Revenue Cycle Management Market Share, Size, Trends, Industry Analysis Report, By Product Type (Software, Services); By Type (Integrated, Standalone); By Deployment (On-premise, Web-based, Cloud based); By End-Use (Physician Offices, Hospitals, Diagnostic Laboratories); By Regions; Segment Forecast, 2021 - 2028
- Published Date:May-2021
- Pages: 118
- Format: PDF
- Report ID: PM1879
- Base Year: 2020
- Historical Data: 2016 - 2019
Report Outlook
The global revenue cycle management market was valued at USD 262.46 billion in 2020 and is expected to grow at a CAGR of 11.6% during the forecast period. The key factors responsible for the market growth include the rising necessity for optimizing workflow through dedicated software systems to reduce errors, government push towards digital healthcare, and the concerned technological advancements in the sector.
The market research report offers an in-depth analysis of the industry to support informed decision-making. It offers a meticulous breakdown of various market niches and keeps readers updated on the latest industry developments. Along with tracking the revenue cycle management market on the basis of SWOT and Porter’s Five Forces models, the research report includes graphs, tables, charts, and other pictorial representations to help readers understand the key insights and important data easily.
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Increasing installation rate of revenue cycle management (RCM) tools by varied healthcare facilities, coupled with technological up gradation of the systems also supplemented the market growth for revenue cycle management.
For instance, in January 2020, the U.S.-based company, R1 RCM introduced “R1 Professional” a revenue cycle management solution for large healthcare facilities and independent medical groups. This has helped in standardizing the revenue cycle management strategy of the operations and different reimbursement models.
The ongoing COVID-19 pandemic has caused numerous challenges for the healthcare providers, with most facilities reporting a significant impact on the revenue and in-patient volume. Rising healthcare costs and complexity in medical billing have led to the outsourcing of revenue cycle management services. New features provided by the provider include payer connect, audit, reporting, remote coding, compliance, and analytics to maximize productivity and revenue generation.
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Revenue Cycle Management Market Report Scope
The market is primarily segmented on the basis of product, type, deployment, end-use, and region.
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By Product |
By Type |
By Deployment |
By End-Use |
By Region |
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Insight by Product
The software market segment accounted for the largest revenue share, in 2020. Such high share is primarily due to a surge in healthcare data, followed by the digitization of the processes, and streamlining workflow for better patient’s medical care has led to the rise in installations of such services. Moreover, as per the study published by the Health Catalyst, more than 90 percent of healthcare facilities use this analytical software to improve their service quality.
However, the service market segment is projected to witness the fastest growth rate over the study period. This high growth is due to an increased number of players offering outsourcing services to the medical facilities, projected to boost the segment’s market growth. For instance, in 2020, Cerner announced to sell off its revenue cycle management outsourcing business to R1 RCM, Inc. This helped in technology integration for both companies and expanded the platform’s capabilities.
Insight by Deployment
The cloud based deployment market segment accounted for the largest revenue share, in 2020, and is likely to have a moderate growth rate over the assessment period. The rising adoption of web-based solutions and the availability of in-proprietary platforms is likely to fuel the segment’s fortunes. A few of the popular practice management software include e-Hospital Systems, Simplex HIMES, and athenaOne.
However, the on-premise market segment is projected to continue with a nominal growth rate over the period. This is primarily due to its high flexibility, and cost efficiency offered to its consumers, large-scale digital initiatives, internet accessibility in remote locations, and its faster, reliable, and real-time updation responsible for the segment’s market growth in revenue cycle management industry.
Insight by End-Use
The physician offices market segment accounted for the largest revenue share, in 2020. A strong focus of several healthcare institutions and concerned organizations towards the installation of such systems in the physician offices is likely to boost the segment’s growth. For instance, the Association of American Medical Colleges is one of that few notable examples striving for the need of these systems in the concerned healthcare facility.
The hospitals market segment in revenue cycle management industry is projected to witness a lucrative growth rate over the study period. This is due to the fact that hospital facilities are financially better equipped to use such a platform. With high patient admissions, hospitals need to serve a long line of patients in an effective streamlined manner.
Moreover, putting such systems into place requires high upfront costs, which are mostly affordable by big hospital chains, with high recurring revenue. It enables payers, patients, and physician’s information to be updated in real-time. A complete set of medical history data enables doctors to allow quality and better patient outcomes.
Geographic Overview
Geographically, the global revenue cycle management market is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America region is the largest revenue contributor followed by Europe and the Asia Pacific market.
In 2020, North America revenue cycle management garnered the largest market share and is expected to maintain its dominance over the assessment period. Regional factors responsible for the market growth for revenue cycle management include the presence of financially sound hospitals, which can easily afford and has a higher volume of patient admission for the treatment, amendments in regulatory guidelines to enable digital initiatives, and innovation and new features in the systems to improve efficiency in the healthcare delivery.
Moreover, the presence of established healthcare facilities and the rising need to contain unnecessary financial healthcare burden, while maintaining excellent service quality offers lucrative market growth opportunities for revenue cycle management in the region.
Competitive Insight
The prominent players operating in the revenue cycle management market are The SSI Group, Inc., AllScripts Healthcare, LLC, Experian Health, R1 RCM Inc., McKesson Corporation, athenahealth, Inc., Epic Systems Corporation, NXGN Management, LLC, CareCloud Corporation, Quest Diagnostics, Inc., and R1 RCM Inc.
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