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The global revenue cycle management market size is anticipated to reach USD 258.16 Billion by the end of 2027 accounting to the prevalence of diseases and the rise in hospital stay. A recent report by Fortune Business Insights titled, “Revenue Cycle Management Market Size, Share & COVID-19 Impact Analysis, By Structure (In-house and Outsource), Type (Software and Service), Functions (Claims & Denial Management, Medical Coding & Billing, Clinical Documentation Improvement (CDI), Insurance, and Others), End User (Hospitals, Physicians Office, and Others) and Regional Forecast, 2020-2027,” stated that the value of this market was USD 96.27 Billion in 2019 and is expected to rise at a CAGR of 13.0% between 2020 to 2027.
Leading Provider of Technology-related RCM to Help Transform Healthcare Operating Models
In January 2020, R1RCM Inc. announced the launch of their new physician revenue cycle management solution called the R1 professional for healthcare providers and independent practitioners in Chicago. This new patient management solution provides consistent revenue cycle operations and high-quality medical care across various medical setups such as hospitals or private clinics. The key objective of this RCM is to deliver meaning value worth every penny to patients and a seamless financial infrastructure for medical organizations.
Along with this, the company is currently offering services to more than 27,000 providers, engaging more than 30 million clinicians and patients in more than 80 specialties across the world. The new R1 will be implemented by few of the largest physician groups in the United States, constituting more than USD 7 billion in terms of net patient revenue. Such initiatives taken by leading manufacturers are likely to add impetus to the growth of this market in the foreseeable future.
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Integration of Information Technology into Automated Patient Collection Systems will Boost Growth
A survey by the Healthcare Information and Management Systems Society Analytics states that 31% of providers still claim denial management processes manually. The increasing adoption of Electronic Health Record and Electronic Medical Record for smooth functionality are the primary factors boosting the global revenue cycle management market growth. In addition to this, the rise in the patient pool and the need for systematic revenue management will also aid in expansion of the market in the coming years.
However, the lack of skilled professionals for operating RCM solutions and the high cost of RCM solutions and services may pose a major hindrance to the growth of the market in the coming years. Nevertheless, the increase in labor cost and the rise in outsourcing trend will help the market attract significant revenue in the coming years.
Delivery of End-to-End Services – Key Focus of Players
Among all the players operating in the global revenue cycle management, Cerner Corporation is holding the highest share. This is attributable to the end-to-end services offered by the company that guarantees efficiency in production and better skills to meet the budget needs in a healthcare organization. Cerner Corporation aims at medical coding and billing, denial management, and patient access for maintaining a smooth operational environment. The factors mentioned above will help the market continue to hold a strong foothold in the future market.
Other players such as Conifer Health Solutions, and Athena Health are focusing on providing end-to-end services and efficient solutions to gain a competitive edge in the market.
Industry Developments of this Market:
List of Key Players in the RCM Market include:
Further Report Findings
The Global RCM Market is categorized into:
Value (USD billion)
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