The Global Revenue Cycle Management (RCM) Market is expected to reach USD 65.2 billion by 2025, according to a new report by Hexa Reports. The healthcare system is witnessing a paradigm shift primarily due to the changing dynamics of the business models.
These changing dynamics of the hospital industry in developed regions is expected to involve centralization and digitalization of the back-end processes, thereby demanding the implementation of revenue cycle management, which is anticipated to positively affect the market growth.
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The healthcare industry is extremely vast and its centralization will help in synchronizing the entire work process along with providing economic benefits. Almost all industries aim to achieve lean management and six-sigma incorporation in their work culture to optimize resource usage and increase efficiency.
Furthermore, development of value-added services, i.e., integration of RCM system with other healthcare IT solutions such as practice management, Electronic Health Record (EHR), Computerized Physician Order Entry (CPOE) is anticipated to propel demand over the forecast period. For instance, Kareo, Inc. are multiple software enlisted in their portfolio that find high application in integrated solutions along with being used as standalone options.
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Further key findings from the study suggest:
- Services are expected to witness highest growth at a CAGR of over 11.0%. In particular, denial management and accounts receivable services are expected to be highly outsourced over the forecast period.
- Integrated solutions are anticipated to be the fastest growing segment. These can be used cohesively along with various other software to enhance efficiency and communication across different departments.
- The web-based segment is predicted to dominate the RCM market in 2025. These services are more affordable than cloud-based solutions.
- Hospitals and other end-users are expected to be the most lucrative segments over the next 8 years. To further support the segment, physician offices are also expected to contribute stable revenue, thereby promoting overall market growth.
- Asia Pacific followed by Latin America are expected to report fastest CAGR for the next 9 years. Furthermore, regions in MEA such as Saudi Arabia, Egypt, and Abu Dhabi, which are currently undergoing IT infrastructure development are expected to present lucrative opportunities.
- Major participants include McKesson Corporation; Epic Systems; Cerner Corporation; CareCloud Corporation; Kareo, Inc.; The SSI Group, LLC; Quest Diagnostics, Inc.; eClinicalWorks; athenahealth, Inc.; and Allscripts. Other firms include AdvantEdge Healthcare Solutions, Anthelio Healthcare Solutions, Greenway Health, LLC; and NextGen Healthcare
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