Growing demand for cloud-based solutions dominating the growth of Revenue Cycle Management Market by 2023

Revenue Cycle Management can be defined as the management of all administrative and clinical functions that directly or indirectly contribute to the revenues through patient service to optimize overall profits.

Revenue cycle management (RCM) incorporates a comprehensive range of practices, tools, solutions, and techniques interrelated closely to information and operational healthcare services. This method uses preventive & responsive methods to deliver improved healthcare services while optimizing profits for healthcare facilities. Moreover, the process of RCM enable healthcare facilities to optimize revenues through claims processing that incorporates patients, healthcare providers, billing companies, and insurance payers.

The current business scenario has witnessed surge in the adoption of RCM in the developed and the developing regions, owing to the technological innovations in product offerings, rise in adoption for cloud-based solutions, and increase in application areas among end users. In addition, supportive growth through regulatory compliance and increase in healthcare spending are expected to supplement the RCM market growth during the forecast period.

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Furthermore, growth in healthcare expenditure in the emerging countries, increase in market for outsourced RCM solutions, and technological advancements for workflow optimization fuel the demand for advanced healthcare systems, thereby creating lucrative opportunities for RCM market growth. However, high costs associated with RCM deployment and dearth of trained professionals are expected to hamper the RCM market growth.

The integrated RCM segment dominated in 2016, with around 62% revenue share of the global market. This is attributed to the improved healthcare infrastructure, increased healthcare-related expenditures to cater to the untapped markets among the developing nations, challenges faced during accounts receivable (AR) management & claims processing, and rise in need to reduce cycle time.

The physician segment dominated the global RCM market with around 61% share in 2016, followed by hospitals segment. Furthermore, physicians segment is estimated to grow at the highest CAGR of 14.8%, owing to increased complexities of healthcare reimbursement methods, widespread adoption of electronic health records (EHR), varying models of payments, and change in regulations.

Revenue Cycle Management Market Key Segments:
By Type
• Standalone
• Integrated
By Component Type
• Software
• Services
By Deployment
• Cloud
• On-premise
By End-user
• Hospitals
• Physicians
• Diagnostic & ambulatory care centers

Key Benefits
• This report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global revenue cycle management market.
• Porters Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the revenue cycle management market to determine the investment pockets of the market.
• Current and future trends adopted by the key market players are highlighted to determine overall competitiveness of the market.
• The quantitative analysis of the revenue cycle management market growth from 2016 to 2023 is provided to elaborate the market potential.

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The RCM market is categorized based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2016, accounting for around 37% share in the market. However, Asia-Pacific is projected to grow at the highest CAGR of 17.2% during the forecast period.

The report features the competitive scenario of the revenue cycle management market and provides the comprehensive analyses of the significant growth strategies adopted by major players. The key players operating in the RCM market include Cerner Corporation, Eclinicalworks, LLC., Epic Systems Corporation, Gebbs Healthcare Solutions, GE Healthcare, Experian PLC., Mckesson Corporation, Quest Diagnostics Incorporated, Athenahealth, Inc., and Allscripts Healthcare Solutions, Inc.

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