Revenue Cycle Management can be defined as the management of all administrative and clinical functions that directly or indirectly contribute to the revenues through patient service to optimize overall profits. Revenue cycle management undergoes various processes such as patient registration, eligibility, and verification for insurance, medical coding, claims processing, and payments & AR management. The process of RCM enables healthcare facilities to optimize revenues through claims processing. Primarily, there are four prominent elements of RCM that includes patients, healthcare provider, billing company, and insurance payers. The global revenue cycle management market was valued at $35,419 million in 2016, and is projected to reach $85,008 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023.
The growth of the RCM market is majorly driven by supportive growth through regulatory compliance, increasing healthcare spending, growing demand for cloud-based solutions, and increasing market for outsourced RCM solutions. In addition, growth in healthcare expenditure in emerging nations and technological advancements for workflow optimization fuel the demand for advanced healthcare systems, thereby driving the RCM market growth. However, factors such as high costs associated with RCM deployment and scarcity of trained professionals are expected to be the restraining factors for the RCM market growth during the forecast period.
The global revenue cycle management market is segmented based on type, component type, deployment mode, end user, and region. Based on type, the market is categorized into integrated and standalone RCM. Software and services are categorized into component types of revenue cycle management. The end user segment includes hospitals, physicians, and diagnostic & ambulatory care centers. The deployment mode segment is sub-segmented into cloud-based and on-premise deployment. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Key market players that operate in the market are Cerner Corporation, Eclinicalworks, LLC, Epic Systems Corporation, Gebbs Healthcare Solutions, GE Healthcare, Experian PLC, Mckesson Corporation, Quest Diagnostics Incorporated, Athenahealth, Inc., and Allscripts Healthcare Solutions, Inc.
Revenue Cycle Management Market Key Segments:
By Component Type
Key Players Profiled in the Report
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