Revenue Cycle Management (RCM) Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025

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Revenue Cycle Management (RCM) Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025

Status : October, 2020 | Healthcare IT | PPT format

Report Digest


Global Revenue Cycle Management (RCM) Market: Snapshot

Revenue cycle management is seeing rising uptake in healthcare centers in the US and in other countries across the world as well. It is leveraged to track the revenue from their patients by managing claims processing, payment and revenue generation. A medical billing software or practice management software is needed for it and the overall process includes determining everything from eligibility of patients, collecting their co-pay, coding and tracking claims, collecting payments, and following up on denied claims.

Health systems and hospitals are increasingly banking upon revenue cycle management software solutions to reduce operational costs. They leverage it to bring down the number of denied insurance claims, speed up explanation of benefits, improve information quality, streamline denial management, and automate processes.

Optimizing revenue cycle has become increasingly necessary for in manual processes if one person in the chain makes any mistake in the form of coding error or incorrect entry of data pertaining to insurance information and patient demographics, among others, the overall chain is affected, thereby bringing down efficiency.

Majorly fuelling adoption of revenue cycle management is the lessening number of reimbursements in the healthcare industry, government efforts to promote uptake of RCM solutions, revenue loss due to errors in billing, and process improvements in healthcare organizations.

At present, the claim and denial management functionality under revenue cycle management is most sought after and going forward too will be popular on account of the dynamic reimbursement structure, in addition to the growing occurrence of claim denials.

Overall, the revenue cycle management is of two types – integrated and standalone solutions. Competition in the market is stiff at present as players are pulling out all stops to utilize every opportunity in the nascent market.

Global Revenue Cycle Management (RCM) Market: Overview

Revenue cycle management solutions can be very beneficial to business and healthcare organizations across the world. Revenue cycle management implies the refinement of a billing process. To do so, the revenue cycle management can make use of an organization’s medical billing software. This can be very valuable in larger healthcare organizations, where they can be used to track patient care and statuses between a patient, their registration, and their appointment at the healthcare organization. An RCM can also manage a patient’s billing and final payment of balance.

According to the Healthcare Financial Management Association, a standard revenue cycle comprises all admin related functions as well as clinical functions, each of which contribute to the gathering, storage, and use of management oriented data and service revenue. A revenue cycle may therefore include registration, preregistration, coding, claims submissions, charge capture, remittance processing, and third-party follow-up.

Global Revenue Cycle Management (RCM) Market: Key Trends

One of the key drivers currently augmenting the global revenue cycle management market is the growing demand by healthcare organizations for workflow optimization. The overall workload experienced by the average healthcare organization has been growing at a considerable rate over the past years, and is likely to continue rising over the coming years. Hospitals and other institutions are therefore looking towards revenue cycle management solutions providers for ways to streamline their processes and help maintain accurate medical and financial records.

The global revenue cycle management market is also likely to continue being supplemented in growth rate through the introduction of regulatory reforms in regional healthcare industries, which will make the management of resources a more complex process. This is expected to create a heavy demand for revenue cycle management over the coming years.

Global Revenue Cycle Management (RCM) Market: Market Potential

Multiple providers of healthcare, especially from developed economies, are looking to strike a balance between the traditional management models as well as the newer, value-addition models. Their adoption rates of revenue cycle management for various purposes reflects on the overall need for the market’s players over the foreseeable future. One such example is the contract recently formed between LabPharm Hospital Management Services from Atlanta and Change Healthcare. The latter will be handling a highly detailed structure of revenue cycle management services that will fall in line with a national hospital network as well as with independent labs in the U.S.

The New York City Health and Hospitals Corporation has also become a part of the global revenue cycle management market by announcing its implementations of Epic revenue cycle management services for healthcare. The move was made to augment patient revenue earned by the health system by an added 5 percent. The NYCHHC is one of the largest public health systems in the U.S. and has taken up the Epic revenue cycle management services nearly one year after the EPIC EHR implementation projects.

Global Revenue Cycle Management (RCM) Market: Regional Outlook

The highly advanced healthcare industry of North America has made it easier for players from the global revenue cycle management market to set up shop here, making this region the leader in the market over the recent past. The market is likely to continue being dominated by North America over the coming years for similar reasons as well as an incremental workload on national healthcare organizations. Physician’s offices have shown the higher volume of implementation of revenue cycle management so far.

Global Revenue Cycle Management (RCM) Market: Competitive Analysis

The nature of competition between players from the global revenue cycle management market is expected to grow aggressive over the coming years. The scope of opportunities are very high currently and are expected to rise over the coming years, not just in developed economies, but emerging ones as well. The current leaders in the global revenue cycle management market include Cerner Corporation, Allscripts, The SSI Group, LLC, McKesson Corporation, NextGen Healthcare Information Solution LLC, Epic Systems Corporation, and CareCloud Corporation.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?