Revenue Cycle Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Revenue Cycle Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global revenue cycle management market size reached US$ 121.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 233.8 Billion by 2028, exhibiting a growth rate (CAGR) of 11.4% during 2023-2028.

Revenue cycle management (RCM) is a financial process that assists healthcare facilities in collecting payments for medical bills. It also helps minimize costs, manage time, improve patient outcomes, and reduce human error in claim submission processes. It includes registration, pricing, compliance, data analytics, cover scheduling, financial clearance, patient collection, medical coding, claims processing, contract management, payment posting and accounts receivable (A/R) follow-up, and reporting and benchmarking. At present, healthcare providers worldwide are increasingly relying on RCM solutions to centralize billing and coding systems and enable reliable reimbursement and compliance processes.

Revenue Cycle Management Market Trends:
The rising focus on improving patient care while simultaneously lowering healthcare costs represents one of the major factors encouraging healthcare organizations to outsource RCM solutions. These solutions combine administrative data, such as the personal information, insurer name, and treatment codes of a patient, along with financial billing information. They also provide insurance verification and point-of-service (POS) to overcome reimbursement complexities. Apart from this, the ongoing coronavirus disease (COVID-19) pandemic has increased the need for electronic health record (EHR) systems to enable effective data sharing, which is further contributing to the market growth. Other factors, such as the growing adoption of remote healthcare, the rising medical costs, and the increasing prevalence of chronic illnesses, are also presenting lucrative opportunities to market players across the globe. Moreover, these players are incorporating artificial intelligence (AI) technology and focusing on merger and acquisition (M&A) activities to enhance RCM capabilities, which is anticipated to stimulate the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global revenue cycle management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, component, deployment and end user.

Breakup by Type:

Standalone
Integrated

Breakup by Component:

Software
Services

Breakup by Deployment:

Web-based
Cloud-based
On-premises

Breakup by End User:

Hospitals
Physicians
Diagnostic and Ambulatory Care Centers

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allscripts Healthcare LLC, Athenahealth, CareCloud Inc, Cerner Corporation, Cognizant, EClinicalWorks, Epic Systems Corporation, Experian Information Solutions Inc, GeBBs Healthcare Solutions, General Electric, McKesson Corporation, Oracle Corporation and Quest Diagnostics.

Key Questions Answered in This Report

1. What was the size of the global revenue cycle management market in 2022?
2. What is the expected growth rate of the global revenue cycle management market during 2023-2028?
3. What are the key factors driving the global revenue cycle management market?
4. What has been the impact of COVID-19 on the global revenue cycle management market?
5. What is the breakup of the global revenue cycle management market based on the type?
6. What is the breakup of the global revenue cycle management market based on the component?
7. What is the breakup of the global revenue cycle management market based on the deployment?
8. What are the key regions in the global revenue cycle management market?
9. Who are the key players/companies in the global revenue cycle management market?