USD 109.5 billion
Revenue Cycle Management Market Size, Share, Growth Analysis, By Type(Integrated, Standalone), By Delivery Mode(On-Premises, Web-Based, Cloud-Based), By End User(Healthcare Providers, Healthcare Payers), By Products and Services(Software, Services, Solutions), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2131 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
203
|Figures:
80
Revenue Cycle Management Market Insights
Global Revenue Cycle Management Market size was valued at USD 275.00 Billion in 2022 and is poised to grow from USD 305.53 Billion in 2023 to USD 709.18 Billion by 2031, at a CAGR of 11.10% over the forecast period (2024–2031).
The revenue cycle management market is witnessing notable growth owing to increasing healthcare expenditure and technological advancements. Increasing healthcare costs and the intricacy of billing processes are fueling the demand for effective revenue cycle management. Several healthcare enterprises are actively engaged in investments in revenue cycle management to manage financial performance and maximize revenue better. Moreover, advancements like AI, EHRs, and ML are improving accuracy of RCM, thereby driving the market growth. Nonetheless, the market is negatively impacted by significantly high implementation and maintenance costs and complex regulatory landscape. The cost of implementing RCM, comprising hardware, software purchase, and training could be high, hindering its adoption. Yet, the market is facing a few opportunities like increased adoption of advanced technologies, including robotic process automation and ML and AI.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Integrated
Fastest Growth
Integrated
Growth Rate
13.2% CAGR
Global Revenue Cycle Management Market ($ Bn)
Country Share for North America Region (%)
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Revenue Cycle Management Market Segmental Analysis
The Global Revenue Cycle Management Market is segmented by Product and Services, Type, Delivery Mode, End User, and Region. Based on Product and Services, the market is segmented into Software, Services, and Solutions. Based on Type, the market is segmented into Integrated and Standalone. Based on Delivery Type, the market is segmented into On-Premises, Web-Based, Cloud-Based. Based on End User, the market is segmented into Healthcare Providers (Inpatient Facilities {Hospitals, Other}, Outpatient Facilities [Physician practices, Ambulatory surgical centers (ASCs), Hospital outpatient facilities, Diagnostic & imaging centers, Other}), Healthcare Payers. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Type
- Based on type, the revenue cycle management market is categorized into integrated and standalone. The integrated segment held a majority market share in the past years and is projected to lead over the forecast period owing to better efficiency and the simplified process offered. Integrated revenue cycle management solutions combine several facets of revenue cycle, comprising coding, billing, claims management, patient scheduling, and more in a sole platform. This incorporation eliminates the use and maintenance of several systems, simplifying workflow, and enhancing operational efficiency. Integration also guarantees that data is continuously flowed in different functions like billing and EHRs systems, thus reducing errors. These factors are the key driving factors of the market.
- On the other hand, the standalone segment is expected to grow considerably over the forecast period owing to the expert functionality offered. The standalone RCM systems are specially designed to cater to multiple demands of revenue cycle like coding, billing, and claims management. This expertise enables a high level of focus and enhancement in these domains, fulfilling the unique demands of providers in healthcare. This, along with customization and flexibility features are majorly impacting the growth of the standalone segment.
Analysis by Delivery Mode
- Based on delivery type, the revenue cycle management market is categorized as on-premises, web-based, and cloud-based. The web-based segment held the majority share of the market in the past years owing to convenience and accessibility and cost-effectiveness. Web-based RCM systems can be accessed from any location with the internet. Such accessibility is mainly useful for healthcare facilities with numerous locations or for staff working remotely, enabling them to access RCM data and tools in real time. Moreover, these systems mostly need less upfront costs than on-premises solutions, which ultimately boosts its demand and, thus the segment growth.
- On the other hand, the cloud-based segment is expected to lead significantly over the forecast period due to scalability offered and enhanced data security. Cloud-based systems offer unique scalability enabling healthcare companies to adjust their use easily depending on their needs. They can accommodate these modifications with no major investments in infrastructure. Moreover, RCM providers are actively investing in advanced security facilities like multi-factor authentication, encryption, and regular security audits. They have specialized security groups and strong recovery plans for disasters with robust protection levels, impacting its demand and the segment growth.
Global Revenue Cycle Management Market Size By Type
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Revenue Cycle Management Market Regional Insights
Geographically, North America continues to lead the market owing to advanced healthcare infrastructure and growing healthcare expenditure. The United States, a well-developed nation in North America holds a well-established healthcare infrastructure with a higher number of clinics, hospitals, and specialized medical services. Such a developed infrastructure is driving the demand for mature RCM systems. Also, the United States leads in healthcare expenses on a global scale. Hence, higher spending levels are creating a major market for these solutions since providers are making efforts to manage financial performance and enhance revenue cycles in complex billing landscape. The leading firms in North America comprise PwC Revenue Cycle Managed Services, Oracle Cerner, Change Healthcare, Experian Health, Trizetto Provider, Eclinicalworks, and more.
