As per our research report, the size of the global healthcare RCM outsourcing market is estimated to value USD 28.99 billion by 2026 from USD 17.11 billion in 2021, growing at a CAGR of 11.12% from 2021 to 2026.
The current COVID-19 pandemic has caused many patients to visit healthcare facilities daily. Due to these COVID-19 viral infections, there have been more than 220 million reported cases across the globe. This highly infectious virus has killed more than 4.58 million people between 2019-2021. This has brought healthcare facilities into the spotlight due to the overwhelming need to improve healthcare services. Outsourcing several healthcare services has helped reduce the overall costs of management and maintenance for several medical sectors. However, the disease progression patterns have severely affected many industries and caused huge losses. Countries have implemented various measures to control the spread of this contagious disease, such as strict travel restrictions, social distancing rules, curfews and closures, and increased testing for COVID-19. Owing to these factors, the Healthcare RCM outsourcing market is anticipated to accelerate during the forecast period.
The growth of the global healthcare RCM outsourcing market can be attributed to increased investment in research and development activities, entry of new players, support for new start-ups, product innovation, and technological advancements are primarily boosting the growth rate of the global healthcare RCM outsourcing market. Favorable government policies and incentives, along with beneficial reforms, are projected to determine the growth of the healthcare RCM outsourcing market for the foreseeable future. An increase in the purchasing capacity of customers and an increase in disposable income further contribute to the growth of this market. Several developing and developing regions rapidly increase patient volume coupled with unstructured healthcare data management.
Additionally, increasing regulatory requirements and government initiatives are projected to favor the healthcare RCM outsourcing market during the forecast period. With rapid modernization, there is a strong adoption of digitization in the healthcare industry, the need for data collection and artificial intelligence (AI) can improve results and reduce costs. Companies are focusing on growing the applications with machine learning algorithms and analytics to minimize time to discover drugs, provide virtual assistance to patients and reduce costs.
Thus, the adoption of AI in healthcare is optimizing clinical and non-clinical processes and automation of other tasks like patient access, encryption, billing, collections, and denials. All these factors are aimed to produce a positive outcome for the healthcare RCM outsourcing market during the forecast period.
However, the cost associated with maintaining the RCM software is considerably high, which requires high IT support and maintenance services. Due to the high costs involved, small healthcare institutions, especially in emerging countries, are reluctant to use RCM solutions in the healthcare sector. In addition, there is the risk of healthcare privacy and security due to broader access. These factors pose a challenge for the growth of the healthcare RCM outsourcing market.
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Geographically, the North American market is predicted to dominate the global market during the forecast period. The U.S. is expected to account for the most significant share in the North American market between 2021 to 2026. On the other hand, the Canadian market is projected to be growing at a CAGR of 7.99% during the forecast period.
The APAC is predicted to be the fastest-growing market with a lucrative CAGR for the healthcare RCM outsourcing market during the forecast period worldwide. The strong growth of this regional market can be attributed to government initiatives to promote digitization, a large patient base, increased medical tourism, growing awareness, and high demand for better quality healthcare. As the second-largest economic country, China is anticipated to be growing at a 9.3% CAGR during the forecast period. Japan is forecasted to grow at a CAGR of 8.8% from 2021 to 2026.
Conifer Health Solutions, MedAssets, Parallon Business Solutions, Emdeon Business Services, McKesson, The SSI Group, GeBBS Healthcare, optum360, Change Healthcare (Emdeon), Cerner, Allscripts Healthcare, Athenahealth, Experian Information Solutions, Inc., Epic Systems Corporation, CareCloud Corporation, NXGN Management, LLC., Quest Diagnostics are a few of the noteworthy players in the global healthcare RCM outsourcing market.
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SEGMENTS COVERED IN THIS REPORT:
By End User:
- Other End Users
- North America
- Latin America
- Middle East and Africa
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