The global revenue cycle management (RCM) market is set to reach USD 216,990.6 million by 2026, registering a CAGR of 12.4% during the forecast period. Increasing inclination of patients to get outpatient care is one of the main driving factors for this market. Inpatient care, where people stay in a hospital overnight, is an expensive endeavor as it involves multiple costs and taxes that shoot up the hospital bill.
Outpatient options are cheaper wherein the patient only needs to pay for consultation and medicines and gets the remaining care outside the hospital, such as in her home. In recent years, outpatient revenue has grown at a rapid pace and it has led to a sudden surge in the demand for RCM solutions. For example, data released by the American Hospital Association in 2019 shows that net outpatient revenue increased by 5.7% from 2016 to 2017, standing at $472 billion in 2017. This is indicative of the rising preference for outpatient care which has significantly added to healthcare revenue cycles and raised the demand for RCM tools.
Global Revenue Cycle Management (RCM) Market Segmentation
- Claims & Denial Management
- Medical Coding & Billing
- Clinical Documentation Improvement (CDI)
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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According to the Fortune Business Insights report, titled “Revenue Cycle Management Market Size, Share and Industry Analysis By Structure (In-house Outsource) By Function (Claims & Denial Management, Medical Coding & Billing, Clinical Documentation Improvement (CDI), Insurance, Others) By Type (Software, Services) and Regional Forecast, 2019 – 2026”, the value of this market stood at USD 86,811.4 million in 2018. The report also provides a detailed evaluation of the factors, trends, and regional and competitive dynamics that will characterize the market development during the forecast period.
Increasing Investment in Innovation to Energize Market Competition
Investing in research and development to create innovative products is emerging as the dominant being adopted by companies to solidify their presence in the RCM market. For example, in February 2017, McKesson unveiled its new revenue cycle management program, Healthy Hospital, that utilizes advanced analytics to help hospitals to identify areas where revenue generation can be sped up and financial performance optimized. Similarly, Apprio, Inc. inaugurated its specialized RCM division called APPRIOHEALTH in March 2019 with a view to deliver advanced RCM technologies to its clients.
Fortune Business Insights covers some of the important players in this market:
- Conifer Health Solutions, LLC
- McKesson Corporation
- R1 RCM Inc.
- Epic Systems Corporation
- GeBBS Healthcare Solutions
- athenahealth, Inc.
- Allscripts Healthcare, LLC
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Key questions answered in the Revenue Cycle Management Market report:
What will the market growth rate of RCM Market in 2026?
What are the key factors driving the Global Revenue Cycle Management Market?
What are sales, revenue, and price analysis of top manufacturers of Revenue Cycle Management Market?
Who are the distributors, traders and dealers of RCM Market?
Who are the key vendors in Revenue Cycle Management Market space?
What are the Revenue Cycle Management Market opportunities and threats faced by the vendors in the Asia Revenue Cycle Management Market?
What are sales, revenue, and price analysis by types, application and regions of Revenue Cycle Management Market?
What are the market opportunities, market risk and market overview of the RCM Market?
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