According to Facts and Factors Market Research, the global healthcare revenue cycle management market in 2019 was above USD 45 billion. The market is expected to grow above a CAGR of 12% and is anticipated to reach over USD 90 billion by 2026.
Revenue cycle management can be clearly defined as the management of all administrative and clinical functions that contribute directly or indirectly to revenue through patient care to maximize overall profit. The healthcare revenue cycle management is subject to a number of procedures such as insurance coverage and verification, identification of patients, processing of claims and administration of payments, and medical transcription. The RCM process allows healthcare organizations to increase their profits by processing claims. The four main elements of RCM are primarily patients, health professionals, insurance agencies and insurers. Over the coming years, the advancement of the healthcare revenue cycle management industry would have a positive impact on rising health spending across developed and developing countries. Increasing chronic diseases would increase the number of hospital admissions and make a significant contribution to medical expenditure.
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Increased awareness of the diagnosis and treatment of various diseases would increase health costs in developed economies. In addition, hospitals, health service providers, and health policy agencies use technologically improved tools and services. Loss of awareness regarding the use of RCM may hinder the market growth. Additionally, the adoption of the RCM solutions by the government, and the features offered by the RCM such as billing process improvement that is billing without error may bring more opportunities in the market. Increased demand for health insurance in developed regions will increase healthcare revenue cycle management growth over the next few years. Medicare and Medical policymakers are implementing a range of initiatives that provide affordable health care and policy-making facilities. The availability of these policies helps geriatric people with relatively low incomes as well as the general population to have access to advanced health care services. This is done for a large population and needs effective and reliable data management. Increased demand for advanced data management applications will fuel growth in the industry in the years to come. However, frequent changes in compliance with health legislation and skills gaps will delay the growth of healthcare revenue management in the years to come.
By product segment, the market is divided into integrated, and standalone. Among these, the integrated segment dominated the market, in 2019 and it is expected to grow over the forecast period owing to the preference for integrated software by many consumers.
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The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the healthcare revenue cycle management sector. Key strategic developments in the healthcare revenue cycle management market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the healthcare revenue cycle management market are appropriately highlighted in the report.
Revenue cycle management can be defined as the management of all clinical and administrative functions that contribute directly or indirectly to revenue through patient care to maximize overall profit. In includes a number of procedures such as identification of patients, verification, processing of claims and administration of payments, and medical transcription. Increased awareness of the diagnosis and treatment of various diseases would increase health costs in developed economies. In recent years, major hospitals, health service providers, and health policy agencies are using technologically improved tools and services that can help them to increase their profit. The RCM process benefits healthcare organizations to increase their profits by processing claims. The adoption of revenue cycle management in the health care sector is driving market growth. On the other hand, the high cost and skill gap may hinder the growth of the market. However, growing demand for health insurance, technological improvements in RCM solutions, increasing healthcare expenditure in emerging countries can produce attractive opportunities in the market.
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By function segment, the market is classified into coding & billing, eligibility verification, payment remittance, claims & denial management. In these, the claims & denial management headed the market attributed to increasing claim instances.
By geography, Asia Pacific is expected to be the fastest-growing market during the years to come attributed to the adoption of revenue cycle management software.
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This report segments the healthcare revenue cycle management market as follows:
Global healthcare revenue cycle management Market: By Application Segmentation Analysis
- Integrated
- Standalone
Global healthcare revenue cycle management Market: By Application Segmentation Analysis
- coding & billing
- eligibility verification
- payment remittance
- claims & denial management
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