Market Synopsis of Global Healthcare Revenue Cycle Management (RCM) Market
The healthcare revenue cycle management (RCM) is a software, which manages organization claims processing, payment, and revenue generation. The major role of the software is managing patient revenue cycle of hospital or other healthcare organizations. During the last decade, RCM has got huge attention. Increasing recovery audits, changing government regulations, increasing healthcare revenue and increasing adoption of the RCM software by healthcare organization, and growing number of hospital & healthcare services drive the market growth. According to the U.S. Census Bureau, in 2015, total hospital care expenditure was USD 831.5 billion. In addition to this, according to the Centers for Medicare & Medicaid Services, in 2014, recovery auditors identified and corrected USD 2.39 billion as overpayment and USD 173.1 million as underpayment. Integrated care or integrated health is a concept of bringing inputs, delivery, management, and organization of services related to diagnosis, treatment, care, rehabilitation and health promotion. Rising healthcare spending has led to an increase in the use of the software, ultimately driving the market’s growth. Moreover, increasing pressure to curb the surmounting healthcare cost, developing healthcare technology, and inclination towards integrated healthcare system will also fuel the market’s growth over the forecasted period. However, to operate the RCM software, the staff of the hospital/organization have to coordinate properly. RCM is like a supply chain, if one person does incorrect work, it affects the total outcome. Dearth of well-trained professionals to handle RCM processes, infrastructural loop holes in emerging markets and high cost of deployment may slow the growth of the market.
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The market for healthcare revenue cycle management (RCM) is growing at a healthy pace. The market is expected to grow at the CAGR of 12.2% during the forecast period and is estimated to reach USD 43,500.0 million by 2027.
- Healthcare Revenue Cycle Management (RCM) Products Manufacturers
- Healthcare Revenue Cycle Management (RCM) Products Providers
- Medical Research Laboratories
- Research and Development (R&D) Companies
- Market Research and Consulting Service Providers
- Potential Investors
The global healthcare RCM market is segmented on the basis of deployment, component, product types, and end users.
On the basis of deployment, the market is segmented into on-premises, and cloud-based.
On the basis of component, the market is categorized into services, and software.
On the basis of product types, the market is divided into integrated software, and standalone software.
On the basis of end users, the market is shared into hospitals, ambulatory services and others.
Considering the global scenario of the market, America dominates the global healthcare revenue cycle management (RCM) market owing to the high healthcare revenue, developed technology, adoption of the better management services and the presence of the leading players. North America holds the largest market share in the American healthcare revenue cycle management (RCM) market. According to the Centers for Medicare & Medicaid Services, in 2015, the U.S. healthcare spending increased by 5.8% during the last few years. Europe is the second largest market of the healthcare revenue cycle management (RCM), which is followed by Asia Pacific. The presence of well-developed healthcare sector and high healthcare revenue, the healthcare revenue cycle management (RCM) market in Europe is growing at a CAGR of 12.4%. Asia Pacific is also witnessing a rapid growth in this market due to rapidly increasing awareness regarding the software & services available, increasing patient inflow and rising healthcare expenditure. The Middle East & Africa is expected to experience limited growth. The Middle East is dominating this market by holding the major share of the Middle East & African market owing to the well-developed technology and healthcare sector.
- On-premise segment accounts for the largest market share in the global healthcare revenue cycle management (RCM) market whereas the cloud based segment is projected to grow at the fastest CAGR during the forecast period 2017-2027.
- On the basis of component, the software segment accounts for the largest market share of 59.3% in the global healthcare revenue cycle management (RCM)
- The Americas healthcare RCM market is expected to reach USD 67,996.0 million by 2027 at a CAGR of 11.9 % during the forecast period.
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Key Players for Global Healthcare Revenue Cycle Management (RCM) Market
Some of the major players in this market are: Epic Systems Corporation (US), McKesson Corporation (US), Cerner Corporation (US), General Electric Company (US), Allscripts (US), Quest Diagnostic (US), Siemens Healthcare (Germany), AdvantEdge Healthcare Solutions (US), CareCloud (US), Acelerartech (US), and 3M (US).
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