Revenue Cycle Management Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Revenue Cycle Management Market
The revenue cycle management market size was valued at USD 135.92 billion in 2023, and the market is now projected to grow from USD 148.84 billion in 2024 to USD 361.86 billion by 2032, exhibiting a CAGR of 11.7% during the forecast period of 2024-2032.
The COVID-19 pandemic was a shaper of the challenges the industry faced. Multiple key market participants who were revenue-oriented observed a remarkable fall in their income. A drop in patient numbers due to non-COVID-19 issues caused great reduction in income to most of the hospitals. Enabled by eased lockdown, a large number of non-COVID patients started visiting the hospitals, then, to streamline the revenue, advanced softwares were introduced. Therefore, the market is expected to grow in the next few years, while the revenue cycle management market growth was disturbed by the pandemic.
There are demands for revenue cycle management (RCM) tools by the regulatory mandates of electronic health records (EHR) use, causing RCM tools population to skyrocket, which yield a global expansion of revenue cycle management market share. More and more operational delays and human error inhibiting health administrations are causing them to move towards EHR/EMR systems. Eventually, in accordance with the EHR/EMR system, healthcare facilities are focusing on improving workflow of the revenue cycle management procedure.
Additionally, people are also moving towards the adoption of outsourcing model. The outsourcing model provides a significant improvement in the operational workflow, and also has been observed to reduce errors. These distinct advantages among others, have led to the mass adoption of the outsourcing model.
Comprehensive Analysis of Revenue Cycle Management Market
The revenue cycle management market is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated by types, by function, by end-user, and by structures. The types include: software & services. However, the functions include: claims & denial management, medical coding & billing, Clinical Documentation Improvement (CDI), insurance, and others. On the basis of structure, the market is segmented into in-house, & outsourced. While on the basis of end-user, the market is segmented into hospitals, physician’s office, & others.
The North America region leads the revenue cycle management market by benefitting a market size of USD 74.9 billion in 2023 due to presence of several leading players in the region. Further, the high usage of the software will further improve the regional market growth.
The top players in the market play a crucial role in the industry, assuring industrial prospectus growth and setting market standards. These players include: Allscripts Healthcare, LLC (U.S.) Cerner Corporation (U.S.) Conifer Health Solutions, LLC (U.S.) Epic Systems Corporation (U.S.) GeBBS Healthcare Solutions (U.S.) MEDHOST (U.S.) McKesson Corporation (U.S.) Medical Information Technology, Inc. (MEDITECH) (U.S.) Optum Inc. (U.S.) R1 RCM, Inc. (U.S.). These market players provide a level-playing competitive landscape.
In February 2024, Availity and Janus announced a strategic collaboration to improve revenue cycle operations in healthcare.
Segmentation Table
Global Revenue Cycle Management Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Growth Rate CAGR of 11.7% from 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Segmentation By Type, Structure, Function, End-user, and Region
By Type Services
Software
By Structure In-house
Outsourced
By Function Claims & Denial Management
Medical Coding & Billing
Clinical Documentation Improvement (CDI)
Insurance
Others
By End-user Hospitals
Physician's Office
Others
By Region North America (By Type, Structure, Function, End-user, and Country)
U.S. (By Structure)
Canada (By Structure)
Europe (By Type, Structure, Function, End-user, and Country)
U.K. (By Structure)
Germany (By Structure)
France (By Structure)
Italy (By Structure)
Spain (By Structure)
Scandinavia (By Structure)
Rest of Europe (By Structure)
