Revenue Cycle Management Market Size, Share, Analysis, Trends, Growth, 2032

Revenue Cycle Management Market Insights

Zion Market Research has published a report on the global Revenue Cycle Management Market, estimating its value at USD 139.23 Billion in 2023, with projections indicating that it will reach USD 410.32 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 12.76% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Revenue Cycle Management Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Revenue Cycle Management Market: Overview 

Revenue Cycle Management (RCM) is the management of all clinical as well as administrative functions that directly or indirectly contribute to the revenues via patient service to enhance overall profits. It undergoes various processes such as patient eligibility, registration, and verification for insurance, claims processing, medical coding, and payments & AR management. The prominent elements of RCM includes patients, billing company, healthcare provider, and insurance payers.

The leading players across revenue cycle management market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the revenue cycle management market study.

Citing an instance, in July 2018, Optum360 and the U.S. Bank decided to enter into partnership for streamlining and improving revenue cycle management services. Reportedly, the two entities are entering into strategic alliance with an aim towards expanding its set of capabilities in order to assist hospitals and healthcare service providers for efficiently handling their revenue cycle processes.

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Revenue Cycle Management Market: Growth Factors

Constant efforts for bringing an improvement in the payment process of the healthcare organizations are likely to drive revenue cycle management market size over the next few years. Apart from this, proliferation in the patient population base along with increase in the number of healthcare insurers is likely to create lucrative avenues for the business in the near future.

The rising deployment costs of revenue cycle management, however, are anticipated to obstruct the growth graph of this revenue cycle management market over the coming years.

Revenue Cycle Management Market: Report Scope

Revenue Cycle Management Market: Segment Analysis Preview  

On the basis of component, software segment dominated the global Revenue cycle management market for revenue cycle management in 2020. This is mainly attributed to the digitalization of processes and streamlining for better patient care. For instance, For instance, as per the study by Health Catalyst, 90% of healthcare organizations uses data and analytical software to improve their quality and revenue cycle management.

However, the services segment is expected to grow at the highest growth rate during the forecast period as the number of market participants offering outsourcing services to healthcare facilities.

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Regional Analysis Preview  

Geographically, North America has been leading the worldwide revenue cycle management market and is anticipated to continue on the dominant position in the years to come, states the revenue cycle management market study. The implementation of strict legislations promoting the use of revenue cycle management (RCM) tool is the main factor behind the dominance of the North America revenue cycle management market. The high number of market players being headquartered in North America is another significant factor that is supporting the expansion of this regional revenue cycle management market.

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Revenue Cycle Management Market: Competitive Landscape

Some of key players in Revenue Cycle Management Market are

• Quest Diagnostics
• Cerner Corporation
• McKesson Corporation
• Athenahealth Inc.
• Allscripts Healthcare Solutions Inc.
• eClinicalWorks LLC
• CareCloud Corporation
• The SSI Groups Inc.
• GE Healthcare
• Epic Systems
• Siemens Healthcare 
• among others.

The global Revenue Cycle Management Market is segmented as follows:   

By Product

• Integrated
• Standalone

By Components

• Services     
• Software      

By Deployment

• Web-Based       
• On-Premise        
• Cloud-Based       

By End-User

• Physician
• Hospitals
• Medical and Diagnostic Laboratories
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa