Revenue cycle management (RCM) solutions allow healthcare providers to effectively manage the patient revenue cycle from appointment scheduling to claims processing and payment. RCM software helps health systems gain financial insights, simplify processes, reduce costs, prevent revenue leakage, and accelerate cash flow. The growing need to reduce rising healthcare costs and demand for cost-effective solutions among providers is expected to drive the global healthcare RCM market.
The global healthcare Revenue Cycle Management Market is estimated to be valued at US$ 63.49 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of cloud-based RCM solutions is expected to be a major trend driving market growth over the forecast period. Cloud-based solutions offer advantages such as affordable subscription models, scalability, easy accessibility, and reduced IT costs. They allow healthcare providers to access RCM services from anywhere through internet-connected devices. Various players are focusing on offering SaaS-based solutions to gain market share. For instance, Cerner offers a revenue cycle management cloud solution that is designed to address the end-to-end RCM needs of providers. The solution offers functionalities ranging from pre-registration and access to registration to operational workflows including charge capture, coding and clinical documentation, billing, and payment posting to facilitate the financial management cycle of a provider.
Segment Analysis
The global healthcare revenue cycle management market comprises of three major segments- software, outsourcing services and internal FTE outsourcing. Among these the software segment dominates the market with around 55% share owing to the increasing demand for automated billing and coding solutions for healthcare providers. The software segment helps in streamlining revenue cycle processes, integrating payment posting, claims processing and accounts receivable.
Key Takeaways
The global healthcare revenue cycle management market analysis is expected to witness high growth. The global healthcare Revenue Cycle Management Market is estimated to be valued at US$ 63.49 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024-2031.
North America region currently dominates the market with a share of over 40% owing to the high adoption of RCM solutions among healthcare providers and payers in the region driven by initiatives to curb healthcare costs and optimize revenue cycle processes. The Asia Pacific region is expected to register the fastest growth over the forecast period. Factors such as growing geriatric population, increasing healthcare expenditure, developing healthcare infrastructure and expanding medical tourism industry are expected to drive the adoption of RCM solutions in the region. Countries like China, India and Japan are expected to offer significant growth opportunities for market players.
Key players related content comprises
Key players operating in the healthcare revenue cycle management market are Life Extension, Pure Encapsulations, Nutricost, BulkSupplements.com, Swanson Health Products, Douglas Laboratories, Thorne Research, NOW Foods, Seeking Health, Jarrow Formulas, Source Naturals, Vital Nutrients, Integrative Therapeutics, BioMatrix, Designs for Health. Major players are focusing on partnerships, mergers, acquisitions and new product launches to strengthen their market presence.
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