The Revenue Cycle Management (RCM) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Revenue Cycle Management (RCM) Global Market Report 2024, The revenue cycle management (rcm) market size has grown rapidly in recent years. It will grow from $119.88 billion in 2023 to $136.76 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to implementation of electronic health records (ehrs), healthcare reforms and regulations, rising healthcare costs, focus on improving billing and collections, growth in healthcare facilities..
The revenue cycle management (rcm) market size is expected to see rapid growth in the next few years. It will grow to $235.76 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to transition to value-based care models, integration of ai and machine learning in rcm, telehealth and remote patient interactions, patient-centric financial experiences, consolidation of rcm services, addressing billing and coding complexities, enhanced data analytics for revenue optimization.. Major trends in the forecast period include predictive analytics for revenue forecasting, blockchain for secure and transparent billing, rcm as a service (rcmaas) models, patient engagement platforms in rcm, price transparency and cost estimation tools, data interoperability across healthcare systems..
The increase in healthcare expenditures is expected to propel the growth of the revenue cycle management market going forward. Health expenditure will include all expenditures for the provision of health services, family planning activities, nutrition activities, and emergency aid that have been designated for health. Healthcare facilities are adopting advanced solutions such as revenue cycle management for managing the administrative and clinical functions due to the rise in healthcare expenditure. These solutions are associated with claims processing, payment, and revenue generation. For instance, in March 2022, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout the period 2021–2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% annual rate. Therefore, the increasing healthcare expenditure is driving the growth of the revenue cycle management market.
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The revenue cycle management (rcm) market covered in this report is segmented –
1) By Product: Integrated, Standalone
2) By Component: Software, Services
3) By Function: Claims And Denial Management, Medical Coding and Billing, Electronic Health Record (EHR), Clinical Documentation Improvement (CDI), Insurance, Other Functions
4) By Deployment: Web-Based, Cloud-Based, On-Premises
5) By End User: Hospitals, General Physicians, Labs, Other End Users
Top Major Players
The SSI Group LLC
Allscripts Healthcare Solutions Inc.
Experian Health Inc.
R1 RCM Inc.
McKesson Corporation
Technological advancements are a key trend gaining popularity in the revenue cycle management market. Major companies operating in the revenue cycle management market are focused on developing new technological solutions to strengthen their position. For instance, in June 2022, Olive, a US-based healthcare automation company launched its Autonomous Revenue Cycle (ARC) management suite of solutions that allows healthcare organizations to handle time-consuming administrative tasks using artificial intelligence in the revenue cycle and get paid quicker while reducing the uncompensated care risk. It integrates practice management systems and existing electronic health records.
The revenue cycle management (rcm) market report table of contents includes:
1. Executive Summary
2. Revenue Cycle Management (RCM) Market Characteristics
3. Revenue Cycle Management (RCM) Market Trends And Strategies
4. Revenue Cycle Management (RCM) Market - Macro Economic Scenario
5. Global Revenue Cycle Management (RCM) Market Size and Growth
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31. Global Revenue Cycle Management (RCM) Market Competitive Benchmarking
32. Global Revenue Cycle Management (RCM) Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Revenue Cycle Management (RCM) Market
34. Revenue Cycle Management (RCM) Market Future Outlook and Potential Analysis
35. Appendix
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Revenue cycle management (RCM) in healthcare industry has fast become a buzzword over the past few years.
It automates the whole procedure with initiation of the process by the patient, quick follow ups, determining the eligibility of the patient, collecting their payment, effective tracking of the claims process, and working on rejected claims among others.
The rising need for streamlining the whole process has further boosted the demand for RCM solutions, thereby triggering the growth of the RCM market.What the RCM Market Looks Like?Revenue Cycle Management Market is expected to reach USD 160.08 billion by 2027 from USD 66.81 billion in 2019, at a CAGR of 12.1%.
The integrated solutions segment is expected to account for the largest share of the global revenue cycle management market in 2019 and is projected to register the highest CAGR during the forecast period.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153900104What’s driving the Market?The growth of the global revenue cycle management market is primarily propelled by the following factors:Declining reimbursement scenariosIncreased initiatives and support from the governmentReduced healthcare costsConsolidation of healthcare providersAlthough this market is set to witness a healthy growth ahead, higher costs of RCM solutions and limited number of investments being made in healthcare IT sector are likely to inhibit the growth of this market over the forecast period.On the basis of function, the market is broadly segmented into claim and denial management, medical billing and coding, patient insurance eligibility check, payment remittance, electronic health record (EHR), clinical documentation improvement (CDI), and others.Regional Analysis:-In 2019, North America is expected to account for the largest share of the global revenue cycle management market.
The large share of this regional segment can be attributed to stringent legislative and accreditation requirements regarding healthcare, high adoption rate of HCIT technologies, and regulatory requirements regarding patient safety.
Europe is expected to account for the second-largest share of the revenue cycle management market.Read more: - https://www.marketsandmarkets.com/PressReleases/revenue-cycle-management.aspTop Key Players:- The key players in the global revenue cycle management market are McKesson (US), Cerner (US), Quest Diagnostics (US), Allscripts Health Solutions (US), and athenahealth (US).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
Imagine putting all your money in a bag with a hole!
But denials, the proverbial holes in the coffers of healthcare businesses are mostly left unmanaged.
Here are some helpful strategies for healthcare businesses to get a better grip on their denial management process.1.
Metrics like Initial denial rate, claims, and dollar rates give you the exact picture of the problem.
So it makes more sense to focus your denial prevention efforts on the initial stages of the cycle.3.
Since the root causes of denials can be buried in the processes and practices of any department, effective denial management demands concerted efforts and shared accountability from all departments and staff.
Felton, 16 Apr 2020 – Global Revenue Cycle Management (RCM) Market Research Report includes In-depth Analysis of industry by recent technologies, trends, opportunities, challenges, key players and business strategies considering types, segment, and future analysis.
The Revenue Cycle Management (RCM) Market Report Provides Growth History, Sales Channel, Manufacturers Profiled in Revenue Cycle Management (RCM) Business, Market Share of Product, Application and Regional Scope of Revenue Cycle Management (RCM) which makes the research report a helpful resource for marketing people, forecasters, industry executives & consultants, sales, product managers, Strategy Advisor, potential investors to understand the present as well as future market size, situations in terms of growth rate and revenue.
The key players profiled in the Revenue Cycle Management (RCM) market report are Care Cloud Corporation, Epic Systems Corporation, McKesson Corporation, All scripts Health Solutions, NextGen Healthcare Information Solution LLC, The SSI Group, LLC, Cerner Corporation, Athena health, and Quest Diagnostics.
This expected to generate greater demand for Revenue Cycle Management facilities; such as, a number of healthcare suppliers are presently trying to invent an equilibrium between the price centered care model and the old-style model.
Their labors have prepared ground breaking alterations in tendencies for example growing the capacity of subcontracting and mechanization of healthcare organization.
The sub division of Medical doctor work place, ruled the Revenue Cycle Management’ s division of end-use, by grabbing the market stake of more than 40.0% in the year 2016.
