Revenue Cycle Management Market Size, Share, Growth Report 2032

Revenue Cycle Management Market Overview    

The global Revenue Cycle Management market accounted for USD 35.7 Billion in 2020 and is expected to reach USD 87.6 Billion by 2028, growing at a CAGR of 11.4% from 2021 to 2028.  

Revenue Cycle Management (RCM) is the management of all clinical as well as administrative functions that directly or indirectly contribute to the revenues via patient service to enhance overall profits. It undergoes various processes such as patient eligibility, registration, and verification for insurance, claims processing, medical coding, and payments & AR management. The prominent elements of RCM includes patients, billing company, healthcare provider, and insurance payers.

The leading players across revenue cycle management market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the revenue cycle management market study.

Citing an instance, in July 2018, Optum360 and the U.S. Bank decided to enter into partnership for streamlining and improving revenue cycle management services. Reportedly, the two entities are entering into strategic alliance with an aim towards expanding its set of capabilities in order to assist hospitals and healthcare service providers for efficiently handling their revenue cycle processes.

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COVID-19 Impact Analysis:

The global Revenue Cycle Management market has witnessed a significant growth during the COVID-19 pandemic. The pandemic is having an unprecedented effect on daily lives and this has impacted every single sector and the global economy. However, the demand for revenue cycle management is growing exponentially during the pandemic, as the value of digital approaches which are designed to help health professionals and the public stay up to date about the disease, allow better strategic planning, and maintain communication are now rapidly being highlighted and adopted. Revenue Cycle Management has become extreme important in the healthcare sector due to the immense resource demands of the ongoing COVID-19 pandemic.

The market would remain bullish in upcoming year.  

Growth Factors

Constant efforts for bringing an improvement in the payment process of the healthcare organizations are likely to drive revenue cycle management market size over the next few years. Apart from this, proliferation in the patient population base along with increase in the number of healthcare insurers is likely to create lucrative avenues for the business in the near future.

The rising deployment costs of revenue cycle management, however, are anticipated to obstruct the growth graph of this revenue cycle management market over the coming years.

Report Scope:

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Segment Analysis Preview  

On the basis of component, software segment dominated the global Revenue cycle management market for revenue cycle management in 2020. This is mainly attributed to the digitalization of processes and streamlining for better patient care. For instance, For instance, as per the study by Health Catalyst, 90% of healthcare organizations uses data and analytical software to improve their quality and revenue cycle management.

However, the services segment is expected to grow at the highest growth rate during the forecast period as the number of market participants offering outsourcing services to healthcare facilities.

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Regional Analysis Preview  

Geographically, North America has been leading the worldwide revenue cycle management market and is anticipated to continue on the dominant position in the years to come, states the revenue cycle management market study. The implementation of strict legislations promoting the use of revenue cycle management (RCM) tool is the main factor behind the dominance of the North America revenue cycle management market. The high number of market players being headquartered in North America is another significant factor that is supporting the expansion of this regional revenue cycle management market.

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Key Market Players & Competitive Landscape

Some of key players in Revenue Cycle Management Market are Quest Diagnostics, Cerner Corporation, McKesson Corporation, Athenahealth Inc., Allscripts Healthcare Solutions Inc., eClinicalWorks LLC, CareCloud Corporation, The SSI Groups Inc., GE Healthcare, Epic Systems, and Siemens Healthcare among others.

The global Revenue Cycle Management Market is segmented as follows:   

By Product

• Integrated
• Standalone

By Components

• Services     
• Software      

By Deployment

• Web-Based       
• On-Premise        
• Cloud-Based       

By End-User

• Physician
• Hospitals
• Medical and Diagnostic Laboratories
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa