The global Revenue Cycle Management Market is expected to grow at the highest CAGR of 12.2% from 2020 – 2027 and the market is projected to generate $ 135.12 billion by 2027.
Precedence Research, Recently Published Report on “Revenue Cycle Management Market Size, Share, Growth, Trends, Segment Forecasts, Regional Outlook 2020 - 2027”. The report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
Revenue cycle management (RCM) is a wide term covering the financial side of healthcare. Healthcare is frequently thought of as a two party arrangement including the patient and healthcare professionals. Though, there is a critical third party involved. This group is made up of qualified professionals who are involved with the patient from the start of their care to the very end when payment is made. A well-managed revenue cycle management RCM system converts into stable revenue.
Revenue cycle management is the revenue driver of healthcare. It is the business practice that takes a clinical service occasion and turns it into dollars for the hospital. With RCM, all clinical encounters are documented through medical records. Some of the major functions of revenue cycle management is clinical documentation improvement (CDI), claims & denial management, medical coding & billing, patient insurance eligibility verification, payment remittance, electronic health record (EHR) and various others.
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Growth Factors
The growth of revenue cycle management (RCM) market is mainly driven by government initiatives to support the adoption of RCM solutions paired with rising need of process improvements in healthcare sectors. In addition, growing complexity in revenue cycle, old technology, and limitations in staffing qualified employees is also predicted to propel the demand for revenue cycle management (RCM) market in years to come. On the contrary, high costs associated with revenue cycle management deployment and shortage of skilled IT professionals may limit the growth of market in years to come. Even so, increasing market for outsourced RCM solutions is expected to open up plenty of opportunities for market participant in near future.
COVID-19 Impact
The Coronavirus (COVID-19) and the subsequent “Stay Home” orders have deeply impacted every industry. Diagnostic leaders are analyzing their balance sheets to decide whether they can cut costs efficiently while they deal with major volume increases in testing, potentially adjusting their test mix while keeping their employees active and safe. According to the American Hospital Association (AHA) latest reports, hospitals and health systems are bleeding more than USD 50 billion every month – and potentially up to USD 1 to USD 1.2 billion per day. Hospitals and health system in America have stepped up heroically and unprecedentedly. However, fighting with virus has created the biggest financial crisis for hospitals and health systems in history.
Report Highlights
- Favorable regulatory compliance, increasing need of process improvements in healthcare sectors and rising spending on healthcare are the major factors estimated to drive the global revenue cycle management market in years to come.
- Standalone type segment is expected to lose its revenue share in coming years owing to increasing adoption of integrated type revenue cycle management systems by healthcare professional and hospitals.
- In 2019, On-premise deployment segment of global revenue cycle management market was valued around USD 28,912 million. The growth of this segment is primarily driven by better data security and protecting unauthorized access of user’s server or workstation
- Asia Pacific is predicted to be the fastest growing region for global revenue cycle management market and is likely to grow at a CAGR of 15.8% in forecast period.
Regional Snapshots
In 2019, North America dominated the global revenue cycle management market and accounted over 41.1% of the revenue share. Rising number of hospital, high spending on healthcare and presence of major market players are some of the key driving factor for the growth of North America region. Furthermore, growing HCIT investments in United and Canada is also shaping the growth of revenue cycle management market. Europe held the second largest market in the revenue cycle management due to enhanced digitization paired with increasing focus on data integration, data quality, data governance and management over the forecast period.
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Asia Pacific is projected to be the fastest growing region in revenue cycle management market. The major factor driving the Asia Pacific market will include technological innovations, infrastructure development and increased adoption of revenue cycle management in the region's health care facilities. China, Japan and India are the main countries in the region that are rapidly adopting these management products and services, thereby boosting the global revenue cycles management market. Countries in Latin America such as Brazil and Mexico have significant growth potential due to the evolving medical system, high disposable income and rising emphasis of multinationals that have developed their operational establishments in Latin America.
Key Players & Strategies
The launch of new product according to client need and cost effective solution will be the key strategy of market participant in coming years. Some of the major players covered in the global revenue cycle management market research report are Cerner Corporation, McKesson Corporation, Quest Diagnostics Incorporated, Allscripts Healthcare Solutions, Athenahealth, CareCloud, Emdeon, The SSI Group Inc, GE Healthcare, Eclinicalworks, Meditech, Epic Systems, Conifer Health Solutions, Gebbs Healthcare Solutions, Constellation Software, Experian PLC and NextGen Healthcare Information System LLC amongst others.
