Revenue Cycle Management (RCM) Market : Size & Share to See Modest Growth Through 2025

Global Revenue Cycle Management (RCM) Market: Overview

Revenue cycle management solutions can be very beneficial to business and healthcare organizations across the world. Revenue cycle management implies the refinement of a billing process. To do so, the revenue cycle management can make use of an organization’s medical billing software. This can be very valuable in larger healthcare organizations, where they can be used to track patient care and statuses between a patient, their registration, and their appointment at the healthcare organization. An RCM can also manage a patient’s billing and final payment of balance.

According to the Healthcare Financial Management Association, a standard revenue cycle comprises all admin related functions as well as clinical functions, each of which contribute to the gathering, storage, and use of management oriented data and service revenue. A revenue cycle may therefore include registration, preregistration, coding, claims submissions, charge capture, remittance processing, and third-party follow-up.

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Global Revenue Cycle Management (RCM) Market: Key Trends

One of the key drivers currently augmenting the global revenue cycle management market is the growing demand by healthcare organizations for workflow optimization. The overall workload experienced by the average healthcare organization has been growing at a considerable rate over the past years, and is likely to continue rising over the coming years. Hospitals and other institutions are therefore looking towards revenue cycle management solutions providers for ways to streamline their processes and help maintain accurate medical and financial records.

The global revenue cycle management market is also likely to continue being supplemented in growth rate through the introduction of regulatory reforms in regional healthcare industries, which will make the management of resources a more complex process. This is expected to create a heavy demand for revenue cycle management over the coming years.

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Global Revenue Cycle Management (RCM) Market: Market Potential

Multiple providers of healthcare, especially from developed economies, are looking to strike a balance between the traditional management models as well as the newer, value-addition models. Their adoption rates of revenue cycle management for various purposes reflects on the overall need for the market’s players over the foreseeable future. One such example is the contract recently formed between LabPharm Hospital Management Services from Atlanta and Change Healthcare. The latter will be handling a highly detailed structure of revenue cycle management services that will fall in line with a national hospital network as well as with independent labs in the U.S.

The New York City Health and Hospitals Corporation has also become a part of the global revenue cycle management market by announcing its implementations of Epic revenue cycle management services for healthcare. The move was made to augment patient revenue earned by the health system by an added 5 percent. The NYCHHC is one of the largest public health systems in the U.S. and has taken up the Epic revenue cycle management services nearly one year after the EPIC EHR implementation projects.

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Global Revenue Cycle Management (RCM) Market: Regional Outlook

The highly advanced healthcare industry of North America has made it easier for players from the global revenue cycle management market to set up shop here, making this region the leader in the market over the recent past. The market is likely to continue being dominated by North America over the coming years for similar reasons as well as an incremental workload on national healthcare organizations. Physician’s offices have shown the higher volume of implementation of revenue cycle management so far.

Global Revenue Cycle Management (RCM) Market: Competitive Analysis

The nature of competition between players from the global revenue cycle management market is expected to grow aggressive over the coming years. The scope of opportunities are very high currently and are expected to rise over the coming years, not just in developed economies, but emerging ones as well. The current leaders in the global revenue cycle management market include Cerner Corporation, Allscripts, The SSI Group, LLC, McKesson Corporation, NextGen Healthcare Information Solution LLC, Epic Systems Corporation, and CareCloud Corporation.

The study presents reliable qualitative and quantitative insights into:

  • Market segments and sub-segments

  • Market trends and dynamics

  • Supply and demand chain of the market

  • Market valuation (revenue and/or volume)

  • Key trends/opportunities/challenges

  • Forces defining present and estimated future state of the competitive landscape

  • Technological developments

  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America

  • Latin America

  • Europe

  • Asia Pacific

  • Middle East and Africa

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

  • A detailed analysis of key segments of the market

  • Recent developments in the market’s competitive landscape

  • Detailed analysis of market segments up to second or third level of segmentation

  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume

Key business strategies adopted by influential market vendors

  • Outline of the regulatory framework surrounding and governing numerous aspects of the market

  • Growth opportunities in emerging and established markets

  • Recommendations to market players to stay ahead of the competition

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