US Revenue Cycle Management (RCM) Market 2023 Share, Size, Key Players, Revenue Analysis | Prudent Markets

The US Revenue Cycle Management (RCM) Market 2023 Report makes available the current and forthcoming technical and financial details of the industry. It is one of the most comprehensive and important additions to the Prudent Markets archive of market research studies. It offers detailed research and analysis of key aspects of the global US Revenue Cycle Management (RCM) market. This report explores all the key factors affecting the growth of the global US Revenue Cycle Management (RCM) market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis.

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Report Description of the US Revenue Cycle Management (RCM) Market

Research Scope and Assumption

The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)

The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis

We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses

All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis

Inflation has not been accounted for in order to estimate and forecast the market

Numbers may not add up due to rounding off

Research Objective:

To analyze and forecast the market size of US Revenue Cycle Management Market

To classify and forecast US Revenue Cycle Management market based on application, drugs, project type, and application.

To identify drivers and challenges for US Revenue Cycle Management market

To examine competitive developments such as mergers and acquisitions, agreements, collaborations and partnerships, etc., in US Revenue Cycle Management market

To conduct pricing analysis for US Revenue Cycle Management market

To identify and analyze the profile of leading players operating in US Revenue Cycle Management market

Reason to Buy the Report:

Facilitate decision-making based on strong current and forecast data for Revenue Cycle Management (RCM) market

Develop strategies based on the latest regulatory framework

Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market

Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Revenue Cycle Management (RCM) market

Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders

To strategically profile key players and comprehensively analyze their market shares and core competencies

We have technically sound team which do a deep dive research and also provide strategy based consulting analysis

US Revenue Cycle Management (RCM) Executive Summary

Revenue Cycle Management (RCM) refers to the process of identifying, collecting and managing the practices revenue from payers based on the services provided. A successful RCM process is essential for a healthcare practice to maintain financial viability and continue to provide quality care for their patients

The US RCM market offers attractive growth opportunities due to the existence of many major hospitals and health systems, favourable legislation, growing geriatric population, and the country's increasing need to reduce costs in healthcare

Market Size and Key Findings

The US RCM size is at around USD 120.7 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period

US as worlds third largest community, will be growing at faster pace of 11.42% during the forecasted period till 2028. The benefits etched to the revenue cycle management solutions such as secure, flexible, and cost-effective may bring expansive growth prospects for the revenue cycle management market. US has been identified as game changer and fastest growing economy in RCM. Also, the establishment of teams by federal agencies for regulatory reforms leads to the possibility of reclassification of various healthcare products within the medical industry. The healthcare industry can leverage the efficacy & economic value presented by third-party RCM service providers and focus more on a key purpose, which is patient care. The changing aspects of service outsourcing in healthcare RCM are largely driven by finances.

Market Dynamics

Market Growth Drivers Analysis

The volume of electronic data produced in the healthcare industry, primarily due to rising patient volumes and the digitization of administrative, clinical, and financial information, has expanded to terabytes and petabytes. Other major factors contributing to this trend are the sheer diversity of data in healthcare

Rising prominence and usage of HCIT tools

Given how acquisitive large hospital systems have been in recent years with physician offices and independent practices, the outpatient care setting will continue to be a large market opportunity for RCM vendors

Large software companies that previously operated outside of healthcare are entering the space via RCM, as it gives access to provider networks, physician practices, data and analytics from insurance providers, such as claims, denial write-offs and underpayment, and provides a steady form of revenue for the acquirer

Market Restraints

The cost associated with maintaining revenue cycle management software is considerably high. Moreover, IT support and maintenance services, which include modifying and upgrading software as per changing user requirements and maintaining an efficient IT infrastructure, represent a recurring expenditure. This accounts for a large share of the total cost of ownership. Also, post-sale custom interface development for device integration requires additional verification and validation to ensure solution accuracy and completeness. This further increases the total cost of ownership for healthcare providers. As a result of the high costs involved, small healthcare facilities are reluctant to replace their legacy systems with RCM solutions

COVID-19 impact on "US Revenue Cycle Management (RCM)

The Covid-19 pandemic has significantly affected almost all industries across the globe but specifically the healthcare sector. The healthcare providers in the country have reported a significant rise in patient volume, which has also impacted the healthcare costs and medical billing complexities. Due to this, there is a rise in outsourcing of Revenue cycle management (RCM) services in the US as providers need to engage in collaborations for outcome-based, service-level agreement-driven RCM services. This procedure is becoming popular despite the positive impact of the pandemic

Competitive Landscape

Key Players

The Revenue Cycle Management in US study report will provide valuable insights with an emphasis on the US market including some of the key market players such as The SSI Group, Inc., McKesson Corp., Allscripts Healthcare, LLC Athenahealth, Inc., Epic Systems Corp., NXGN Management, LLC, Oncospark Inc., eClinicalWorks

