Revenue Cycle Management Market cover

Revenue Cycle Management Market by Delivery Mode (Web-based, On-premise, and Cloud-based), Products (Services and Software), Types (Standalone and Integrated), End-users (Hospitals, Physician Offices, Diagnostic Laboratories, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: FB-3624
  • Author: Growth Market Reports
  • Rating: 4.7
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  • No. Of Pages: 190
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The global revenue cycle management market size was valued at USD 261.5 billion in 2020 and is projected to reach USD 633.2 billion by 2028, expanding at a CAGR of 11.2 % during the forecast period, 2021–2028. The growth of the market is attributed to the growing innovation in synchronized management software and systems.

Revenue Cycle Management Market summary

Revenue cycle management (RCM) can be defined as the management of all clinical and administrative procedures that lead to patient service adds indirectly or directly to revenue in order to maximize profits. By processing claims, the RCM process allows health providers to maximize income. Management of the revenue cycle offers several processes, such as patient registration, insurance eligibility and verification, medical coding, claim processing, and payment & account receivable management. Patients, health-care providers, billing businesses, and insurance payers are the four most important RCM components.

The COVID-19 pandemic outbreak had negative impact on the market. Due to the pandemic, there were unpredictable claim volumes and inconsistent patient volume, which resulted in rise in RCM complexities and companies opted for outsourcing. The market is expected to recover an uptrend operation soon owing to subsiding the COVID cases significantly across the globe.

Market Trends, Drivers, Restraints, and Opportunities

  • Growing need to manage unstructured healthcare data is one of the key factors driving the market growth.
  • Availability for advanced technological innovations in RCM is expected to boost the market growth in the coming years.
  • High deployment cost of RCM solutions and the associated infrastructure presents a major challenge. This is likely to hinder the market growth during the forecast period.
  • Lack of skilled medical professionals in developing regions is expected to hamper the market growth during the projected timeline.
  • Rising demand for Artificial Intelligence & cloud-based deployment is projected to create significant growth opportunities for the market in the near future.

Scope of the Report

The report on the global revenue cycle management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Revenue Cycle Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Delivery Mode (Web-based, On-premise, and Cloud-based), Products (Services and Software), Types (Standalone and Integrated), and End-users (Hospitals, Physician Offices, Diagnostic Laboratories, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

R1 RCM Inc.; Quest Diagnostics, Inc.; The SSI Group, LLC; Allscripts Healthcare Solutions, Inc.; Experian Health, Inc.; athenahealth, Inc.; Epic Systems Corp.; NXGN Management, LLC; CareCloud Corp.; and McKesson Corp.

Market Segment Insights

Web-based segment to grow at a rapid pace

Based on delivery mode, the global revenue cycle management market is segmented into web-based, on-premise, and cloud-based. The web-based segment is expected to grow at a rapid pace during the forecast period owing to increasing adoption of the solution globally. However, the cloud-based segment is anticipated to hold a key share of the market in the coming years due to the factors, such as stable internet access and readily available information, which can be accessed even from remote locations, one-time update, and faster processing & higher reliability across all domains.

Software segment to expand at a considerable CAGR

On the basis of products, the market is bifurcated into services and software. The software segment is projected to expand at a considerable CAGR during the forecast period attributed to the digitalization of processes and streamlining for better patient care, which resulted in rising amount of data. On the other hand, the services segment is anticipated to account for a major market share during the forecast period due to the growing number of market participants offering outsourcing services to healthcare facilities.

Integrated segment to hold significant market share

In terms of types, the global revenue cycle management market is bifurcated into standalone and integrated. The integrated segment is anticipated to hold significant market share in the coming years owing to numerous changes, such as the preference for volume-based payments instead of value-based payments. Moreover, it offers a centralized and streamlined framework for a variety of financial activities through a single platform, resulting in a consistent data collection and processing procedure. This is driving the segment growth further. However, the standalone segment is expected to register a considerable CAGR during the forecast period due to the benefits, such as speeding up administrative functions and elimination of human errors.

Revenue Cycle Management Market types

Physician offices to expand at robust growth rate

On the basis of end-users, the market is segregated into hospitals, physician offices, diagnostic laboratories, and others. The physician offices segment is estimated to expand at robust growth rate during the forecast period attributed to the rising number of physicians and increasing the attention on several healthcare institutions and organizations on the implementation of these systems. On the other hand, the hospitals segment is expected to grow at a significant rate due to the increase in scrutiny related to patient safety by regulatory authorities.

North America to constitute a key market share

In terms of regions, the global revenue cycle management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the presence of numerous physicians’ offices across the region. Additionally, numerous factors, such as the presence of advantageous regulations, healthcare infrastructures & established hospitals, and a growing demand to cut healthcare costs is projected to drive the regional growth further. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to the factors, such as governments initiative to improve the quality of healthcare delivery through the use of health information technology systems, expanding healthcare spending, and rising unmet healthcare needs in the region.

