Global Revenue Cycle Management (RCM) Market Size Booming at Significant CAGR of 11.39% to Reach USD 258 Billion by 2030

Published | 18 January 2024

Global Revenue Cycle Management (RCM) Market is flourishing due to the growing adoption of healthcare information technology (HCIT) solutions, automation, and AI integration.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Revenue Cycle Management (RCM) Market size at USD 135.24 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Revenue Cycle Management (RCM) Market size to expand at a CAGR of 11.39% reaching a value of USD 258 billion by 2030. The Global Revenue Cycle Management (RCM) Market is propelled by the rapidly advancing era of healthcare digitalization. The increasing prevalence of numerous data silos and disorganized workflows within healthcare environments is creating opportunities for the development and expansion of the RCM market. The complexity of securing accurate payments for medical services is enhancing the significance of acquiring an effective RCM solution. The rising need for streamlining workflows in healthcare organizations, along with the adoption of advanced integrated management software systems, is anticipated to drive market expansion. Support from government bodies and federal agencies through favorable regulatory reforms is further fueling the markt growth. The Global RCM Market is characterized by continuous technological advancements, contributing to its ongoing evolution. Healthcare providers and payers are swiftly embracing these innovative and upgraded RCM solutions to meet the evolving demands of the industry. These factors are expected to boost the expansion of the Global Revenue Cycle Management (RCM) Market during the period in analysis.

Impact of COVID-19 on Global Revenue Cycle Management Market

COVID-19 pandemic adversely affected the Global Revenue Cycle Management Market. Prominent market entities, including TH Medical and Cerner Corporation, reported a substantial decline in revenue from their RCM services. The pandemic-induced postponement of elective surgeries and a notable decrease in non-COVID-19 patient numbers significantly impacted the revenues of numerous hospitals. For instance, as per industry estimates, hospitals in the United States incurred a staggering loss of approximately USD 122 billion in 2021. However, the easing of lockdown restrictions, a rise in non-COVID-19 patients in 2021, and the introduction of advanced revenue management software contributed to market recovery during the same year. Key market players witnessed a noteworthy rebound in revenue, returning to pre-pandemic levels in 2021. Furthermore, in 2022, some players sustained growth, driven by advanced product launches, and projections suggest a rapid growth trajectory with a promising CAGR over the forecast period.

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Global Revenue Cycle Management Market

Segmental Information

Global Revenue Cycle Management Market – By Type

On the basis of type, the Global Revenue Cycle Management Market is split into Integrated and Standalone segments. The integrated segment holds a higher share in the Global Revenue Cycle Management Market by type, due to the increasing preference for volume-based payments over value-based ones. Integrated solutions provide a unified platform for various financial activities, ensuring standardized data collection and analysis. This approach in RCM yields several benefits, including enhanced collections and the ability to plan alternative payment and reimbursement methodologies. Successful integration initiatives empower healthcare professionals to boost productivity, cut costs, increase collections, and raise net operating margins. The integrated service type is expected for rapid growth due to heightened demand for improved healthcare system efficiency, expanding healthcare facilities, and rising healthcare costs. Also, the increasing imperative to minimize or eliminate human errors and expedite administrative functions is expected to further propel the growth of integrated services.

Global Revenue Cycle Management Market – By Region

The in-depth research report on the Global Revenue Cycle Management Market covers the market in a number of major countries across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America holds the highest market share and is expected to maintain its dominance during the forecast period. It can be attributed to the increasing prevalence of physician's offices in the United states Regulatory reforms, including amendments in ICD-10, have instigated a digital transformation in healthcare systems, fostering a notable increase in the demand for healthcare IT solutions like RCM systems. This surge aims to enhance operational efficiency and elevate care delivery standards. Additionally, the region boasts the presence of large, renowned hospitals and well-established healthcare facilities, coupled with a growing imperative to curtail healthcare costs and favorable regulatory frameworks, collectively presenting lucrative growth prospects for the market in North America.

Competitive Landscape

The Global Revenue Cycle Management (RCM) Market is fragmented, with numerous players serving the market. The key players dominating the Global Revenue Cycle Management (RCM) Market include The SSI Group, Inc., Veradigm LLC (AllScripts Healthcare, LLC), Experian Health, R1 RCM Inc, McKesson Corporation, athenahealth, Inc., Epic Systems Corporation, NXGN Management, LLC, CareCloud Corporation, Quest Diagnostics, Inc., and Oracle. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Global Revenue Cycle Management Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Revenue Cycle Management Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Revenue Cycle Management Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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