About Healthcare Revenue Cycle Management
Healthcare cycle management refers to the software that enables organizations to be paid for providing service. It is present from pre-registering a patient to all way through payment collection and provides healthcare facilities which can track patient care episodes.RCM management helps to manage time and work efficiently.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 20.3% |
RCM solution offers long term benefit which is the major reason behind its high uptake in the region. The global healthcare revenue cycle management is moderately fragmented. The industry competitors are focusing on organic strategies such as merger and acquisition, the partnership to increase the revenue share in the industry. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Healthcare Revenue Cycle Management market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
General Electric Company (United States), Epic Systems (United States), Cerner Corporation (United States), Gebbs Healthcare Solutions (Germany), McKesson Corporation (United States), Quest Diagnostics (United States), Allscripts (United States) and Siemens Healthcare (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Athenahealth, Inc. (United States), Ellucian (United States), Change Healthcare (United States), GE Healthcare (United States) and Epic Systems Corporation (United States).
Segmentation Overview
AMA Research has segmented the market of Global Healthcare Revenue Cycle Management market by Type (Integrated and Standalone), Application (Hospitals, Physicians and Diagnostic & Ambulatory Care Centers) and Region.
On the basis of geography, the market of Healthcare Revenue Cycle Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Function, the sub-segment i.e. Claims & Denial Management will boost the Healthcare Revenue Cycle Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End use, the sub-segment i.e. Physicians will boost the Healthcare Revenue Cycle Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. On Premise will boost the Healthcare Revenue Cycle Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Integration of Advanced Technologies in Healthcare RCM Software and Strategic Partnership and Acquisition
Market Growth Drivers:
Process Improvement in Healthcare Organization and Government Initiatives to Increase the Adoption of RCM Solutions
Challenges:
Risk Associated With Data Security and Privacy and Integration of RCM Solutions Within Healthcare Organizations
Restraints:
High Pricing and Costly Maintenance of Healthcare Revenue Cycle Management Solution and Lack of Skilled IT Professionals
Opportunities:
Rising Demand For Healthcare Revenue Cycle Management in Emerging Countries and Growing Consolidation Among Vendors For End To End Solution
Market Leaders and their expansionary development strategies
In September 2023, Aspirion acquires FIRM Revenue Cycle Management Services. This acquisition expanded Aspirion's presence in the denied and unpaid claims recovery segment.
In September 2022, AGS Health, a leading revenue cycle management (RCM) solutions provider and strategic growth partner to some of the largest healthcare systems in the U.S., announces the launch of the AGS AI Platform, a connected solution that blends artificial intelligence (AI) and automation
As per the Centers for Medicare & Medicaid Services (CDC) Actuary Releases 2017, the private health insurance spending is projected to average 4.7% over 2017-2026. Additionally, As per World Bank Data 2015, the estimated healthcare expenditure in the U.S. was 16.9% of GDP that is comparatively higher than other countries
Key Target Audience
Hospitals and Clinics, Suppliers and Distributors, Raw Material Suppliers, Pharmaceutical & Biotechnology Industries, Research Institutes, Potential Investors and Government Associations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.