Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Global Revenue Cycle Management Market 2030 by Structure, Product & Services, Function, Delivery Mode, End-user, and Region - Partner & Customer Ecosystem Competitive Index & Regional Footprints" report has been added to ResearchAndMarkets.com's offering.
The Revenue Cycle Management Market size is estimated to grow from USD 96.8 Billion in 2022 to reach USD 238.4 Billion by 2030, growing at a CAGR of 12.1% during the forecast period from 2023 to 2030.
Driving Factors and Advancements Fuelling Global Revenue Cycle Management Market Growth
The global Revenue Cycle Management Market is witnessing a significant growth driven by several key factors. These include decreasing reimbursements in the healthcare sector, regulatory demands for the use of electronic health record (EHR) and electronic medical record (EMR) systems, government measures to promote the adoption of healthcare revenue cycle management products, loss of revenue due to billing mistakes, and workflow changes in healthcare organizations. Technical advancements in healthcare revenue cycle management applications have played a crucial role in fostering sector growth during the research timeframe.
Moreover, the successful implementation of recently developed programs aimed at improving patient care has positively impacted the market. Hospitals and healthcare providers have experienced reduced outstanding receivable records due to the effectiveness of enhanced healthcare revenue cycle management programs. Standardized medical billing and coding solutions have contributed to fewer errors and improved clinical performance.
The availability of cutting-edge technical systems has also accelerated the growth of the healthcare revenue cycle management sector. As healthcare organizations adopt these advanced systems, they are better equipped to manage their revenue cycles efficiently and optimize financial operations. Overall, these factors combined have propelled the expansion of the Revenue Cycle Management Market on a global scale.
On-Premise RCM Software: Driving Dominance in the Revenue Cycle Management Market
The On-Premise segment hold the largest share in the revenue cycle management market in 2022. This dominance can be attributed to the benefits of On-Premise RCM software, which offers organizations greater customization and flexibility. As the software is installed locally, it can be specifically tailored to suit the organization's workflows, processes, and reporting requirements.
This level of customization enables organizations to align the RCM software more closely with their unique needs, providing a personalized and efficient solution. As a result, the On-Premise segment's share in the market has been elevated.
North America holds the highest Market share in the Revenue Cycle Management (RCM) Market
North America holds the highest Market share in the Revenue Cycle Management (RCM) Market due to a combination of factors that have created a conducive environment for the growth and adoption of RCM solutions in the region. North America is a leader in technological advancements, particularly in the healthcare industry.
The region has a well-established healthcare IT infrastructure, with widespread adoption of electronic health records (EHR) systems and other advanced healthcare software. This technological readiness has facilitated the integration and implementation of RCM solutions, streamlining billing, and payment processes for healthcare providers.
The healthcare system in North America, particularly in the United States, is mature and well-developed. The region's vast number of healthcare providers, hospitals, and medical facilities generates a substantial demand for efficient revenue cycle management services to optimize financial operations and ensure timely reimbursements.
Additionally, North America has stringent regulations and compliance requirements in the healthcare industry, especially with regulations like HIPAA and HITECH. Healthcare providers in the region need robust and secure RCM solutions to adhere to these regulations, safeguard patient data, and ensure accurate billing and claims processing.
Furthermore, North America has one of the highest healthcare expenditures globally. The significant investment in healthcare services drives the need for effective RCM solutions to maximize revenue, minimize revenue leakage, and improve overall financial performance. The region's increasing focus on cost containment further boosts the demand for RCM solutions that can identify and reduce inefficiencies in revenue processes, billing errors, and payment delays, ultimately contributing to better financial outcomes for healthcare organizations.
Moreover, the prevalence of healthcare consolidation in North America, where smaller healthcare facilities merge with larger organizations, has led to an increased demand for sophisticated RCM solutions. These integrated systems are essential for managing the larger and more complex financial operations resulting from consolidation. The robust healthcare IT industry in North America offers a wide range of RCM software vendors and service providers, fostering competition and innovation. This diverse market landscape encourages the adoption of RCM technologies and drives continuous improvement in the solutions offered.
Company Profiles
- McKesson Corporation (US)
- Oracle (US)
- R1 RCM (US)
- McKesson Corporation (US)
- Optum (US)
- AdvantEdge Healthcare (US)
- Change Healthcare (US)
- 3M (US)
- GE Healthcare (US)
- Cognizant (US)
- athenahealth (US)
- SSI Group LLC (US)
- Huron Consulting Group (US)
- Experian plc (Ireland)
- Veradigm (US)
- Conifer Health Solutions (US)
Major Classifications are as follows:
Revenue Cycle Management Market, By Structure
- In-house
- Outsource
Revenue Cycle Management Market, By Product & Services
- Solutions
- 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
Revenue Cycle Management Market, By Function
- Claims & Denial Management
- Medical Coding & Billing
- Clinical Documentation Improvement (CDI)
- Insurance
- Others
Revenue Cycle Management Market, By Delivery Mode
- On-premise
- Cloud-based
Revenue Cycle Management Market, By End User
- Healthcare Providers
- Inpatient Facilities
- Hospitals
- Others
Revenue Cycle Management Market, By Geography
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Rest of the World
- Middle East
- UAE
- Saudi Arabia
- Israel
- Africa
- South Africa
- Rest of Africa
For more information about this report visit https://www.researchandmarkets.com/r/rzvrlf
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