Revenue Cycle Management Market Expert Survey Industry Report: Key Trends, Growth, Challenges and Standardization by 2023

The Objective of the Revenue Cycle Management Market report is to depict the trends and upcoming for Revenue Cycle Management Industry over the forecast years. In Revenue Cycle Management Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2017 to 2023 mulling over 2016 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

The revenue cycle management market was valued at $35,419 million in 2016, and is projected to reach at $85,008 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023. Integrated revenue cycle management represents the most attractive market segment that is expected to create lucrative opportunities for industry players.

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Revenue cycle management 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 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.

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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.

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. 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.

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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 (NYSE: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.

Driving factors for the market

1. Supportive growth through regulatory compliance

2. Increasing healthcare spending

3. Growing demand for cloud-based solutions

Market Restraints and Opportunities:

1. High costs associated with RCM deployment

2. Scarcity of trained professionals

3. Increasing market for outsourced RCM Solutions

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