The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global revenue cycle management market size is anticipated to reach USD 160.3 billion by 2027, registering a CAGR of 12.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing government reforms favoring the adoption of revenue cycle management (RCM) solutions in healthcare settings, growing inclination toward cloud-based solutions, and increasing outsourcing of RCM services are the key factors driving the global market.
Based on product type, the market is segmented into software and services. The software segment dominated the market in 2019 with a market size of around USD 39.0 billion. Increasing adoption of RCM solutions in healthcare settings for effectively managing the patient data and growing patient pool are the major factors driving the market growth. On the other hand, services is anticipated to be the fastest-growing segment over the forecast period. Growing outsourcing of revenue cycle management services owing to the shortage of resources and inexpensive labor costs are the major factors driving the growth of this segment.
Integrated RCM solutions dominated the market in 2019, with a revenue share of 69.0%. Integrated solutions offer a streamlined and coordinated format on a wide variety of financial activities via single platform. Moreover, integrated solutions are quite cost-effective as compared to standalone solutions. Unlike standalone solutions, they are composed of various modules that cost-effectively manage parallel activities taking place in a healthcare setting.
North America dominated the RCM market in 2019 with the highest revenue share. Availability of favorable reimbursements and government initiatives for the implementation of RCM systems are the major factors driving the market growth. On the other hand, Asia Pacific is anticipated to be the fastest growing region over the forecast period, owing to the availability of low cost labor and entry of major players in the region.
Further key findings from the report suggest:
- The market is anticipated to be expand significantly owing to increased adoption of RCM systems in healthcare settings
- The software segment accounted for a major share in 2019 with a market size of around USD 39.0 billion due to increasing demand for HIT systems
- Integrated RCM solutions held the largest market share of 69.0% in 2019, as they are cost-effective as compared to standalone solutions
- North America dominated the revenue cycle management market in 2019 owing to the availability of favorable reimbursement policies, presence of well-developed healthcare infrastructure, and growing adoption of RCM solutions and their long-term benefits
- Some of the key market participants are Allscripts Inc.; Cerner Corporation; Change Healthcare; Epic Systems Corporation; CareCloud Corporation; and McKesson Corporation.
- These companies are focusing on strategic collaborations and introduction of new products to survive the market competition