Revenue Cycle Management Market region

Segments

Segments Covered in the Report

The global revenue cycle management market has been segmented on the basis of

Delivery Mode

  • Web-based
  • On-premise
  • Cloud-based

Products

  • Services
  • Software

Types

  • Standalone
  • Integrated

End-users

  • Hospitals
  • Physician Offices
  • Diagnostic Laboratories
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • R1 RCM Inc.
  • Quest Diagnostics, Inc.
  • The SSI Group, LLC
  • Allscripts Healthcare Solutions, Inc.
  • Experian Health, Inc.
  • athenahealth, Inc.
  • Epic Systems Corp.
  • NXGN Management, LLC
  • CareCloud Corp.
  • McKesson Corp.

Competitive Landscape

Key players competing in the global revenue cycle management market are R1 RCM Inc.; Quest Diagnostics, Inc.; The SSI Group, LLC; Allscripts Healthcare Solutions, Inc.; Experian Health, Inc.; athenahealth, Inc.; Epic Systems Corp.; NXGN Management, LLC; CareCloud Corp.; and McKesson Corp. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.

Revenue Cycle Management Market keyplayers

For instance, in October 2019, Medidal, a provider of payer search, transfer DRG, and pharmacy reimbursement solutions, were bought by eSolution, a healthcare technology business. The acquisition was to maintain its commitment to provide revenue cycle management technologies to increase workflow efficiency and save customers' time and money. In January 2020, R1 RCM launched R1 Professional, a physician revenue cycle management solution aimed for large hospital-owned medical groups and independent clinics. This aided in the development of a consistent revenue cycle management approach and reimbursement models.

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. revenue cycle management Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. revenue cycle management Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. revenue cycle management Market - Supply Chain
  4.5. Global revenue cycle management Market Forecast
     4.5.1. revenue cycle management Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. revenue cycle management Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. revenue cycle management Market Absolute $ Opportunity
5. Global revenue cycle management Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. revenue cycle management Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global revenue cycle management Demand Share Forecast, 2019-2026
6. North America revenue cycle management Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America revenue cycle management Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America revenue cycle management Demand Share Forecast, 2019-2026
7. Latin America revenue cycle management Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America revenue cycle management Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America revenue cycle management Demand Share Forecast, 2019-2026
8. Europe revenue cycle management Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe revenue cycle management Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe revenue cycle management Demand Share Forecast, 2019-2026
9. Asia Pacific revenue cycle management Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific revenue cycle management Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific revenue cycle management Demand Share Forecast, 2019-2026
10. Middle East & Africa revenue cycle management Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa revenue cycle management Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa revenue cycle management Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global revenue cycle management Market: Market Share Analysis
  11.2. revenue cycle management Distributors and Customers
  11.3. revenue cycle management Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. R1 RCM Inc.
     11.4.2. Quest Diagnostics, Inc.
     11.4.3. The SSI Group, LLC
     11.4.4. Allscripts Healthcare Solutions, Inc.
     11.4.5. Experian Health, Inc.
     11.4.6. athenahealth, Inc.
     11.4.7. Epic Systems Corp.

Segments Covered in the Report

The global revenue cycle management market has been segmented on the basis of

Delivery Mode

  • Web-based
  • On-premise
  • Cloud-based

Products

  • Services
  • Software

Types

  • Standalone
  • Integrated

End-users

  • Hospitals
  • Physician Offices
  • Diagnostic Laboratories
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • R1 RCM Inc.
  • Quest Diagnostics, Inc.
  • The SSI Group, LLC
  • Allscripts Healthcare Solutions, Inc.
  • Experian Health, Inc.
  • athenahealth, Inc.
  • Epic Systems Corp.
  • NXGN Management, LLC
  • CareCloud Corp.
  • McKesson Corp.

Key players competing in the global revenue cycle management market are R1 RCM Inc.; Quest Diagnostics, Inc.; The SSI Group, LLC; Allscripts Healthcare Solutions, Inc.; Experian Health, Inc.; athenahealth, Inc.; Epic Systems Corp.; NXGN Management, LLC; CareCloud Corp.; and McKesson Corp. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.

Revenue Cycle Management Market keyplayers

For instance, in October 2019, Medidal, a provider of payer search, transfer DRG, and pharmacy reimbursement solutions, were bought by eSolution, a healthcare technology business. The acquisition was to maintain its commitment to provide revenue cycle management technologies to increase workflow efficiency and save customers' time and money. In January 2020, R1 RCM launched R1 Professional, a physician revenue cycle management solution aimed for large hospital-owned medical groups and independent clinics. This aided in the development of a consistent revenue cycle management approach and reimbursement models.

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