Healthcare revenue cycle management (RCM) a software managing claims process, payment and revenue generation is increasingly enabling healthcare providers to optimize (increase) their revenue through proper claim management. In a nutshell, healthcare revenue cycle management is a bilateral process between patients, healthcare providers, billing company and insurance providers.
Healthcare Sector has witnessed many technological advancements over the last few years. Increasing population has fuelled the demand for the highest quality, coordinated care. With the growing administrative & operational expenses of the healthcare organizations, management needed cost-effective alternatives in order to keep the show running. Revenue cycle management offers viable solutions by replacing the traditional paper-based systems to optimize cost. This is resultantly driving the market growth globally. RCM solution further allows increased revenue generation, access to healthcare IT systems increasing accuracy & efficiency. This is the key factor that escalates the RCM market furthering it pervasively.
Acknowledging the exponential growth, the RCM market witnesses currently, Market Research Future (MRFR) in its recently published study report asserts that the global Healthcare Revenue Cycle Management market is forecasted to reach US$ 43,500 MN by 2027 at approximately 12% CAGR from 2017-2027. The emergence of automated revenue cycle management is considered as one of the prominent factors driving the market growth to an extent.
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Additional predominant factors driving the market growth include; rapidly developing healthcare infrastructures coupled with the augmented uptake of RCM software in healthcare facilities worldwide. Moreover, technological advancement and improving economic conditions are fostering the market growth of RCM.
Growing digitization along with the augmenting demand for data integration, data quality, management, and data governance would contribute immensely in escalating the market credentials. Strong clinical network connectivity with medical practitioners is the latest trend observed in the market. This trend is projected to get on throughout the review period fostering the market growth.
Global Healthcare Revenue Cycle Management Market – Segments
MRFR has segmented its analysis into five key dynamics for the convenience of understanding;
By Deployments: Comprises – on Cloud, On-Premises and Web Based.
By Components: Software and Service, others.
By Product Types: Standalone and Integrated among others
By End-Users: Hospitals, and Ambulatory Services among others.
By Regions: Europe, North America, APAC and Rest-of-the-World.
Global Healthcare RCM Market – Geographical Analysis
North America market dominates the global RCM market with a significant market share. Factors that drive regional growth include; favorable government policies, the fastest adaptation of RCM and enhanced incentives. Countries such as Canada and the US have successfully implemented healthcare IT in their healthcare system, which resultantly would boost the growth of the regional market over the forecast period.
Moreover, the presence of well-developed healthcare infrastructures & IT coupled with favorable government initiatives in executing RCM, and regulatory framework along with the technological advancements would further propel the market growth in the region.
The RCM market in the European region is the second largest market, globally. A well-developed healthcare sector predominantly drives the market growth. Certainly, resurging economy in the region is playing a vital role in the growth of the RCM market.
Furthermore, increased digitization along with the increasing focus on data integration, data quality, management, and data governance provide impetus to the would drive the growth of the RCM market in the European region.
The Asia Pacific region is rapidly emerging as a promising market for revenue cycle management. Rapid technological advancements drive the market growth in the region, increasing the adoption of RCM in healthcare facilities.
APAC countries such as China, Japan, and India backed by the wide adoption of these management products and services account for the major contributors of the market growth.
Global Healthcare RCM Market – Competitive Landscape
The intensely competitive RCM market appears fragmented due to the presence of several large & small key players forming a competitive landscape. These market players through strategic partnership, acquisition, expansion, collaboration, product & technology launch try to gain competitive advantage. Substantial investments are being made in the R&D to develop a technology that is unrivalled and is on a different level entirely compared to their competition.
Key Players:
Leaders in the global healthcare RCM market include McKesson Corporation (US), Cerner Corporation (US), Epic Systems Corporation (US), Allscripts (US), Quest Diagnostic (US), General Electric Company (US), AdvantEdge Healthcare Solutions (US), CareCloud (US), Siemens Healthcare (Germany), 3M (US), and Acelerartech (US).
Industry/Innovation/Related News:
February 26, 2018 – R1 RCM Inc. (US) a leading global provider of RCM services and Ascension, a faith-based healthcare organization jointly announced the extension of their partnership for the next ten long years. As per this agreement, R1 will be the primary RCM partner for AMG sites in 22 states & the Columbia District. While on the revenue grounds, the agreement is expected to generate 2.5 billion USD against the net patient revenue under R1 management, including the 500 Mn. USD from the current Wisconsin Ascension pilot.
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