Revenue Cycle Management Market Size, Share, Opportunities, And Trends By Application (Medical Coding And Billing, Clinical Documentation Improvement, Claims And Denial Management, Electronic Health Record, Others), By Delivery Mode (On-Premise Solutions, Cloud-Based Solutions), By End-User (Hospitals, Laboratories, Other), And By Geography - Forecasts From 2024 To 2029

The revenue cycle management market is evaluated at US$140.220 billion for the year 2022 and is projected to grow at a CAGR of 10.87% to reach a market size of US$288.287 billion by the year 2029.

Revenue cycle management (RCM) refers to the financial process of tracking patient care episodes from registration and appointment scheduling to the final balance payment using the medical billing software utilized by healthcare institutions. Revenue cycle management encompasses activities such as patient registration, medical coding, insurance eligibility and verification, payment and AR management, and claim processing. The four most significant RCM components are patients, billing firms, healthcare providers, and insurance payers. 

MARKET TRENDS:

The growing rate of investments in the healthcare field and the need for proper management of healthcare infrastructure are driving the growth of the revenue cycle management market. RCM benefits healthcare providers by giving them insight into claims denials and prompting them to submit essential medical information for claims processing.

The revenue cycle management market is also being driven by tightening regulations, more detailed coding systems, and emerging value-based reimbursement and payment structures. Increased technological advancements and high adoption of revenue cycle management (RCM) tools by various healthcare providers and others are driving the development and improvement of RCM solutions. The government initiatives supporting revenue cycle management are also giving potential to the market growth of RCM. 

MARKET DRIVERS:

• Rising demand for proper healthcare revenue management is anticipated to drive the market’s growth.

As the healthcare fields are showing drastic developments every year, the need for proper healthcare infrastructure management has been surging. The necessity of proper management systems in hospitals and the medical field is boosting the market growth revenue cycle management market. The amount of electronic data created in the healthcare industry has reached terabytes, owing to increased patient loads and the digitization of administrative, clinical, and financial data. This necessitates the implementation of proper revenue cycle management software in hospitals and healthcare centers.

The ability of AI to optimize clinical and non-clinical procedures, consequently solving many problems for patients, providers, and the healthcare industry as a whole, is driving its use in healthcare. Integrating AI (Artificial Intelligence) with RCM can bring many drastic changes in the overall healthcare infrastructure management. The application of RCM combined with AI is expected to influence the market of revenue cycle management during the forecast period.

• Various advancements in technology might impact the revenue cycle management market growth.

Numerous technological developments are anticipated to have a significant influence on the revenue cycle management (RCM) market's growth trajectory. First off, the growing use of practice management systems and electronic health records (EHR) has transformed administrative procedures by enabling medical professionals to digitize patient data, optimize workflows, and automate duties like coding and invoicing.

The efficiency of the revenue cycle as a whole is increased by this digitalization, which also increases data accessibility and accuracy and speeds up the cycles of payment and claims processing. Furthermore, there are a lot of prospects for process optimization and revenue development when artificial intelligence (AI) and machine learning (ML) technologies are integrated into RCM systems.

MARKET RESTRAINTS:

The cost of keeping revenue cycle management software up to date is quite significant. Furthermore, IT support and maintenance services, which include customizing and upgrading software to meet changing user needs and maintaining a reliable IT infrastructure, are recurrent costs. This makes up a significant portion of the total cost of ownership. Additionally, post-sale custom interface building for device integration demands additional testing and validation to ensure solution integrity and completeness.

The total cost of ownership for healthcare providers will rise even more as a result of this. Small healthcare facilities, particularly in emerging nations, are hesitant to replace their old systems with RCM solutions due to the significant costs involved.

North America is anticipated to be the major regional market.

Geographically, the North American region holds the lion's share of the revenue cycle management market. The expansion of the revenue cycle management market in North America is attributed to the presence of big established hospitals and healthcare infrastructures, favorable legislation, and an increased need to reduce healthcare costs.

The need for integrated RCM solutions is being driven by the rapid adoption of healthcare IT and electronic health records (EHR) by North American healthcare organizations. Providers may increase operational efficiency and save costs by optimizing workflows, enhancing data quality, and expediting revenue cycle procedures through the seamless integration of RCM functions with current EHR and practice management systems.

