The global revenue cycle management (RCM) market is set to reach USD 216,990.6 million by 2026, registering a CAGR of 12.4% during the forecast period. Increasing inclination of patients to get outpatient care is one of the main driving factors for this market. Inpatient care, where people stay in a hospital overnight, is an expensive endeavor as it involves multiple costs and taxes that shoot up the hospital bill. Outpatient options are cheaper wherein the patient only needs to pay for consultation and medicines and gets the remaining care outside the hospital, such as in her home. In recent years, outpatient revenue has grown at a rapid pace and it has led to a sudden surge in the demand for RCM solutions. For example, data released by the American Hospital Association in 2019 shows that net outpatient revenue increased by 5.7% from 2016 to 2017, standing at $472 billion in 2017. This is indicative of the rising preference for outpatient care which has significantly added to healthcare revenue cycles and raised the demand for RCM tools.
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The report covers :
o Global Revenue Cycle Management Market trends, with detailed analysis on consumer trends & manufacturer trends.
o Overview on supply analysis covering trends across raw material suppliers, technology providers and distributors.
o Key areas of investments identifying market opportunities and challenges in forecast timeframe.
o Competitive analysis of the industry players along with the overview on strategic management.
o Comprehensive company profiles of the major industry players.
An Overview of the Impact of COVID-19 on this Market :
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Leading Players operating in the Revenue Cycle Management Market are :
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Conifer Health Solutions, LLC
- McKesson Corporation
- R1 RCM Inc.
- Epic Systems Corporation
- GeBBS Healthcare Solutions
- athenahealth, Inc.
- Allscripts Healthcare, LLC
Asia-Pacific to Showcase an Impressive CAGR; North America to Dominate
Increasing adoption of RCM software solutions and a widening patient population, mainly in India and China, are expected to boost the marketin Asia-Pacific. However, North America is anticipated to dominate the global revenuecycle managementmarket share owing to a well-entrenched healthcare insurance infrastructure and a strong presence of important market players. Europe is expected to grow at a smooth pace, primarily on account of the rising proclivity for outsourcing.
Constant Rise in Healthcare Costs to Propel Market Demand
Population growth, increasing number of aging people, and the growing prevalence of a multitude of diseases across the globe have led to a sustained rise in healthcare costs. In the US, for example, healthcare spending has risen by approximately a trillion dollars between 1996 and 2015, a study published in the Journal of American Medical Association reveals. The study also projects that by 2027, this number is likely to reach 6 trillion, or $17,000 per person. At the global level, a Deloitte report points out that between 2017 and 2022, healthcare spending will increase by 5.4% annually, reaching USD 10.059 trillion. This means that the healthcare industry is poised for substantial revenue generation period, which would escalate the demand for revenue cycle management software and accelerate the RCM market revenue till 2026.
Increasing Investment in Innovation to Energize Market Competition
Investing in research and development to create innovative products is emerging as the dominant being adopted by companies to solidify their presence in the RCM market. For example, in February 2017, McKesson unveiled its new revenue cycle management program, Healthy Hospital, that utilizes advanced analytics to help hospitals to identify areas where revenue generation can be sped up and financial performance optimized. Similarly, Apprio, Inc. inaugurated its specialized RCM division called APPRIOHEALTH in March 2019 with a view to deliver advanced RCM technologies to its clients.
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