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and revenue analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players

Notable Recent Deals

Some Acquisition and Partnership deals are:

Nexteligent acquired Professional Revenue Management Services Addition expands Nexteligent's National Capabilities for Medical Billing, Coding and Electronic Claims Processing for Clinics

Health Catalyst acquired VitalWare Acquisition helps Health Catalysts ability to scale software on top of its cloud-base data, Operating System and further enhance analytics insights. Coronis Health RCM, LLC acquired Revenue Guard Claims Management Revenue Guard will be excellent addition to the management team and will lead EMS (Emergency Medical Services) vertical for Coronis Health

Revint and Triage merges to become Cloudmed. The merger creates a unique, first-of-its-kind, single source enterprise platform that delivers Revenue Intelligence for a smarter, more predictive way for hospitals and health systems

Healthcare Policies and Regulatory Landscape

Policy Changes and Reimbursement Scenario

Competitive and transparent pricing of services, high quality clinical outcomes, and effective billing and collection process are becoming more important than ever. The front-end of the revenue cycle must be diligent with determining Medicaid eligibility and assist uninsured patients understand their coverage options with the insurance exchanges. One of the biggest challenges in revenue cycle management is the ever-changing healthcare regulations and complex reimbursement models introduced every few years. Practices must stay abreast of these changes and ensure that their staff understands them and performs their tasks in compliance with these regulations. Expertise in all aspects of the change may be hard to attain, especially for smaller practices
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US Revenue Cycle Management (RCM) Market Segmentation

By Delivery:

Products mentioned below are the pillars of US revenue cycle management (RCM) market which are widely used:

Web-based delivery
Cloud-based solutions
On premise
Sourcing insights
In-house segment
Outsourcing segment
External RCM apps/software

Based on sourcing, the in-house segment dominated the market with a revenue share of over 75% in 2020

Physician Specialty Insights
Oncology
Cardiology
Anaesthesia
Radiology
Pathology
Pain management
Emergency services
Others

From the above-mentioned Physician Specialty Insights, the others specialty segment dominated the overall market with a revenue share of over 70%. Increasing insurance coverage for a large number of applications is resulting in the demand for RCM solutions in the majority of specialties, which is one of the key factors for the large share of this segment.

End-user Insights
Hospital's segment
Physician and clinical services segment

From the above-mentioned End-user insights, the hospitals segment dominated the US Revenue Cycle Management (RCM) market with a revenue share of 58.5%. Also, they are executing new technology and collaborating with vendors to steer the ever-changing reimbursement environment, which is likely to boost the segment growth
Highlighted Segments of US Revenue Cycle Management (RCM) Market:

Industry Overview: The first section of the research study covers an overview of the global US Revenue Cycle Management (RCM) Market, market status and prospects, and product range. In addition, it provides highlights of the major segments of the global Market, i.e., region, type, and application segments.

Competitive Analysis: This report illuminates important mergers and acquisitions, business expansion, product or service differences, market concentration, the competitive status of the global US Revenue Cycle Management (RCM) Market, and market size by player.

Company Profiles and Key Data: This section covers companies profiling the major players in the global US Revenue Cycle Management (RCM) Market based on the aforementioned revenue, products, business, and other factors.

Market size by type and application: In addition to providing an in-depth analysis of the industry size by type and application, this section provides research on top end users or consumers and potential applications.

Market Dynamics: This report covers the drivers, trends, and opportunities of the global US Revenue Cycle Management (RCM) Market. This section also includes Porter's analysis of five forces.

Findings and Conclusions: It provides strong recommendations for new as well as established players for securing a position of strength in the global US Revenue Cycle Management (RCM) Market.

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The report covers the competitive analysis of the market. As the demand is driven by a buyer's paying capacity and the rate of item development, the report shows the important regions that will direct growth. This section exclusively shares insight into the budget reports of big-league members of the market helping key players and new entrants understand the potential of investments in the Global US Revenue Cycle Management (RCM) Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market.

Strategic Points Covered in Table of Content of Global US Revenue Cycle Management (RCM) Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the US Revenue Cycle Management (RCM) market
Chapter 2: Exclusive Summary - the basic information of the US Revenue Cycle Management (RCM) Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the US Revenue Cycle Management (RCM)
Chapter 4: Presenting the US Revenue Cycle Management (RCM) Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country
Chapter 6: Evaluating the leading manufacturers of the US Revenue Cycle Management (RCM) market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

Why should you purchase this report?

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-An extra edge in the competitive market could be obtained from this elaborative research report
-The report offers all the competitive landscape, growth drivers, applications, market dynamics, and other necessary details as well.

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