Revenue cycle management (RCM) plays a vital role in healthcare organizations by streamlining the process of healthcare billing and reimbursement. It provides efficient management of billing procedures including insurance claims processing, payment posting and follow-up of denied claims. RCM solutions help providers optimize billing productivity and financial outcomes while offering seamless patient experience.
The global Healthcare Revenue Cycle Management Market is estimated to be valued at US$ 55.11 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Growth Accelerated by Adoption of Cloud-Based RCM Solutions
One of the major trends spurring the growth of healthcare RCM market is growing adoption of cloud-based solutions. Transition from legacy on-premise models to scalable, flexible and affordable cloud deployment is helping providers improve cashflow, reduce processing time and enhance patient satisfaction levels. Cloud RCM enables workflow automation, centralized data storage and remote access which is proving advantageous for multi-location facilities. Reduced IT infrastructure and maintenance costs along with seamless upgrades are encouraging both small and large healthcare organizations to adopt cloud-based revenue cycle management systems.
Segment Analysis
Healthcare Revenue Cycle Management Market is segmented on the basis of product and service, which includes software, services, post-billing services and others. The services sub-segment dominated the market owing to increasing need for outsourcing revenue cycle management by healthcare providers to reduce costs and focus on core operations. Emergence of cloud-based models under services segment is further driving its adoption rates.
Key Takeaways
The Global Healthcare Revenue Cycle Management Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2024 is US$ 55.11 billion.
Regional analysis: North America region dominated the Healthcare Revenue Cycle Management Market owing to established healthcare infrastructure, favorable government policies supporting EHR adoption, presence of major players and rising healthcare costs. Asia Pacific region is expected to grow at the fastest rate during the forecast period due to improving healthcare infrastructure, increasing per capita healthcare expenditure, growing medical tourism industry and evolving regulations regarding management of healthcare data.
Key players: Key players operating in the Healthcare Revenue Cycle Management market are Cerner Corporation, Change Healthcare, Experian PLC, athenahealth Inc., NextGen Healthcare Inc., Quest Diagnostics, Allscripts Healthcare Solutions Inc., eClinicalWorks, McKesson Corporation and GE Healthcare. Cerner Corporation currently holds the leading market share owing to its strong product portfolio and strategic acquisitions.
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