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(Health-NewsWire.Net, January 16, 2023 )
The global "Revenue Cycle Management Market is projected to reach USD 67.8 billion by 2026 from USD 40.9 billion in 2021, at a CAGR of 10.6% during the forecast period.
Major Growth Driving Factors:
The growth of this market is majorly attributed to the need for increasing patient volumes, and the growing need to manage unstructured healthcare data. Also, growing regulatory requirements & government initiatives are expected to drive demand growth in the IoT medical devices market during the forecast period.
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By product & services, segment, the outsourcing services segment is expected to grow at the highest growth rate during the forecast period
Among the product & services, the outsourcing services segment is expected to grow at the highest CAGR during the forecast period. The large share and high growth of this segment can be attributed to the lack of IT infrastructure and the shortage of skilled HCIT personnel.
By delivery mode, the on-premise segment is expected to account for the largest share of the revenue cycle management market
The on-premise segment accounted for the largest share of the global revenue cycle management market in 2020. The large share of this segment is attributed to the increasing demand for mobile support systems for better customer (patient) engagement platforms.
By end user, the healthcare providers segment is expected to account for the largest share of the revenue cycle management market
Based on end user, the revenue cycle management market is segmented into healthcare providers and healthcare payers. Revenue cycle management solutions help healthcare providers automate the process from patient registration to billing and claims processing and provide better transparency that improves the overall financial health of the provider organization. This is a major factor driving the growth of this segment.
Geographical Growth Dynamics:
North America dominates the revenue cycle management market during the forecast period.
North America accounted for the largest share of the revenue cycle management market in 2020. The large share of this region can be attributed to factors such as stringent regulations, increasing volume of claims denials, the presence of a high number of private healthcare payers and well-established government payers, and a large number of healthcare IT companies are some of the factors driving the growth of the revenue cycle management market in this region.
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Key Players:
R1 RCM (US), Cerner Corporation (US), Optum (US) are the leading players in the market. Other players include McKesson Corporation (US), Change Healthcare (US), 3M (US), Experian plc (Ireland), Conifer Health Solutions (US), Allscripts Healthcare Solutions (US), GE Healthcare (US), Cognizant (US), athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US)
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