 RCM (US), Oracle (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), Veradigm (US), GE Healthcare (US), Cognizant (US), athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US)

Recent Developments:

• In 2023, Optum partnered with Owensboro Health to manage revenue cycle and information technology and improve patient outcomes and safety.
• In 2022, the R1 RCM announced 10-year end-to-end RCM partnerships with Scion Health, Sutter Health, and St. Clair Health to streamline workflow standardization and improve patient access platforms.
• In 2022, McKesson signed a definitive agreement to acquire Rx Savings Solutions to offer medication therapy more affordable and increase medication adherence to improve outcomes.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=153900104

Revenue Cycle Management Market Advantages:

• Improved Financial Performance: RCM solutions help healthcare organizations optimize their revenue streams by streamlining billing, coding, claims processing, and payment collection processes. By enhancing the accuracy and efficiency of these processes, RCM solutions minimize revenue leakage, reduce claim denials, and expedite payment cycles, leading to improved financial performance for healthcare providers.
• Cost Savings: Implementing RCM solutions can result in significant cost savings for healthcare organizations. By automating manual tasks, reducing paperwork, and minimizing errors, RCM solutions reduce administrative expenses and enhance operational efficiency. Moreover, RCM solutions provide insights into billing patterns and revenue trends, enabling organizations to identify areas for improvement and implement proactive strategies to maximize revenue generation.
• Enhanced Revenue Integrity: RCM solutions ensure the integrity of revenue by improving coding accuracy and compliance with regulatory requirements. With ever-changing healthcare regulations and reimbursement policies, RCM solutions help healthcare organizations stay up-to-date and compliant, reducing the risk of penalties and revenue loss due to non-compliance.
• Increased Productivity: RCM solutions automate repetitive and time-consuming tasks, enabling healthcare professionals to focus on patient care rather than administrative burdens. By reducing manual intervention, RCM solutions streamline workflows, enhance productivity, and allow staff to allocate their time and expertise more effectively, leading to improved overall operational efficiency.
• Real-time Analytics and Reporting: RCM solutions provide real-time data analytics and reporting capabilities, offering healthcare organizations valuable insights into key performance indicators, revenue trends, and financial metrics. These insights enable informed decision-making, identification of revenue optimization opportunities, and implementation of proactive strategies to address revenue cycle challenges.
• Patient Satisfaction and Experience: RCM solutions contribute to improved patient satisfaction by enhancing the financial experience for patients. Transparent pricing, accurate cost estimates, and convenient payment options provided through RCM systems empower patients to make informed financial decisions and ease the burden of medical billing. This, in turn, enhances patient loyalty and contributes to a positive overall patient experience.
• Scalability and Adaptability: RCM solutions can be tailored to the specific needs and size of healthcare organizations, making them scalable and adaptable. Whether it is a small clinic or a large hospital system, RCM solutions can accommodate varying volumes of transactions and adapt to evolving industry requirements, supporting the growth and changing needs of healthcare organizations.

In conclusion, the revenue cycle management market offers advantages such as improved financial performance, cost savings, enhanced revenue integrity, increased productivity, real-time analytics, patient satisfaction, and scalability. These advantages position RCM solutions as essential tools for healthcare organizations seeking to optimize revenue streams, improve operational efficiency, and provide an enhanced financial experience for patients.

Revenue Cycle Management Market – Report Highlights:

The global revenue cycle management market is projected to reach USD 84.15 billion by 2028 from USD 49.6 billion in 2023, at a CAGR of 11.1% during the forecast period. The market growth is majorly attributed to the need for increased patient volumes and the growing need to manage unstructured healthcare data. Also, growing regulatory requirements & government initiatives are expected to drive demand growth in the revenue cycle management market during the forecast period.

Recession Impact on Revenue cycle management market

Recession after Covid-19 did not have a substantial impact on the RCM market. In fact, according to industry experts, demand for RCM solutions increased to overcome the growing expenses and shortage of funds faced by healthcare providers. The highly efficient RCM solutions helped the healthcare providers to achieve their financial goals with the help of predictive analytics. However, few small healthcare practices shifted their economic focus to essential medical services due to budgetary constraints. This had affected the market growth to a certain extent.

R1 RCM (US), Oracle (US), and Optum (US) are among the significant providers of the Revenue cycle management market.  

Coverage of market players

We have covered 25 companies in the report, including R1 RCM (US), Oracle (US), Optum (US), McKesson Corporation (US), Change Healthcare (US), 3M (US),  AdvantEdge Healthcare (US), Conifer Health Solutions (US), Veradigm (US), GE Healthcare (US), Cognizant (US), Huron Consulting Group (US), SSI Group LLC (US), Experian plc (Ireland), and athenahealth (US).

Updated financial information and recent developments of the profiled players

The report contains the updated financial information for each listed public company from January 2021 to March 2023. It also includes the recent developments undertaken by market players as well as their strategic overview.

Recent developments help identify market trends and popular growth strategies market players adopt. The current analysis shows that service launches and acquisitions were prominent growth strategies for players between January 2020 and August 2022.

Market Overview and Industry Insights

Updated the market overview inclined to new recent developments and recently available statistics. Ecosystem/ market map, tariff, and regulatory landscape, case study analysis, key conferences & events in 2022-2023, Porter five forces analysis, adjacent market analysis, trends, key stakeholders and buying criteria, and indicative pricing analysis are added in industry insights.

Related Reports:

Patient Access Solutions Market - Global Forecasts to 2027

North American Healthcare IT Market - Global Forecasts to 2027

Medical Terminology Software Market - Global Forecasts to 2027

Population Health Management Market - Global Forecasts to 2027

Clinical Decision Support Systems Market - Global Forecasts to 2027

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/revenue-cycle-management-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/revenue-cycle-management.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets