Revenue cycle management (RCM) in healthcare industry has fast become a buzzword over the past few years. It enables the healthcare organizations to manage payments, claims processing, and revenue generation, thereby accelerating the whole revenue cycle in an efficient manner. RCM solution begins when a patient enters or schedules an appointment. It automates the whole procedure with initiation of the process by the patient, quick follow ups, determining the eligibility of the patient, collecting their payment, effective tracking of the claims process, and working on rejected claims among others. The rising need for streamlining the whole process has further boosted the demand for RCM solutions, thereby triggering the growth of the RCM market.
What the RCM Market Looks Like?
The Revenue Cycle Management Market is expected to reach USD 160.08 billion by 2027 from USD 66.81 billion in 2019, at a CAGR of 12.1%. Regulatory mandates for the adoption of EHR/EMR and government initiatives to boost the adoption of RCM solutions are the major factors driving the adoption of RCM solutions. On the basis of product, the market is broadly segmented into integrated and standalone solutions. The integrated solutions segment is expected to account for the largest share of the global revenue cycle management market in 2019 and is projected to register the highest CAGR during the forecast period.
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What’s driving the Market?
The growth of the global revenue cycle management market is primarily propelled by the following factors:
- Declining reimbursement scenarios
- Increased initiatives and support from the government
- Reduced healthcare costs
- Consolidation of healthcare providers
Although this market is set to witness a healthy growth ahead, higher costs of RCM solutions and limited number of investments being made in healthcare IT sector are likely to inhibit the growth of this market over the forecast period.
On the basis of function, the market is broadly segmented into claim and denial management, medical billing and coding, patient insurance eligibility check, payment remittance, electronic health record (EHR), clinical documentation improvement (CDI), and others.
In 2019, North America is expected to account for the largest share of the global revenue cycle management market. The large share of this regional segment can be attributed to stringent legislative and accreditation requirements regarding healthcare, high adoption rate of HCIT technologies, and regulatory requirements regarding patient safety. Europe is expected to account for the second-largest share of the revenue cycle management market.
Top Key Players:-
The key players in the global revenue cycle management market are McKesson (US), Cerner (US), Quest Diagnostics (US), Allscripts Health Solutions (US), and athenahealth (US).