Key Developments:

• In November 2023, the Healthcare Financial Management Association (HFMA) and FinThrive, Inc. announced a strategic alliance to co-launch a peer-reviewed, five-stage Revenue Cycle Management Technology Adoption Model (RCMTAM) that helps health systems use industry benchmarks to assess their current state of RCM technology maturity and create best-practice plans to optimize revenue cycle outcomes.
• In October 2023, Omega Healthcare announced the opening of its Omega Digital Platform (ODP), which is intended to assist healthcare institutions in lowering administrative costs.
• In October 2022, RCM Intelligence was introduced by Inovalon, a top supplier of cloud-based software solutions enabling data-driven healthcare. This software system gives healthcare providers a thorough understanding of revenue cycle management (RCM) key performance metrics, including payer performance, rejection percentages, and claim corrections. It is powered by integrated analytics and powerful visualization features.
• In June 2022, the company's core Revenue Cycle Management (RCM) set of products, Autonomous Revenue Cycle (ARC), was introduced by Olive, the automation startup that is building the Internet of Healthcare. By using intelligent automation to eliminate manual chores, Olive's ARC redefines RCM and frees healthcare organizations to concentrate more on patient care while also reducing employee fatigue.

Revenue Cycle Management Market Scope:

 

Report Metric	Details
Market Size Value in 2022	US$140.220 billion
Market Size Value in 2029	US$288.287 billion
Growth Rate	CAGR of 10.87% from 2022 to 2029
Study Period	2019 to 2029
Historical Data	2019 to 2022
Base Year	2023
Forecast Period	2024 – 2029
Forecast Unit (Value)	USD Billion
Segments Covered	Application Delivery Mode End-User Geography
Companies Covered	Allscripts Healthcare Solutions AthenaHealth R1 RCM Inc. Constellation Software Epic Systems Corporation
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Customization Scope	Free report customization with purchase

 

Segmentation:

• By Application
  • Medical Coding and Billing
  • Clinical Documentation Improvement
  • Claims and Denial Management
  • Electronic Health Record
  • Others
• By Delivery Mode
  • On-premise Solutions
  • Cloud-based Solutions
• By End-User
  • Hospitals
  • Laboratories
  • Other End Users
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others 
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others 
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others 
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits for the stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. REVENUE CYCLE MANAGEMENT MARKET, BY APPLICATION

5.1. Introduction

5.2. Medical Coding and Billing

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.2.3. Geographic Lucrativeness

5.3. Clinical Documentation Improvement

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

5.3.3. Geographic Lucrativeness

5.4. Claims and Denial Management

5.4.1. Market Trends and Opportunities

5.4.2. Growth Prospects

5.4.3. Geographic Lucrativeness

5.5. Electronic Health Record

5.5.1. Market Trends and Opportunities

5.5.2. Growth Prospects

5.5.3. Geographic Lucrativeness

5.6. Others

5.6.1. Market Trends and Opportunities

5.6.2. Growth Prospects

5.6.3. Geographic Lucrativeness

6. REVENUE CYCLE MANAGEMENT MARKET, BY DELIVERY MODE

6.1. Introduction

6.2. On-Premise Solutions

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.2.3. Geographic Lucrativeness

