Global Healthcare Revenue Cycle Management Market is estimated to grow at a CAGR of 11-12% by 2027 - Key Market Players are SSI Group, Veradigm, R1 RCM & McKesson Corporation

Healthcare Revenue Cycle Management refers to the process of identifying, collecting and managing the practice's revenue from payers or patients based on the services provided. A successful healthcare RCM process is necessary for a healthcare practice to maintain their financial viability and continue offering quality patient care.

An Increasing Potential of RCM Outsourcing in the Healthcare Segment Drives the Growth of the Healthcare RCM Market

Recent and advanced technologies provided by outsourcing partnerships can provide streamlined workflows, improved efficiency, major emphasis on patient care, timely and enhanced reimbursement, error-free billing, enhanced patient payments and accuracy, all of which can lead to the decreased costs and improved revenue collection. Thus, the companies are now adopting digitally enabled modular solutions to enhance their overall healthcare RCM operations by joining forces with third-party service providers who combine people, process and technology into one robust and reliable healthcare revenue cycle ecosystem.

Growing Adoption of RCM Solutions in the Healthcare Segment Triggers Its Global Market Demand

An efficient and a high-functioning revenue cycle is very important to any healthcare organization's operational success. Healthcare RCM helps all the healthcare organizations to improve their cash flow, enhance the staff performance and patient experience, optimize their revenue, prevent revenue leakage, decrease the costs, improve service and efficiency and ensure compliance with regulatory needs. Thus, a clinically driven revenue cycle empowers organizations to further drive their results, like limiting denials, growing clean claim rates, reducing re-work and reducing the chance for any delayed or missed reimbursement opportunity.

Key Market Challenges: Healthcare Revenue Cycle Management Market

Higher pricing and maintenance of the Healthcare RCM solutions, shortage of developed IT infrastructure, dynamic healthcare regulations, complex reimbursement models which are introduced after every few years, taking payments from patients and training the staff members are some of the chief factors to impact the growth of the healthcare revenue cycle management market during the forecast period.

North America is Set to Hold a Higher Market Share in the Healthcare RCM Market

From a geographical overview, North America is estimated to hold a larger market share in the healthcare revenue cycle management market. This can be mainly attributed to an increasing adoption of Healthcare RCM in healthcare and life science sector, globally adoption of cloud-based healthcare solutions, growing demand to manage unstructured healthcare data, adoption of electronic health records and the presence of leading market players in this region.

Competitive Landscape Analysis: Healthcare RCM Market

Some of the leading and established players operating in the global healthcare revenue cycle management market are The SSI Group LLC, Veradigm Inc, R1 HEALTHCARE RCM Inc, and McKesson Corporation, etc.

Aggressive Growth Strategies Followed by the Leading Market Players to Establish Their Foothold in the Global Healthcare Revenue Cycle Management Market

All leading players operating in the global healthcare revenue cycle management market are following organic and inorganic growth strategies such as collaborations, acquisitions, advancements and new product launches to gain a higher market share in the global market.

For Example,
• In January 2023, Optum and Owensboro Health announced that they have entered into a partnership to improve the patient care and patient experience while meeting the community's growing healthcare demands.
• In August 2022, R1 RCM Inc. announced that they have entered into a 10-year partnership with St. Clair Health to serve as its major service provider of end-to-end healthcare RCM services.

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Ruta Halde
Associate, Medi-Tech Insights
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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

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