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Revenue Cycle Management Market to Reach $258.16 Billion by 2027: Rise in Patient Inflow in Hospitals will Aid Growth

August 19, 2020 | Healthcare

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/revenue-cycle-management-market-100275


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:



  • February 2018 – A cloud-based platform for revenue cycle management called Acute Care EHR was launched by eClinicalWorks.

  • June 2019 – RCM services was launched by Homecare Homebase LLC for reducing the burden related to revenue generation.


List of Key Players in the RCM Market include:



  • Cerner Corporation (Missouri, U.S.)

  • Epic Systems Corporation (Wisconsin, U.S)

  • McKesson Corporation (Texas, U.S)

  • Allscripts Healthcare, LLC (Illinois, U.S.)

  • Conifer Health Solutions, LLC (Texas, U.S)

  • GeBBS Healthcare Solutions (California, U.S)

  • Medical Information Technology Inc (MEDITECH) (Massachusetts, U.S)

  • MEDHOST (Tennessee, U.S)

  • eClinicalWorks (Massachusetts, U.S)

  • Others


Further Report Findings



  • North America earned USD 52.01 billion in 2019 with a 54.0% share and emerged dominant. The growth of this region is attributed to the launch of innovative solutions and high use of these solutions in the regional healthcare setups.

  • In terms of segmentation by structure, the in-house segment earned the highest revenue cycle management market share. Growth of this section is attributable to the improving healthcare infrastructure, and the increasing adoption of healthcare policies.


The Global RCM Market is categorized into:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Structure



  • In-house

  • Outsource



By Type



  • Service

  • Software



By Functions



  • Claims & Denial Management

  • Medical Coding & Billing

  • Clinical Documentation Improvement (CDI)

  • Insurance

  • Others



By End User



  • Hospitals

  • Physician’s Office

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



 

Revenue Cycle Management Market
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  • 2019
  • 2016-2018
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