Revenue Cycle Management Market Size, Share, Statistics, Trends, Competitive analysis, Regional Growth from 2022 to 2030

The Global Revenue Cycle Management Market is expected to grow at a CAGR of around 12.5% from 2022 to 2030 and reach the market value of over US$ 139.6 Billion by 2030.

North America controls the majority of the global revenue cycle management market. The presence of numerous physician offices across the US is one of the factors responsible for this region's large market share. Furthermore, regulatory changes, such as the addition of ICD-10 in 2015, increased demand for HIT systems, including revenue cycle management systems, to improve the efficiency of healthcare delivery. Furthermore, the presence of large established hospitals and healthcare infrastructures, favorable regulations, and a growing need to reduce healthcare costs present lucrative growth opportunities for the North American market.

Asia Pacific, on the other hand, is expected to be the fastest growing regional market during the forecast period. This is due to supportive government initiatives to improve the quality of healthcare delivery using HIT systems, rising healthcare expenditure, and an increase in the population's unmet healthcare needs. Furthermore, due to low manufacturing costs and the availability of cheap labor, the ease of doing business in Asia Pacific is high. This is also a high-impact rendering driver for regional market growth.

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Segmental Outlook

The global revenue cycle management market is segmented based on product, type, delivery mode, and end-user. By product, the market is bifurcated into software and services. By type, the market is classified as integrated and standalone. By delivery mode, the market is segmented as on-premise, web-based, and cloud-based. Further, by end-user, the market is segmented as physician offices, hospitals, diagnostic laboratories, and others.

Market Driver

Regulatory mandates for the adoption of EHR/EME

Healthcare advancements and innovations IT has provided several advantages and capabilities for meeting increased regulatory requirements. The Patient Protection and Affordable Care Act in the United States have resulted in the restructuring of private insurance, Medicare, and Medicaid systems. In line with these changes, the American Recovery and Reinvestment Act (ARRA) and Health Information Technology for Economic and Clinical Health Act (HITECH) "Meaningful Use" rules have mandated the adoption of EMRs/EHRs that will increase data interoperability.

EHRs help RCM systems by storing all of a patient's health data. RCM systems use this information to determine whether a patient is eligible for payment, collect their co-pay after billing and coding claims, track claims, and collect payments. RCM systems contribute to cost savings by reducing revenue leakages during claims processing. These benefits of RCM systems have increased their popularity in healthcare organizations all over the world.

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Challenge: Integration of RCM solutions within healthcare organizations

Patient information is generated in all departments and at all points of care within a healthcare organization, making the healthcare industry highly information-intensive. However, improper integration of this information reduces its usefulness in creating an exhaustive and accurate patient record. Integrated RCM solutions help to maintain complete patient records, from registration and appointment scheduling to final payment.

As more healthcare organizations adopt various RCM solutions and services, there is a greater need for organizations to integrate various information technology systems into their IT architecture to ensure maximum utilization. The successful integration of RCM with other systems is the focus of healthcare organizations' IT infrastructure development projects to achieve interoperability.

Integrating a new RCM with a healthcare organization's legacy information management systems, on the other hand, is a daunting task for market participants. A number of information systems are unable to exchange data with other information systems due to differences in data communication standards. This is limiting the effective use of these systems by healthcare organizations, lowering their adoption.

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Competitive Landscape

Some of the leading competitors are The SSI Group, Inc., Allscripts Healthcare, LLC, Experian Information Solutions, Inc., McKesson Corporation, Athenahealth, Epic Systems Corporation, NXGN Management, LLC., CareCloud Corporation, Quest Diagnostics, R1 RCM Inc., and among others.

Some of the key observations regarding the revenue cycle management industry include:

• In February 2017, Mckesson announced a partnership with Wake County EMS. The partnership enables to offer billing, coding, documentation assistance, compliance, and business intelligence reporting. The partnership between the two companies will automate Wake County's EMS subscription service.

• In November 2017, Cerner Corporation announced an agreement with the Ministry of Health and Family Welfare. MOHAP expanded its agreement with Cerner for continuing the implementation of Cerner's Millennium EHR solution. This agreement showcased Cerner's strong customer relations.

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