Healthcare RCM Outsourcing Market Trends And Growth Analysis Report 2024 To 2033

The healthcare rcm outsourcing market size has grown rapidly in recent years. It will grow from $27.17 billion in 2023 to $31.18 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to cost containment, focus on revenue optimization, efficiency and streamlining processes, industry consolidation, demand for specialized services.

The healthcare rcm outsourcing market size is expected to see rapid growth in the next few years. It will grow to $56.44 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to increasing healthcare expenditure, global market expansion, cybersecurity and data privacy, cost efficiency, focus on patient experience. Major trends in the forecast period include complexity in healthcare billing, focus on cost reduction, regulatory changes and compliance, shift towards value-based care, provider focus on core competencies.

Market Overview -
The healthcare RCM outsourcing refers to the outsourcing of financial processes used by healthcare facilities. It manages administrative and clinical claims processing, payment, and revenue-generating operations. The primary advantage of outsourcing hospital revenue cycle management is that it engages an outside team to handle administrative functions like invoicing, auditing, and other non-provider-related duties.

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Healthcare Spending Surge Is A Catalyst For Growth In Healthcare Rcm Outsourcing Market
The rise in healthcare spending is expected to propel the growth of the healthcare RCM outsourcing market going forward. Health expenditure refers to the final spending on 1healthcare goods and services. The growing healthcare expenditures have been driven by direct expenses on new testing and tracing systems, and indirect pandemic costs, such as additional personal protective equipment for frontline healthcare workers. Furthermore, the increasing price and intensity of healthcare-related services have increased government and other institutions' healthcare spending. Due to such an increase in healthcare spending, there is a rise in demand for healthcare RCM outsourcing, which helps to boost provider revenue while minimizing administrative and managing other clinical related activities. For instance, in July 2022, according to OECD Health Statistics 2022, health spending increased by roughly 6% on average in 2021. Additionally, in May 2022, according to JPMorgan Chase & co. report, overall healthcare spending increased by 23% in 2021. Therefore, increasing healthcare spending would drive the growth of the healthcare RCM outsourcing market.

Competitive Landscape -
Major companies operating in the healthcare rcm outsourcing market report are Conifer Health Solutions Inc., MedAssets Inc., R1 Revenue Cycle Management Inc., McKesson Corporation, Parallon Business Solutions LLC, The SSI Group Inc., Cerner Corporation, Cognizant Technology Solutions Corporation, Optum360 Inc., Greenway Health LLC, Medvertex Inc., International Business Machines Corporation (IBM), MediRevv Inc., Drchrono Inc., Pulse Systems Inc., edgeMED Healthcare GmbH, Xtelligent Healthcare Media LLC, Connvertex Technologies Inc., Meridian Management Group Inc., General Electric Company, Bolder Healthcare Solutions LLC, Pyramid Healthcare Solutions Inc., Navigant Healthcare LLC, Cymetrix Corporation, BancTe Inc., Etransmedia Technology Inc., CCS Revenue Cycle Management LLC, MediGain Inc., Emdeon Inc., Precyse Solutions LLC, CareCloud Inc., Change Healthcare Inc., Clearlake Capital Group L.P.

Innovative Trends In Healthcare Revenue Cycle Management Outsourcing Through The Impact Of Artificial Intelligence And Machine Learning
Technological innovation is a key trend gaining popularity in healthcare RCM outsourcing. Major companies operating in the healthcare RCM outsourcing market are focused on delivering innovative solutions by incorporating artificial intelligence and machine learning in their RCM processes. Machine learning is a subfield of artificial intelligence and computer programming that utilizes algorithms and data to mimic the ways of human knowledge and gradually improve its accuracy. For instance, in June 2022, Olive AI, a US-based automation company creating the internet of healthcare, launched an autonomous revenue cycle (ARC) system to automate the revenue cycle management process in healthcare. Olive's ARC reshapes RCM by reducing manual chores through intelligent automation, allowing healthcare businesses to focus more on patient care and reducing employee stress. It combines with pre-existing EHR and practise management systems to use an organization's data sources and claims data over time to become more intelligent and efficient.

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Key Segments -

The healthcare rcm outsourcing market covered in this report is segmented -

1) By Type: Pre-intervention, Intervention, Post-intervention
2) By Service: Back-end, Middle, Front-end
3) By End User: Clinics, Hospitals, Ambulatory Surgery Centres, Other End users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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