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Jan, 08 2024

Optimizing Healthcare Revenue Through Efficient Processes: The Essence of Revenue Cycle Management in Healthcare Industry

The global revenue cycle management (RCM) market refers to the comprehensive management of financial processes in the healthcare industry, spanning patient registration to claim reimbursement. RCM involves streamlining administrative and clinical functions to enhance healthcare providers' revenue generation and financial performance. This includes patient billing, coding, insurance verification, and payment processing. The market encompasses a range of software solutions, services, and technologies designed to automate and optimize these processes, ensuring accuracy, compliance, and efficiency.

Data Bridge Market Research analyses that the Global Revenue Cycle Management (RCM) Market, which was USD 46.62 billion in 2022, would rise to USD 133 billion by 2030 and is expected to undergo a CAGR of 14% during the forecast period 2023 to 2030.

"Increasing adoption of cloud-deployed RCM drive the market growth"

The rising adoption of cloud-deployed revenue cycle management (RCM) is driven by its heightened flexibility and cost-effectiveness. Cloud solutions simplify and secure medical data-sharing, automate backend processes, and facilitate the development and safeguarding of telehealth applications. They prove instrumental in managing electronic medical records, implementing big data analytics, and supporting patient portals and mobile applications, eliminating additional server maintenance costs. As a result, the increased reliance on cloud-deployed RCM enhances market growth by providing healthcare institutions with efficient and streamlined solutions for their financial and operational needs.

What restraints the growth of the global revenue cycle management (RCM) market?

" High unwanted cost associated with revenue cycle management (RCM) hamper the market growth"

The prevalence of hidden costs in revenue cycle management (RCM) systems, including charges for report generation, statement printing, service setup, and cancellation, adversely impacts market growth. Users encounter restrictions and hindered usability due to these concealed fees. Consequently, the presence of hidden costs acts as a deterrent to the widespread adoption and growth of the RCM market.

Segmentation: Global Revenue Cycle Management (RCM) Market

The global revenue cycle management (RCM) market is segmented on the basis of product type, function, deployment, component, and end user.

  • On the basis of product type, the global revenue cycle management (RCM) market is segmented into integrated RCM, and standalone RCM
  • On the basis of function, the global revenue cycle management (RCM) market is segmented into claims and denial management, medical coding, and billing, electronic health record (EHR), clinical documentation improvement (CDI), insurance, and others
  • On the basis of deployment, the global revenue cycle management (RCM) market is segmented into web-based, on-premise, and cloud-based
  • On the basis of component, the global revenue cycle management (RCM) market is segmented into software, and services
  • On the basis of end user, the global revenue cycle management (RCM) market is segmented into hospitals, general physicians, labs, and others

Regional Insights: North America dominates the Global Revenue Cycle Management (RCM) Market

North America dominates the global revenue cycle management (RCM) market, driven by the extensive presence of established hospitals, robust healthcare infrastructure, and a growing imperative to curtail healthcare expenses in the region. Additionally, favorable regulatory frameworks further contribute to substantial growth opportunities within the North America RCM market, positioning it as a key driver in the evolving landscape of healthcare management and financial optimization.

Asia-Pacific is expected to dominate the global revenue cycle management (RCM) market, driven by favorable government initiatives, heightened support, a surge in demand for quality care delivery, growing digital literacy, and increased adoption of healthcare I.T. solutions. The region is poised for significant growth, with these factors collectively contributing to the advancement of efficient and technologically advanced healthcare management systems, fostering a positive trajectory for the RCM market in Asia-Pacific.

Recent Developments: Global Revenue Cycle Management (RCM) Market

  • In 2021, Google LLC expanded its collaboration with Workday, subscribing to additional products such as Workday Extend, Adaptive Planning, Prism Analytics, and Strategic Sourcing. Augmenting its use of Workday RCM, Google aimed to enhance talent management, offering improved employee experiences and recruiting capabilities as part of its ongoing investment in global workforce strategies

To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-revenue-cycle-management-rcm-market

The Prominent Key Players Operating in the Global Revenue Cycle Management (RCM) Market

Include:

  • Oracle Corporation (U.S.)
  • SAP SE (Germany)
  • International Business Machines Corporation (U.S.)
  • NetSuite Inc. (U.S.)
  • Workday, Inc. (U.S.)
  • ADP, LLC (U.S.)
  • Cornerstone OnDemand (U.S.)
  • Benefitfocus Inc. (U.S.)
  • BambooHR (U.S)
  • PeopleFluent (U.S.)
  • Zoho Corporation (India)
  • WebHR (U.S.)
  • CakeHR (U.K)
  • Epicor Software Corporation (U.S.)
  • Infor (U.S.)
  • Kronos Incorporated (U.S.)
  • The Sage Group plc. (U.S.)

Above are the key players covered in the report, to know about more and exhaustive list of global revenue cycle management (RCM) market companies, contact: https://www.databridgemarketresearch.com/contact

Research Methodology: Global Revenue Cycle Management (RCM) Market

Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.


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