Pune, India, Oct. 27, 2023 (GLOBE NEWSWIRE) -- In healthcare, RCM process confirms that the full interaction with a patient, from primary inquiry to the final payment, is successfully managed. Providers are ready to put new digital healthcare developments into action. As new technology develops and patients become more superior to the consumers, practices should persist to be aware of the strategies in revenue cycle management.
According to our new research study on “Healthcare Revenue Cycle Management Market covers analysis By Product & Services (Patient Access Solutions, Mid-Revenue Cycle Solutions, Back-end Revenue Cycle Solutions, and Outsourcing Services), Deployment Mode (On-Premises, Cloud-based Solution), End User (Hospitals, Ambulatory Surgical Centers, Diagnostics & Imaging Centers, Healthcare Providers, and Others) and Geography (North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America),” the global healthcare revenue cycle management market is expected to grow from $55.27 billion in 2022 and is expected to reach a value of $135.69 billion by 2030; it is anticipated to record a CAGR of 10.6% from 2022 to 2030.
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Global Healthcare Revenue Cycle Management Market: Competitive Landscape and Key Developments
are R1 RCM, Oracle, Optum, AdvantEdge Healthcare, McKesson Corporation, Change Healthcare, 3M, Experian plc, Conifer Healtth Solutions, and GE Healthcare are among the leading companies operating in the healthcare revenue cycle management market. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, tapping prevailing business opportunities in the healthcare revenue cycle management market. The companies implementing various organic and inorganic developments have bought about dynamic improvements in the global healthcare revenue cycle management market. Below are few instance:
In June 2022, AGS Health, a leading revenue cycle management (RCM) solutions provider and strategic growth partner to some of the largest healthcare systems in the U.S., launched the AGS AI Platform, a connected solution that blends artificial intelligence (AI) and automation with award-winning human-in-the-loop services and expert support to maximize revenue cycle performance.
In June 2020, R1 RCM Inc, a leading provider of technology-enabled revenue cycle management services to healthcare providers, will acquire Cerner RevWorks services business and commercial, non-federal client relationships. RevWorks associates will be offered positions with R1, and both companies have committed to seamless integration between the company’s technology-enabled services platform and Cerner’s software.
Government Initiative is Boosting Global Healthcare Revenue Cycle Management Market Growth:
As the healthcare sector is adopting digitization, there is an increasing popularity of the RCM system. The government is also taking the initiative by encouraging physicians to adopt electronic health records, establishing regional extension centers to provide any other advice, investing in the training for technical healthcare information technology workers, and driving the growth of healthcare revenue cycle management. For instance, The European Commission has implemented a Recommendation on a European electronic health record exchange format to expose the flow of health data across borders. The electronic health record exchange format will help citizens quickly access and share their health data with healthcare professionals. For example, when consulting a specialist or receiving emergency treatment in another EU country. An increasing number of healthcare claims is affecting the revenue of many hospitals. In November 2020, BKD CPAs & Advisors introduced a new service to help clients identify and prevent insurance denials in the United States. Preventable insurance claim denials can cost an organization 3% or more of its net revenue annually. The increasing acceptance of companies providing claims denial and appeal services has become crucial to hospital facilities. Thus, the above-mentioned factors are driving the healthcare revenue cycle management market.
Global Healthcare Revenue Cycle Management Market – Regional Overview:
Global healthcare revenue cycle management market is segmented by region into North America, Europe, Asia-Pacific, Middle East & Africa, and South & Central America. North America held the largest market share for the healthcare revenue cycle management market in 2022. In 2022, Asia Pacific registered as the fastest-growing region in the global healthcare revenue cycle management market. The growth of the market is expected to be fastest owing to factors such as rapidly improving healthcare infrastructure along with digital health technology, growing government support, and increasing number of startups in this region.
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Global Healthcare Revenue Cycle Management Market: Segmental Overview
The “Global Healthcare Revenue Cycle Management Market” is segmented based on product & service, deployment mode, end user, and geography. Based on product & services the healthcare revenue cycle management market is segmented into patient access solutions, mid-revenue cycle solutions, back-end revenue cycle solutions, and outsourcing services. The outsourcing services segment is estimated to register the maximum CAGR in the market during 2022–2030. RCM outsourcing eliminates overhead costs and leads to substantial savings in staff, cuts down on training expenses and software, and avoids costly errors, infrastructure, and training. The strategic partnership improves reimbursements, driving revenue growth while minimizing claim denials. RCM companies employ trained coders and practice management consultants with deep expertise in reimbursement fulfilment, compliant coding, and overcoming payer denials.
Based on end user, the healthcare revenue cycle management market is divided into hospitals, ambulatory surgical centers, diagnostics & imaging centers, healthcare providers, and others. The healthcare providers is further segmented into inpatient and outpatient facilities. The healthcare providers segment held the major share of the market in 2022. Inpatient pharmacies operate within hospitals and dispense medications to admitted patients receiving treatment. Inpatient pharmacists contribute to the management of patient health besides doctors and nurses.
Go through further research published by The Insight Partners:
Revenue Cycle Management Market - Global Analysis and Forecast to 2030
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