6.3. Cloud-Based Solutions

6.3.1. Market Trends and Opportunities

6.3.2. Growth Prospects

6.3.3. Geographic Lucrativeness

7. REVENUE CYCLE MANAGEMENT MARKET, BY END-USER

7.1. Introduction

7.2. Hospitals

7.2.1. Market Trends and Opportunities

7.2.2. Growth Prospects

7.2.3. Geographic Lucrativeness

7.3. Laboratories

7.3.1. Market Trends and Opportunities

7.3.2. Growth Prospects

7.3.3. Geographic Lucrativeness

7.4. Other End Users

7.4.1. Market Trends and Opportunities

7.4.2. Growth Prospects

7.4.3. Geographic Lucrativeness

8. REVENUE CYCLE MANAGEMENT MARKET, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. By Application

8.2.2. By Delivery Mode

8.2.3. By End-User

8.2.4. By Country

8.2.4.1. USA

8.2.4.1.1. Market Trends and Opportunities

8.2.4.1.2. Growth Prospects

8.2.4.2. Canada

8.2.4.2.1. Market Trends and Opportunities

8.2.4.2.2. Growth Prospects

8.2.4.3. Mexico

8.2.4.3.1. Market Trends and Opportunities

8.2.4.3.2. Growth Prospects

8.3. South America

8.3.1. By Application

8.3.2. By Delivery Mode

8.3.3. By End-User

8.3.4. By Country

8.3.4.1. Brazil

8.3.4.1.1. Market Trends and Opportunities

8.3.4.1.2. Growth Prospects

8.3.4.2. Argentina

8.3.4.2.1. Market Trends and Opportunities

8.3.4.2.2. Growth Prospects

8.3.4.3. Others

8.3.4.3.1. Market Trends and Opportunities

8.3.4.3.2. Growth Prospects

8.4. Europe

8.4.1. By Application

8.4.2. By Delivery Mode

8.4.3. By End-User

8.4.4. By Country

8.4.4.1. United Kingdom

8.4.4.1.1. Market Trends and Opportunities

8.4.4.1.2. Growth Prospects

8.4.4.2. Germany

8.4.4.2.1. Market Trends and Opportunities

8.4.4.2.2. Growth Prospects

8.4.4.3. France

8.4.4.3.1. Market Trends and Opportunities

8.4.4.3.2. Growth Prospects

8.4.4.4. Spain

8.4.4.4.1. Market Trends and Opportunities

8.4.4.4.2. Growth Prospects

8.4.4.5. Others

8.4.4.5.1. Market Trends and Opportunities

8.4.4.5.2. Growth Prospects

8.5. Middle East and Africa

8.5.1. By Application

8.5.2. By Delivery Mode

8.5.3. By End-User

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.1.1. Market Trends and Opportunities

8.5.4.1.2. Growth Prospects

8.5.4.2. UAE

8.5.4.2.1. Market Trends and Opportunities

8.5.4.2.2. Growth Prospects

8.5.4.3. Israel

8.5.4.3.1. Market Trends and Opportunities

8.5.4.3.2. Growth Prospects

8.5.4.4. Others

8.5.4.4.1. Market Trends and Opportunities

8.5.4.4.2. Growth Prospects

8.6. Asia Pacific

8.6.1. By Application

8.6.2. By Delivery Mode

8.6.3. By End-User

8.6.4. By Country

8.6.4.1. China

8.6.4.1.1. Market Trends and Opportunities

8.6.4.1.2. Growth Prospects

8.6.4.2. Japan

8.6.4.2.1. Market Trends and Opportunities

8.6.4.2.2. Growth Prospects

8.6.4.3. India

8.6.4.3.1. Market Trends and Opportunities

8.6.4.3.2. Growth Prospects

8.6.4.4. South Korea

8.6.4.4.1. Market Trends and Opportunities

8.6.4.4.2. Growth Prospects

8.6.4.5. Taiwan

8.6.4.5.1. Market Trends and Opportunities

8.6.4.5.2. Growth Prospects

8.6.4.6. Thailand

8.6.4.6.1. Market Trends and Opportunities

8.6.4.6.2. Growth Prospects

8.6.4.7. Indonesia

8.6.4.7.1. Market Trends and Opportunities

8.6.4.7.2. Growth Prospects

8.6.4.8. Others

8.6.4.8.1. Market Trends and Opportunities

8.6.4.8.2. Growth Prospects

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Allscripts Healthcare Solutions

10.2. AthenaHealth

10.3. R1 RCM Inc.

10.4. Conifer Health Solutions, LLC (Tenet Healthcare)

10.5. Constellation Software

10.6. eClinicalWorks

10.7. Epic Systems Corporation

10.8. GeBBs Healthcare Solutions, Inc. (ChrysCapital)

10.9. Mckesson Corporation

10.10. Infosys

Allscripts Healthcare Solutions

AthenaHealth

R1 RCM Inc.

Conifer Health Solutions, LLC (Tenet Healthcare)

Constellation Software

eClinicalWorks

Epic Systems Corporation

GeBBs Healthcare Solutions, Inc. (ChrysCapital)

Mckesson Corporation

Infosys