Segments Covered in the Report
This research study comprises comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative acumens, and forecasts of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report includes market division and its revenue assessment by categorizing it depending on product type, type, deployment, end user and region:
By Deployment
- Web-Based
- On-Premise
- Cloud-Based
By Offering
- Services
- Software
By Type
- Standalone
- Integrated
By End User
- Hospitals
- Physician Offices
- Diagnostic Laboratories
- Others (Pharmacies, academic medical centers etc.)
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Revenue Cycle Management Market, By Deployment
7.1. Revenue Cycle Management Market, by Deployment Type, 2020-2027
7.1.1. Web-Based
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. On-Premise
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Cloud-Based
7.1.3.1. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Revenue Cycle Management Market, By Offering
8.1. Revenue Cycle Management Market, by Offering, 2020-2027
8.1.1. Services
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Software
8.1.2.1. Market Revenue and Forecast (2016-2027)
Chapter 9. Global Revenue Cycle Management Market, By Type
9.1. Revenue Cycle Management Market, by Type, 2020-2027
9.1.1. Standalone
9.1.1.1. Market Revenue and Forecast (2016-2027)
9.1.2. Integrated
9.1.2.1. Market Revenue and Forecast (2016-2027)
Chapter 10. Global Revenue Cycle Management Market, By End-User
10.1. Revenue Cycle Management Market, by End-User, 2020-2027
10.1.1. Hospitals
10.1.1.1. Market Revenue and Forecast (2016-2027)
10.1.2. Physician Offices
10.1.2.1. Market Revenue and Forecast (2016-2027)
10.1.3. Diagnostic Laboratories
10.1.3.1. Market Revenue and Forecast (2016-2027)
10.1.4. Others (Pharmacies, academic medical centers etc.)
10.1.4.1. Market Revenue and Forecast (2016-2027)
Chapter 11. Global Revenue Cycle Management Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.1.2. Market Revenue and Forecast, by Offering (2016-2027)
11.1.3. Market Revenue and Forecast, by Type (2016-2027)
11.1.4. Market Revenue and Forecast, by End-User (2016-2027)
11.1.5. U.S.
11.1.5.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.1.5.2. Market Revenue and Forecast, by Offering (2016-2027)
11.1.5.3. Market Revenue and Forecast, by Type (2016-2027)
11.1.5.4. Market Revenue and Forecast, by End-User (2016-2027)
11.1.6. Rest of North America
11.1.6.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.1.6.2. Market Revenue and Forecast, by Offering (2016-2027)
11.1.6.3. Market Revenue and Forecast, by Type (2016-2027)
11.1.6.4. Market Revenue and Forecast, by End-User (2016-2027)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.2.2. Market Revenue and Forecast, by Offering (2016-2027)
11.2.3. Market Revenue and Forecast, by Type (2016-2027)
11.2.4. Market Revenue and Forecast, by End-User (2016-2027)
11.2.5. UK
11.2.5.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.2.5.2. Market Revenue and Forecast, by Offering (2016-2027)
11.2.5.3. Market Revenue and Forecast, by Type (2016-2027)
11.2.5.4. Market Revenue and Forecast, by End-User (2016-2027)
11.2.6. Germany
11.2.6.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.2.6.2. Market Revenue and Forecast, by Offering (2016-2027)
11.2.6.3. Market Revenue and Forecast, by Type (2016-2027)
11.2.6.4. Market Revenue and Forecast, by End-User (2016-2027)
11.2.7. France
11.2.7.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.2.7.2. Market Revenue and Forecast, by Offering (2016-2027)
11.2.7.3. Market Revenue and Forecast, by Type (2016-2027)
11.2.7.4. Market Revenue and Forecast, by End-User (2016-2027)
11.2.8. Rest of Europe
11.2.8.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.2.8.2. Market Revenue and Forecast, by Offering (2016-2027)
11.2.8.3. Market Revenue and Forecast, by Type (2016-2027)
11.2.8.4. Market Revenue and Forecast, by End-User (2016-2027)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.3.2. Market Revenue and Forecast, by Offering (2016-2027)
11.3.3. Market Revenue and Forecast, by Type (2016-2027)
11.3.4. Market Revenue and Forecast, by End-User (2016-2027)
11.3.5. India
11.3.5.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.3.5.2. Market Revenue and Forecast, by Offering (2016-2027)
11.3.5.3. Market Revenue and Forecast, by Type (2016-2027)
11.3.5.4. Market Revenue and Forecast, by End-User (2016-2027)
11.3.6. China
11.3.6.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.3.6.2. Market Revenue and Forecast, by Offering (2016-2027)
