Revenue Cycle Management Market 2020 Global Future Growth, Size, Share, Demand and Forecasts 2026
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.
Highlights of the Report:
- In-depth analysis of various insights, namely, Revenue Cycle Management Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and Revenue Cycle Management Market share.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
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Key Players Operating in The Revenue Cycle Management Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Conifer Health Solutions, LLC
- McKesson Corporation
- R1 RCM Inc.
- Epic Systems Corporation
- GeBBS Healthcare Solutions
- eClinicalWorks
- Cerner
- athenahealth, Inc.
- Allscripts Healthcare, LLC
Advent of IT and Analytics in Healthcare Industry Boosts the Market
"Cloud-based solutions are in high demand across the world for seamless data sharing," stated a lead analyst at Fortune Business Insights. "Several companies are increasingly adopting cloud-based platforms to offer advanced revenue cycle management services," he added. Robust government initiatives, coupled with decrease in healthcare reimbursements, are likely to drive the RCM market in the coming years. The rising use of analytical tools and IT in the healthcare industry is expected to increase the revenue generated by the RCM market between 2018 and 2025.
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Lack of Experts and High Deployment Cost of RCM Solutions May Limit Growth
Certain factors may negatively impact the growth of the RCM market. Dearth of well-trained professionals is the primary reason that may hamper the growth of the market in the coming years. In addition to this, high deployment costs associated with the RCM solutions are likely to restrict the growth of the market. Another challenge hindering the RCM market’s growth is denial identification. According to the Healthcare Information and Management Systems Society or HIMSS, around 31% of the healthcare providers are still using manual claims for denial identification.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Statistical overview of hospital admissions- For key countries,2018
- Technological advancements in revenue cycle management process
- New product launch
- Key start-ups with their funding overview
- Regulatory scenario - For key countries,2018
- Key Industry Developments - Mergers, Acquisitions, and Partnerships, 2018
- Global Revenue Cycle Management Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Structure
- In-house
- Outsource
- Market Analysis, Insights and Forecast – By Function
- Claims & Denial Management
- Medical Coding & Billing
- Clinical Documentation Improvement (CDI)
- Insurance
- Others
- Market Analysis, Insights and Forecast – By Type
- Software
- Services
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- North America Revenue Cycle Management Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Structure
- In-house
- Outsource
- Market Analysis, Insights and Forecast – By Function
- Claims & Denial Management
- Medical Coding & Billing
- Clinical Documentation Improvement (CDI)
- Insurance
- Others
- Market Analysis, Insights and Forecast– By Type
- Software
- Services
- Market Analysis, Insights and Forecast– By Country
- S.
- Canada
Continued...
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Report Focus:
- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Revenue Cycle Management Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
Reasons to Purchase this Report:
- Comprehensive analysis of the Revenue Cycle Management Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
KEY QUESTIONS ANSWERED:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the Revenue Cycle Management Market growth?
- What are the key technological and market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
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