IMARC Group’s latest report, titled “Revenue Cycle Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the revenue cycle management market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global revenue cycle management market size reached US$ 121.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 233.8 Billion by 2028, exhibiting a growth rate (CAGR) of 11.4% during 2023-2028.
Revenue Cycle Management Market Overview:
Revenue cycle management (RCM) represents a financial procedure that is time-saving, cost-effective, increases efficiency, and reduces the risk of human errors. It manages and optimizes all administrative and clinical tasks, including insurance verification, charge capture, coding, claim submission, remittance processing, reporting and benchmarking, and accounts receivable (AR) follow-up and collections. RCM ensures improved revenue collection, financial viability, timely income, and better data administration. In addition, it aids in minimizing administrative burdens, streamlining workflow management, reducing bad debt, and enhancing productivity. As a result, RCM is widely used in hospitals, clinics, and ambulatory care centers across the globe.
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Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Allscripts Healthcare LLC
- Athenahealth
- CareCloud Inc
- Cerner Corporation
- Cognizant
- EClinicalWorks
- Epic Systems Corporation
- Experian Information Solutions Inc
- GeBBs Healthcare Solutions
- General Electric
- McKesson Corporation
- Oracle Corporation
- Quest Diagnostics
Revenue Cycle Management Trends:
The escalating demand for medical insurance plans among consumers across numerous countries is primarily driving the revenue cycle management market. Furthermore, the elevating requirement for efficient RCM to maximize the income of healthcare providers is also augmenting the market growth. Apart from this, the rising need for this financial process, on account of the growing prevalence of chronic diseases among the masses, is positively influencing the global market.
Moreover, the escalating demand for enhancing patient health while lowering healthcare costs is further bolstering the market growth. Besides this, the elevating requirement for workflow optimization in medical organizations with innovative and efficient management software systems is acting as another significant growth-inducing factor. Additionally, the increasing outsourcing of these financial process services to reduce overall costs is also catalyzing the global market. In addition to this, the rising healthcare expenditure and the widespread adoption of cloud-based RCM for easy and secure data sharing are expected to drive the revenue cycle management market in the coming years.
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Key Market Segmentation:
Breakup by Type:
- Standalone
- Integrated
Breakup by Component:
- Software
- Services
Breakup by Deployment:
- Web-based
- Cloud-based
- On-premises
Breakup by End User:
- Hospitals
- Physicians
- Diagnostic and Ambulatory Care Centers
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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