Revenue Cycle Management/RCM Market by Product & Services (Eligibility Verification, Clinical Coding, CDI, Claims Processing, Denial Management, Outsourcing Services, Cloud), End User(Payers, Hospitals, Outpatient)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Revenue Cycle Management market gathered revenue around USD 260.1 Billion in 2020 and market is set to grow USD 612.3 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 11.0% during the prediction period 2021 to 2027.
According to the report, the Revenue Cycle Management market is gaining swift traction due to several reasons. For instance, many countries are witnessing an unparalleled inflow of patients due to the COVID-19 pandemic. The health crisis has almost brought the hospital industry to a near-collapse. This has put tremendous stress on the healthcare industry, and they are therefore relying on Revenue Cycle Management services to ensure adequate revenue collection.
The integrated type emerged as the largest segment and accounted for significant revenue share of 70.6% in 2020. Integrated solutions provide a coordinated and streamlined format of a variety of financial activities via a single platform, which results in a uniform process of data collection and analysis. Hence, rising adoption of integrated systems is likely to fuel the growth during the forecast period.
North America dominated the market in 2020 with the highest revenue share of 55.6%. Strong healthcare infrastructure, government initiatives boosting adoption of RCM solutions, and rising consolidation between vendors offering RCM solutions are some of the major factors driving the demand of RCM tools and services in this region. On the other hand, Asia Pacific is anticipated to be the fastest-growing region during the forecast period. Fast growing economies like South Korea, Singapore, and Australia are investing in RCM healthcare solutions to improve the billing procedures and claim settlements in rural areas which is expected to surge the growth of the RCM services in the region over the forecast period.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Revenue Cycle Management market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Revenue Cycle Management market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 612.3 Billion by 2027|
|Growth Rate||CAGR of 11.0% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Product & services, delivery mode, end user and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||The SSI Group, Inc.; AllScripts Healthcare, LLC; Experian Health, R1 RCM Inc.; McKesson Corporation; athenahealth, Inc.; Epic Systems Corporation; NXGN Management, LLC; CareCloud Corporation; and Quest Diagnostics, Inc.|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Revenue Cycle Management market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
The combination of data and artificial intelligence (AI) has the potential to improve outcomes and reduce costs by applying machine learning algorithms and predictive analytics to reduce drug discovery times, provide virtual assistance to patients, and reduce the diagnosing time for ailments by processing medical images. The adoption of AI in healthcare is rising due to its ability to optimize clinical as well as non-clinical processes, thereby solving a variety of problems for patients, providers, and the overall healthcare industry. Manual and redundant tasks that occur during patient access, coding, billing, collections, and denials can be automated with the help of AI. AI integrated with RCM can perform these functions more accurately by imitating intelligent human behavior through algorithms that find patterns and plan future actions to produce a positive outcome.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Revenue Cycle Management Market include: The SSI Group, Inc.; AllScripts Healthcare, LLC; Experian Health, R1 RCM Inc.; McKesson Corporation; athenahealth, Inc.; Epic Systems Corporation; NXGN Management, LLC; CareCloud Corporation; and Quest Diagnostics, Inc.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Product & Services
- Patient Access Solutions
- Eligibility Verification Solutions
- Pre-certification & Authorization Solutions
- Other Patient Access Solutions
- Mid-Revenue cycle Solutions
- Clinical Coding Solutions
- Clinical Documentation Improvement Solutions
- Other Mid-revenue cycle Solutions
- Back-end Revenue cycle Solutions
- Claims Processing Solutions
- Denial Management Solutions
- Other Back-end Revenue cycle Solutions
- Outsourcing Services
- Patient Access Outsourcing Services
- Mid-revenue cycle Outsourcing Services
- Back-end Revenue cycle Outsourcing Services
- On-premise Solutions
- Cloud-based Solutions
- Healthcare Providers
- Inpatient Facilities
- Outpatient Facilities
- Physicians Practices
- Ambulatory Surgical Centers (ASCs)
- Hospital Outpatient Facilities
- Diagnostic & Imaging Centers
- Other Outpatient Facilities
- Healthcare Payers
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Revenue Cycle Management market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Revenue Cycle Management market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Revenue Cycle Management markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Revenue Cycle Management market Study:
- Growth of Revenue Cycle Management in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Revenue Cycle Management and How to Navigate
- Key Product Innovations and Regulatory Climate
- Revenue Cycle Management Consumption Analysis
- Revenue Cycle Management Production Analysis
- Revenue Cycle Management and Management