Revenue Cycle Management Market To Cross USD 285.6 Billion by 2028 due to Rising Focus on Optimization of Organizational Workflow
The revenue cycle management market size was worth USD 168 billion in 2021. The market value is projected to cross USD 285.6 billion by 2028, growing at a CAGR of 11.2% during the forecast period (2022 to 2028).
Westford, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) — The major factors driving the revenue cycle management market are increasing technological advancements and the rising adoption of revenue cycle management (RCM) tools by various healthcare providers and others, which has led to the development and enhancing solutions provided by key players. Revenue cycle management entails using specific technological tools to track claims throughout the patient’s lifecycle, ensuring that payments are collected without difficulty and that claims are successfully addressed quickly. Healthcare providers increasingly rely on RCM solutions to centralize billing and coding systems and enable dependable reimbursement and compliance processes.
According to SkyQuest’s industry analysis, 43% of service providers wait 91 to 120 days after service before referring the account to outside collections, while the remaining 32% wait more than 120 days. Patient receivables are a top revenue concern as a result of such delays. A reliable revenue cycle management system is essential for making it faster and more transparent. It saves time for the patient and the provider because practices are paid faster, and antiquated payment collection and appointment scheduling workflows are replaced.
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Cloud-based RCM Solutions to Exhibit Strong Growth Rate owing to Higher Adoption Rate
According to SkyQuest’s research, more than 75% of health systems are currently using or are in the process of implementing automation in their revenue cycle operations, an 11 percentage point increase from the findings of 2021. Cloud-based RCM solutions are gaining popularity in developed and developing countries, with the segment expected to generate 33% of revenue during the forecast period.
Cloud-based RCM solutions store and process a massive amount of data generated in the attention industry, which can be managed effectively utilizing cloud technologies. Cloud-based solutions are thought to be reasonable options for small and medium-sized care facilities that do not require an in-house infrastructure to meet their RCM requirements.
The market report offers a detailed insight into the global healthcare revenue cycle management market, entailing insights into its different market segments. In addition, the analysis includes market dynamics, including drivers, restraints, and opportunities, as well as their impact. The report provides insights into the global market, its market product, function, end user, and major geographic regions.
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Integrated RCM Segment to Take Lead Position in the Revenue Cycle Management Market
Integrated RCM now controls the market and is expected to have a 36% share by 2028 due to increasing consumer preference for it. However, many providers are hesitant to adopt healthcare revenue cycle management solutions that do not integrate with existing EHR systems because health IT tools cost practices around $30,000 per physician. Using an integrated solution, various financial activities can be streamlined and coordinated on a single platform, resulting in a uniform data collection and analysis procedure. Such outcomes are possible because of the solution’s ability to synchronize and simplify the format.
The report covers fundamental development policies and the layouts of technology development processes. Second, the report examines the global healthcare revenue cycle management market size and volume, market segmentation by market product, function, end user, geography, and information on market participants. Third, the report’s scope includes market size and volume for various segments for each region.
Increasing Efforts to Boost Revenue Cycle Management Systems to Push Physician Back-Office Segment
The global revenue share for the physician back-office segment is expected to be 28.4% of total revenue from 2022 to 2028. The increased focus of various healthcare institutions and organizations on implementing these systems and increasing the number of physicians is predicted to drive market growth. The Association of American Medical Colleges, is one such organization working to improve the number of physicians in the region. Such occurrences are beneficial to market growth.
To become a prominent market participant in the revenue cycle management industry, numerous firms are currently executing new technologies, strategies, product developments, expansions, and long-term contracts. Therefore, the research report includes company profiles for the revenue cycle management market’s major players and new market entrants.
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Key Developments in the Revenue Cycle Management Market
- Alpine Investors, a people-focused private equity firm, has announced an investment in Medusind, a leading solution provider for revenue cycle management services in the healthcare industry. Medusind provides dental, anesthesia, pathology, emergency, surgery, radiology, and other specialties with deep expertise and robust revenue cycle management solutions. In addition, the proprietary technology platforms developed by Medusind enable its customers to provide superior outcomes to healthcare provider practices.
- SimiTree, a company that provides tech-enabled specialty revenue cycle management (RCM), has strengthened its position in the U.S. behavioral health support market by acquiring two new companies. First, the company announced the acquisition of Afia, a leading player in behavioral health data analytics and consulting. In addition, it has acquired GreenpointMed, a leading medical billing and credential service provider in the region.
- Owensboro Health and Optum announced a collaboration to improve patient care and experience while meeting the community’s changing healthcare needs. Owensboro Health’s revenue cycle management operations and information technology services will be integrated into Optum, creating scope for career advancements. The healthcare system is changing, and more people are becoming aware of the importance of getting their healthcare on the road.
- Revecore, a provider of revenue integrity and complex claims solutions for health systems, announced that it had acquired two specialized revenue cycle management firms: Kemberton, based in Franklin, TN and Cherry Hill, NJ, and Cura Revenue Cycle Management, based in Tampa, FL. Revecore continues to build a leading portfolio of tech-enabled solutions to drive improved outcomes for health systems across the country with these acquisitions.
The report aims to provide industry stakeholders with a comprehensive analysis of the revenue cycle management market. The report covers all the aspects of the industry with a dedicated study of key players, including market leaders, followers, and new entrants. The report analyses detailed data in simple language and presents the past and current state of the industry, as well as forecasted market size and trends.
Leading Players in Revenue Cycle Management Market
- Cerner Corporation
- Epic Systems Corporation
- eClinicalWorks
- GE Healthcare
- GeBBSHealthcare Solutions
- Mckesson Corporation
- Experian PLC
- Athenahealth, Inc.
- Quest Diagnostics Incorporated
- Allscripts Healthcare Solutions, Inc.
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