Asia Pacific (By Type, Structure, Function, End-user, and Country)
China (By Structure)
Japan (By Structure)
India (By Structure)
Australia (By Structure)
South-East Asia (By Structure)
Rest of Asia Pacific (By Structure)
South America (By Type, Structure, Function, End-user, and Country)
Brazil (By Structure)
Mexico (By Structure)
Rest of South America (By Structure)
Middle East & Africa (By Type, Structure, Function, End-user, and Country)
GCC (By Structure)
South Africa (By Structure)
Rest of Middle East & Africa (By Structure)
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- 1. Introduction
- 1.1. Market Scope
- 1.2. Market Segmentation
- 1.3. Market Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Statistical Overview of Hospital Admissions - For Key Countries, 2022/2023
- 4.2. Technological Advancements in the Revenue Cycle Management
- 4.3. New Product Launch, By Key Players
- 4.4. Overview of Regulatory Scenario in the Market
- 4.5. Key Industry Developments - Mergers, Acquisitions, and Partnerships
- 4.6. Impact of COVID-19 on the Market
- 5. Global Revenue Cycle Management Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Market Analysis, Insights and Forecast – By Structure
- 5.1.1. In-house
- 5.1.2. Outsourced
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Software
- 5.2.2. Service
- 5.3. Market Analysis, Insights and Forecast – By Function
- 5.3.1. Claims & Denial Management
- 5.3.2. Medical Coding & Billing
- 5.3.3. Clinical Documentation Improvement (CDI)
- 5.3.4. Insurance
- 5.3.5. Others
- 5.4. Market Analysis, Insights and Forecast – By End-user
- 5.4.1. Hospitals
- 5.4.2. Physician’s Office
- 5.4.3. Others
- 5.5. Market Analysis, Insights and Forecast – By Geography
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America
- 5.5.5. Middle East & Africa
- 6. North America Revenue Cycle Management Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Market Analysis, Insights and Forecast – By Structure
- 6.1.1. In-house
- 6.1.2. Outsourced
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Software
- 6.2.2. Service
- 6.3. Market Analysis, Insights and Forecast – By Function
- 6.3.1. Claims & Denial Management
- 6.3.2. Medical Coding & Billing
- 6.3.3. Clinical Documentation Improvement (CDI)
- 6.3.4. Insurance
- 6.3.5. Others
- 6.4. Market Analysis, Insights and Forecast – By End-user
- 6.4.1. Hospitals
- 6.4.2. Physician’s Office
- 6.4.3. Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S
- 6.5.1.1. By Structure
- 6.5.2. Canada
- 6.5.2.1. By Structure
- 7. Europe Revenue Cycle Management Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Market Analysis, Insights and Forecast – By Structure
- 7.1.1. In-house
- 7.1.2. Outsourced
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Software
- 7.2.2. Service
- 7.3. Market Analysis, Insights and Forecast – By Function
- 7.3.1. Claims & Denial Management
- 7.3.2. Medical Coding & Billing
- 7.3.3. Clinical Documentation Improvement (CDI)
- 7.3.4. Insurance
- 7.3.5. Others
- 7.4. Market Analysis, Insights and Forecast – By End-user
- 7.4.1. Hospitals
- 7.4.2. Physician’s Office
- 7.4.3. Others
- 7.5. Market Analysis, Insights and Forecast – By Country/Sub-region
- 7.5.1. U.K.
- 7.5.1.1. By Structure
- 7.5.2. Germany
- 7.5.2.1. By Structure
- 7.5.3. France
- 7.5.3.1. By Structure
- 7.5.4. Spain
- 7.5.4.1. By Structure
- 7.5.5. Italy
- 7.5.5.1. By Structure
- 7.5.6. Scandinavia
- 7.5.6.1. By Structure
- 7.5.7. Rest of Europe
- 7.5.7.1. By Structure
- 8. Asia Pacific Revenue Cycle Management Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Market Analysis, Insights and Forecast – By Structure
- 8.1.1. In-house
- 8.1.2. Outsourced
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Software
- 8.2.2. Service
- 8.3. Market Analysis, Insights and Forecast – By Function
- 8.3.1. Claims & Denial Management
- 8.3.2. Medical Coding & Billing
- 8.3.3. Clinical Documentation Improvement (CDI)
- 8.3.4. Insurance
- 8.3.5. Others
- 8.4. Market Analysis, Insights and Forecast – By End-user
- 8.4.1. Hospitals
- 8.4.2. Physician’s Office
- 8.4.3. Others
- 8.5. Market Analysis, Insights and Forecast – By Country/Sub-region
