The Global Revenue Cycle Management Market is growing at a pace and is expected to attain a revenue of USD 43,500 Million by the end of 2027, reveals Market Research Future (MRFR) in a minutely analyzed research report. Growing need to optimize revenues, affinity towards integrated healthcare systems and rise in a number of hospitals and healthcare services would help it to achieve a CAGR of 12.2% over the forecast period of 2014-2027.
Growing need to collate administrative patient data such as patient information, insurance details and other information with business and clinical data facilitates the growth of the RCM market. RCM automates various administrative processes such as informing patients about appointments, payment related reminders and issues regarding insurance claims. Management of complex and tedious healthcare tasks induces high demand for RCM solutions. Healthcare organizations are increasingly deploying RCM services in order to manage patient revenue cycle, and high adoption of RCM fosters the growth of the global healthcare revenue cycle management market.
Additionally, intensifying pressure to curb healthcare costs and surging patient inflow necessitates the use of RCM in healthcare organizations. Other drivers of the market include high expenditure on healthcare infrastructure. However, the market growth might be hindered by lack of skilled workforce to operate RCM software and high costs associated with RCM software.
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List of Healthcare Revenue Cycle Management Market Key Players:
Epic Systems Corporation (US),
McKesson Corporation (US),
Cerner Corporation (US),
General Electric Company (US),
Quest Diagnostic (US),
Siemens Healthcare (Germany),
AdvantEdge Healthcare Solutions (US),
3M (US) and others.
The Global Healthcare Revenue Cycle Management Market has been segmented based on deployment, component, product types, and end-users. By deployment, the market has been segmented into on-premises, and cloud-based. Deployment wise, on-premise is the leading segment whereas the cloud-based segment is expected to emerge as the fastest growing segment. By component, the market has been segmented into services and software. The software segment accounts for 59.3% share of the global market and is the largest segment based on component. By product types, the market has been segmented into integrated software and standalone software. By end users, the market has been segmented into hospitals, ambulatory services and others.
The Global Healthcare Revenue Cycle Management Market spans across the regions of the Americas, Europe, Asia Pacific and Middle East & Africa. The Americas is at the forefront of the global healthcare revenue cycle management market owing to the presence of a robust healthcare sector, the concentration of key players in the region and high adoption of RCM solutions in the healthcare sector. The Americas market for RCM is expected to reach USD 67,996.0 Million by the end of 2027 and expand at a CAGR of 11.9% over the forecast period. Europe accounts for the second largest share of the market and is followed by Asia Pacific. The presence of a well-developed healthcare sector and high investment in healthcare facilities by the government support the growth of the market in Europe. Increasing awareness regarding RCM software and rising expenditure on healthcare in the Asia Pacific region will help it to exhibit substantial growth over the forecast period. The Middle East & Africa market will experience limited growth mainly because of the Africa market which has large unmet medical needs and less developed healthcare infrastructure which slows down the market growth.
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