The global revenue cycle management market size is expected to reach USD 73.2 billion by 2026
NEW YORK, April 18, 2019 /PRNewswire/ -- Revenue Cycle Management (RCM) Market Size, Share & Trends Analysis By Product (Software, Service), By Type (Integrated & Standalone), By Delivery Mode, By End Use, And Segment Forecasts, 2019 - 2026
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The global revenue cycle management market size is expected to reach USD 73.2 billion by 2026. It is anticipated to register a CAGR of 12.0% during the forecast period. In recent years, revenue cycle departments of private and community hospitals have received greater attention as an important driver to their revenue streams. The use of next-generation technology and data analytics tools enabled hospitals in tracking costs and identify cost-saving strategies, reducing denial management cases and optimizing financial performance.
Increase in cloud-based solutions, rising denial management cases, and strong government initiatives are expected to contribute to the growth in demand for Revenue Cycle Management (RCM) over the forecast period. According to the U.S based research firm Black Book, in the past six years, 400 out of 522 hospitals surveyed, implemented RCM systems. In January 2019, hospitals who have not systems in place, which is approximately 82.0%), said they are planning to have a revenue cycle management system in place.
However, the revenue cycle management market is facing stiff challenges such as lack of trained professionals and high deployment costs.Denial identification is another challenge for these systems.
According to a study conducted by the Healthcare Information and Management Systems Society (HIMSS), it is estimated that approximately 31.0% of the providers are still using manual claims for the denial identification.
Further key findings from the report suggest:
• Service segment is expected to showcase the highest CAGR of over 12.0% during the forecast period. Accounts receivable and denial management are expected to be the most outsourced services over the forecast period
• Integrated solutions is expected to be the fastest growing segment. The systems are used with various other software to increase efficiency and communication in-between different departments. The web-based segment is projected to lead the market in 2026. These services are more affordable than cloud-based solutions
• North America held the leading market share in 2018, owing to regulatory requirements in this region. Asia Pacific followed by Latin America are expected to report the fastest CAGR, over the forecast period, owing to the growth in IT infrastructure
• Some of the players operating in the revenue cycle management market include McKesson Corp.; Cerner Corporation; Greenway Health, LLC, CareCloud Corporation; Epic Systems, Kareo, Inc.; The SSI Group, LLC; NextGen Healthcare, Quest Diagnostics, Inc.; eClinicalWorks; and Allscripts.
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