Healthcare Revenue Cycle Management Market Forecast, Latest Innovations, Business Opportunities and Competitive Landscape
Research Reports
May 24, 2022
Market Overview
According to MRFR, the Healthcare Revenue Cycle Management Market is expected to grow at a robust 12.2 per cent CAGR from 2017 to 2027, reaching a market valuation of USD 175.16 billion. In today’s company environment, sales cycle management systems are becoming increasingly important.
There has been a significant impact on the revenue cycle management sector. Reduced inpatient and outpatient numbers for elective care, as well as the increased cost of care for every COVID-19 patient, resulted in lower revenue during the COVID-19 pandemic. Although the number of Medicaid recipients has grown, the Centers for Medicare & Medicaid Services (CMS) has reimbursed Medicaid services at lower rates than Medicare or commercial insurance. Additionally, while the Centers for Medicare & Medicaid Services (CMS) declared temporary payment parity for virtual care visits, many commercial payers reimburse virtual care services at lower rates. As a result, the COVID-19 is predicted to have a substantial impact on market growth during the pandemic.
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Market Segmentation
Type, component, deployment model, end-user, and geography are all used to segment the revenue cycle management market. The market is divided into two types: integrated RCM and standalone RCM. The market is divided into software and services based on component types. It is divided into cloud-based and on-premise deployment modes based on the deployment model. The market is segmented by end-user into hospitals, physicians, and diagnostic and ambulatory care centres. The market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA. Based on type, the integrated RCM segment led revenue cycle management market share in 2020. This is due to enhanced healthcare infrastructure, higher healthcare-related expenditures to cater to unexplored markets in emerging countries, issues encountered during accounts receivable (AR) management and claims processing, and a growing demand to minimize cycle time.
In 2020, the revenue cycle management market’s growth was dominated by the services sector, which is projected to continue in the future years. This is due to increased healthcare infrastructure and spending to meet unmet medical requirements in emerging countries, which increases the demand for RCM services.
Regional Classification
North America dominated the revenue cycle management market in 2021, accounting for 56.2 per cent of total revenue. The expanding presence of physician’s offices in the United States accounts for a high revenue portion of the market. Regulatory reforms, such as the ICD-10 modifications in 2015, have resulted in a digital transformation in healthcare systems, with a major increase in demand for healthcare IT solutions including revenue cycle management systems to improve efficiency and care delivery. Furthermore, the region’s market benefits from the existence of major, well-known hospitals and well-established healthcare facilities, as well as the growing demand to reduce healthcare costs and favourable legislation.
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Key Players
General Electric Company (U.S.), Epic Systems (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Quest Diagnostics (U.S.), Allscripts (U.S.), Siemens Healthcare (Germany)
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