- 8.5.1. Japan
- 8.5.1.1. By Structure
- 8.5.2. China
- 8.5.2.1. By Structure
- 8.5.3. India
- 8.5.3.1. By Structure
- 8.5.4. Australia
- 8.5.4.1. By Structure
- 8.5.5. Southeast Asia
- 8.5.6. 1.By Structure
- 8.5.7. Rest of Asia Pacific
- 9. 8.5.6.1. By Structure
- 10. Latin America Revenue Cycle Management Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Market Analysis, Insights and Forecast – By Structure
- 10.1.1. In-house
- 10.1.2. Outsourced
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Software
- 10.2.2. Service
- 10.3. Market Analysis, Insights and Forecast – By Function
- 10.3.1. Claims & Denial Management
- 10.3.2. Medical Coding & Billing
- 10.3.3. Clinical Documentation Improvement (CDI)
- 10.3.4. Insurance
- 10.3.5. Others
- 10.4. Market Analysis, Insights and Forecast – By End-user
- 10.4.1. Hospitals
- 10.4.2. Physician’s Office
- 10.4.3. Others
- 10.5. Market Analysis, Insights and Forecast – By Country/Sub-region
- 10.5.1. Brazil
- 10.5.1.1. By Structure
- 10.5.2. Mexico
- 10.5.2.1. By Structure
- 10.5.3. Rest of Latin America
- 10.5.3.1. By Structure
- 11. Middle East & Africa Revenue Cycle Management Market Analysis, Insights and Forecast, 2019-2032
- 11.1. Market Analysis, Insights and Forecast – By Structure
- 11.1.1. In-house
- 11.1.2. Outsourced
- 11.2. Market Analysis, Insights and Forecast – By Type
- 11.2.1. Software
- 11.2.2. Service
- 11.3. Market Analysis, Insights and Forecast – By Function
- 11.3.1. Claims & Denial Management
- 11.3.2. Medical Coding & Billing
- 11.3.3. Clinical Documentation Improvement (CDI)
- 11.3.4. Insurance
- 11.3.5. Others
- 11.4. Market Analysis, Insights and Forecast – By End-user
- 11.4.1. Hospitals
- 11.4.2. Physician’s Office
- 11.4.3. Others
- 11.5. Market Analysis, Insights and Forecast – By Country/Sub-region
- 11.5.1. GCC
- 11.5.1.1. By Structure
- 11.5.2. South Africa
- 11.5.2.1. By Structure
- 11.5.3. Rest of Middle East & Africa
- 11.5.3.1. By Structure
- 12. Competitive Analysis
- 12.1. Global Market Share Analysis (2023)
- 12.2. Company Profiles
- 12.2.1. Allscripts Healthcare, LLC
- 12.2.1.1. Overview
- 12.2.1.2. Services
- 12.2.1.3. SWOT Analysis
- 12.2.1.4. Recent Developments
- 12.2.1.5. Strategies
- 12.2.1.6. Financials (Based on Availability)
- 12.2.2. Cerner Corporation
- 12.2.2.1. Overview
- 12.2.2.2. Services
- 12.2.2.3. SWOT Analysis
- 12.2.2.4. Recent Developments
- 12.2.2.5. Strategies
- 12.2.2.6. Financials (Based on Availability)
- 12.2.3. Conifer Health Solutions, LLC.
- 12.2.3.1. Overview
- 12.2.3.2. Services
- 12.2.3.3. SWOT Analysis
- 12.2.3.4. Recent Developments
- 12.2.3.5. Strategies
- 12.2.3.6. Financials (Based on Availability)
- 12.2.4. Epic Systems Corporation
- 12.2.4.1. Overview
- 12.2.4.2. Services
- 12.2.4.3. SWOT Analysis
- 12.2.4.4. Recent Developments
- 12.2.4.5. Strategies
- 12.2.4.6. Financials (Based on Availability)
- 12.2.5. GeBBS Healthcare Solutions
- 12.2.5.1. Overview
- 12.2.5.2. Services
- 12.2.5.3. SWOT Analysis
- 12.2.5.4. Recent Developments
- 12.2.5.5. Strategies
- 12.2.5.6. Financials (Based on Availability)
- 12.2.6. McKesson Corporation
- 12.2.6.1. Overview
- 12.2.6.2. Services
- 12.2.6.3. SWOT Analysis
- 12.2.6.4. Recent Developments
- 12.2.6.5. Strategies
- 12.2.6.6. Financials (Based on Availability)
- 12.2.7. Medical Information Technology, Inc.
- 12.2.7.1. Overview
- 12.2.7.2. Services
- 12.2.7.3. SWOT Analysis
- 12.2.7.4. Recent Developments
- 12.2.7.5. Strategies
- 12.2.7.6. Financials (Based on Availability)
- 12.2.8. MEDHOST
- 12.2.8.1. Overview
- 12.2.8.2. Services
- 12.2.8.3. SWOT Analysis
- 12.2.8.4. Recent Developments
- 12.2.8.5. Strategies
- 12.2.8.6. Financials (Based on Availability)
- 12.2.9. Optum360 (Optum, Inc.)
- 12.2.9.1. Overview
- 12.2.9.2. Services
- 12.2.9.3. SWOT Analysis
- 12.2.9.4. Recent Developments
- 12.2.9.5. Strategies
- 12.2.9.6. Financials (Based on Availability)
- 12.2.10. R1 RCM Inc.
- 12.2.10.1. Overview
- 12.2.10.2. Services
- 12.2.10.3. SWOT Analysis
- 12.2.10.4. Recent Developments
- 12.2.10.5. Strategies
- 12.2.10.6. Financials (Based on Availability)
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