11.3.6.3. Market Revenue and Forecast, by Type (2016-2027)
11.3.6.4. Market Revenue and Forecast, by End-User (2016-2027)
11.3.7. Japan
11.3.7.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.3.7.2. Market Revenue and Forecast, by Offering (2016-2027)
11.3.7.3. Market Revenue and Forecast, by Type (2016-2027)
11.3.7.4. Market Revenue and Forecast, by End-User (2016-2027)
11.3.8. Rest of APAC
11.3.8.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.3.8.2. Market Revenue and Forecast, by Offering (2016-2027)
11.3.8.3. Market Revenue and Forecast, by Type (2016-2027)
11.3.8.4. Market Revenue and Forecast, by End-User (2016-2027)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.4.2. Market Revenue and Forecast, by Offering (2016-2027)
11.4.3. Market Revenue and Forecast, by Type (2016-2027)
11.4.4. Market Revenue and Forecast, by End-User (2016-2027)
11.4.5. GCC
11.4.5.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.4.5.2. Market Revenue and Forecast, by Offering (2016-2027)
11.4.5.3. Market Revenue and Forecast, by Type (2016-2027)
11.4.5.4. Market Revenue and Forecast, by End-User (2016-2027)
11.4.6. North Africa
11.4.6.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.4.6.2. Market Revenue and Forecast, by Offering (2016-2027)
11.4.6.3. Market Revenue and Forecast, by Type (2016-2027)
11.4.6.4. Market Revenue and Forecast, by End-User (2016-2027)
11.4.7. South Africa
11.4.7.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.4.7.2. Market Revenue and Forecast, by Offering (2016-2027)
11.4.7.3. Market Revenue and Forecast, by Type (2016-2027)
11.4.7.4. Market Revenue and Forecast, by End-User (2016-2027)
11.4.8. Rest of MEA
11.4.8.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.4.8.2. Market Revenue and Forecast, by Offering (2016-2027)
11.4.8.3. Market Revenue and Forecast, by Type (2016-2027)
11.4.8.4. Market Revenue and Forecast, by End-User (2016-2027)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.5.2. Market Revenue and Forecast, by Offering (2016-2027)
11.5.3. Market Revenue and Forecast, by Type (2016-2027)
11.5.4. Market Revenue and Forecast, by End-User (2016-2027)
11.5.5. Brazil
11.5.5.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.5.5.2. Market Revenue and Forecast, by Offering (2016-2027)
11.5.5.3. Market Revenue and Forecast, by Type (2016-2027)
11.5.5.4. Market Revenue and Forecast, by End-User (2016-2027)
11.5.6. Rest of LATAM
11.5.6.1. Market Revenue and Forecast, by Deployment (2016-2027)
11.5.6.2. Market Revenue and Forecast, by Offering (2016-2027)
11.5.6.3. Market Revenue and Forecast, by Type (2016-2027)
11.5.6.4. Market Revenue and Forecast, by End-User (2016-2027)
Chapter 12. Company Profiles
12.1. Cerner Corporation
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. McKesson Corporation
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Quest Diagnostics Incorporated
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Allscripts Healthcare Solutions
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Athenahealth
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. CareCloud
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Emdeon
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. The SSI Group Inc
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. GE Healthcare
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Eclinicalworks
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
12.11. Meditech
12.11.1. Company Overview
12.11.2. Product Offerings
12.11.3. Financial Performance
12.11.4. Recent Initiatives
12.12. Epic Systems
12.12.1. Company Overview
12.12.2. Product Offerings
12.12.3. Financial Performance
12.12.4. Recent Initiatives
12.13. Conifer Health Solutions
12.13.1. Company Overview
12.13.2. Product Offerings
12.13.3. Financial Performance
12.13.4. Recent Initiatives
12.14. Gebbs Healthcare Solutions
12.14.1. Company Overview
12.14.2. Product Offerings
12.14.3. Financial Performance
12.14.4. Recent Initiatives
12.15. Constellation Software
12.15.1. Company Overview
12.15.2. Product Offerings
12.15.3. Financial Performance
12.15.4. Recent Initiatives
12.16. Experian PLC
12.16.1. Company Overview
12.16.2. Product Offerings
12.16.3. Financial Performance
12.16.4. Recent Initiatives
12.17. NextGen Healthcare Information System LLC
12.17.1. Company Overview
12.17.2. Product Offerings
12.17.3. Financial Performance
12.17.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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