Asia-Pacific is expected to be the fastest-growing region owing to speedy expansion of healthcare and increasing middle-class population. Most nations of Asia-Pacific are witnessing speedy growth in healthcare infrastructure, comprising the building of new facilities. This expansion is propelling the demand for effective RCM systems to handle increased volume of patients and complicated billing processes. Moreover, growing middle-class nations like Southeast Asia, China, and India are demanding quality healthcare services on a large scale. This growth of consumers is fueling the need for mature RCM solutions, thus driving the market in the region.
Global Revenue Cycle Management Market Size By Geography
- Largest
- Fastest
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Revenue Cycle Management Market Dynamics
Drivers
Growing Inclination Towards Value-Based Care
- The shift towards value-based care from fee-to-service needs highly mature revenue cycle management systems. These models focus on better patient outcomes and improved cost-effectiveness, impacting the growth of the integrated revenue cycle management solutions that support these targets. Hence, RCM systems are increasing gaining popularity, hence its wide adoption.
Growing Patient Consumerization and Investments in Healthcare IT
- Since patients are actively getting involved in their medical and treatment decisions and financial accountabilities, the need for efficient and transparent billing process is majorly increasing. Revenue cycle management systems help in better management of patients’ accounts and their healthcare and enhance satisfaction.
Restraints
Data Privacy and Security Issues
- With the growing digitalization of medical data, issues regarding data privacy and security are also expanding. Hence, it is important to protect this healthcare information from cyber threats and breaches confirm compliance with HIPAA and GDPR like regulations. If not done, this may result in major penalties and consumers’ loss of trust.
Lack of Skilled Labor
- Efficient use revenue cycle management needs skilled groups of people who are proficient in billing, medical coding, and healthcare finances. Lack of such personnel or trained experts may restrict successful deployment and enhancement of these solutions.
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Revenue Cycle Management Market Competitive Landscape
The global Revenue Cycle Management market is a highly competitive global market driven by a large number of international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Revenue Cycle Management Market Top Player’s Company Profiles
- Cerner Corporation
- Epic Systems Corporation
- Allscripts Healthcare Solutions, Inc.
- Athenahealth, Inc.
- eClinicalWorks
- GE Healthcare
- McKesson Corporation
- NextGen Healthcare Information Systems, LLC
- Optum, Inc.
- Siemens Healthineers
- Conifer Health Solutions
- Change Healthcare
- nThrive
- R1 RCM Inc.
- Experian Information Solutions, Inc.
- Convergent Healthcare Solutions, LLC
- MedeAnalytics, Inc.
- ZirMed, Inc.
- TransUnion Healthcare
- Waystar Health
Revenue Cycle Management Market Recent Developments
- In February 2024, Conifer and Lebanon expanded their alliance with a fresh multi-year deal. Conifer will offer Dartmouth Health with exhaustive revenue cycle management solution that comprises financial clearance, patient access, and patient financial services.
- In December 2023, Experian declared its acquisition of Wave HDC, a data automation company of healthcare that uses AI to ensure coverage of insurance benefits and crucial patient demographics information for laboratories, hospitals, physician groups, and billing companies.
- In July 2023, CareCloud declared that it will work with Google Cloud to support ambulatory practices and other SMEs medical service providers to use generative AI to notify decision making and drive operational efficiencies.
Revenue Cycle Management Key Market Trends
- Use of Big Data for Informed Decisions: Data is the new currency in revenue cycle management. Data driven businesses use insights to enhance their revenues by understanding patient populations by customizing services as per needs and identifying high-value patient sections. They also streamline operations and improve billing and coding accuracy by using data-driven technologies to confirm precise documentation, optimizing reimbursements, and decreasing compliance risks.
- Popularity of Cloud-Based Solutions: Patient care is moving beyond the boundaries of physical settings, and hence, cloud-based revenue cycle management systems are gaining huge traction. Patients are praising the convenience and ease offered by cloud-enabled solutions for payments, revenue cycle management transactions, and EHR access. For healthcare businesses, cloud-based systems offer scalability, improved security, and access in real-time.
Revenue Cycle Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the rise in healthcare IT investments and the growing number of healthcare providers are driving the revenue cycle management market. Nonetheless, the complex regulatory environment and integration challenges with existing IT systems are expected to hinder market growth. North America is projected to dominate the market backed by advanced healthcare infrastructure, technological advancements, and strict regulatory environment. Moreover, the growing outsourcing and managed services and emergence of cloud-based services are creating opportunities for growth of the revenue cycle management market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 275.00 Billion |
| Market size value in 2031 | USD 709.18 Billion |
| Growth Rate | 11.10% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Revenue Cycle Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Revenue Cycle Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Revenue Cycle Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Revenue Cycle Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Revenue Cycle Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Revenue Cycle Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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