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Global Revenue Cycle Management (RCM) Market – Industry Trends and Forecast to 2029

  • Healthcare
  • Upcoming Report
  • Oct 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Healthcare
  • Upcoming Report
  • Oct 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Revenue Cycle Management (RCM) Market, By Product Type (Integrated RCM, Standalone RCM), Function (Claims and Denial Management, Medical Coding and Billing, Electronic Health Record (EHR), Clinical Documentation Improvement (CDI), Insurance, Others), Deployment (Web-based, On-premise, Cloud-based), Component (Software, Services), End User (Hospitals, General Physicians, Labs, Others) – Industry Trends and Forecast to 2029

Revenue Cycle Management (RCM) Market

Revenue Cycle Management (RCM) Market Analysis and Size

Revenue cycle management (RCM) software, an enterprise application solution, has become essential in all businesses because it automates the time-consuming clerical tasks associated with employee data, payroll, and benefits administration. However, the recent growth of the HCM software market is due to the enormous opportunities created by expanding SMEs across regions.

Data Bridge Market Research analyses that the revenue cycle management (RCM) market was valued at USD 40.9 billion in 2021 and would reach an estimated value of 112.64 billion by 2029, growing at a CAGR of 13.50% during the forecast period. Data Bridge Market Research report on Revenue Cycle Management (RCM) market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth. Rising enterprise adoption of IoT is expected to drive the market for call centre platforms.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014-2019)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Product Type (Integrated RCM, Standalone RCM), Function (Claims and Denial Management, Medical Coding and Billing, Electronic Health Record (EHR), Clinical Documentation Improvement (CDI), Insurance, Others), Deployment (Web-based, On-premise, Cloud-based), Component (Software, Services), End User (Hospitals, General Physicians, Labs, Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

Oracle Corporation (U.S.), SAP SE (Germany), International Business Machines Corporation (U.S.), NetSuite Inc. (U.S.), Workday, Inc. (U.S.), Ultimate Software Group, Inc. (U.S.), ADP, LLC (U.S.), Cornerstone OnDemand (U.S.), Benefitfocus Inc. (U.S.), BambooHR (U.S), PeopleFluent (U.S), Ultimate Software Group, Inc. (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)

Opportunities

  • Rise in geriatric and paediatric renal disease patients

  • Increase in demand from emerging economies
  • Technological advancements and modernization in healthcare techniques

Market Definition

Revenue cycle management is the management of all administrative and clinical operations that contribute to patient service and directly or indirectly to revenue to maximize profits. The RCM process allows health providers to maximize their income by processing claims. Revenue cycle management encompasses procedures such as patient registration, medical coding, insurance eligibility and verification, payment and AR management, and claim processing. The four most important RCM components are patients, billing businesses, healthcare providers, and insurance payers.

Revenue Cycle Management (RCM) Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

  • Increasing adoption of artificial intelligence

Increasing demand for artificial intelligence and machine learning in various RCM suites, rising need to reduce HR-related costs, prevalence of advanced solutions in the form of data processing and management, rising usages of RCM for souring & recruiting, applicant tracking, time & attendance management, payroll & compensation, and others will likely accelerate the growth of the revenue cycle management (RCM) market during the forecast period

  • Prevalence of cloud-based software solution and adoption of digital technologies

The prevalence of cloud-based software solutions and the adoption of digital HR technology will provide various opportunities for the growth of the revenue cycle management (RCM) market during the forecast period.

Restraints

The lack of qualified personnel and advanced technology are likely to stymie the use of RCM systems, particularly in the medical field. High purchase and maintenance costs, IT infrastructure constraints in emerging markets, and data privacy and security concerns are just a few of the challenges that could stymie the growth of the revenue cycle management market.

This revenue cycle management (RCM) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the revenue cycle management (RCM) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Revenue Cycle Management (RCM) Market

Because of the COVID-19 pandemic, businesses around the world are adopting a remote work culture, posing new challenges for RCM software and service providers. The main challenge is keeping offerings up to date with changing organizational cultures. RCM providers can advance their software during this pandemic by adding new capabilities, such as tracking employee health and location. This is expected to increase the uptake of RCM software. However, enterprises' cost cutting and project delays may limit RCM software adoption.

Recent Development

  • Workday announced in September 2021 that Google LLC had subscribed to additional products to support its global workforce, including Workday Adaptive Planning, Workday Extend, Workday Prism Analytics, and Workday Strategic Sourcing. Google will also expand its current use of Workday RCM as part of its ongoing investment in talent management strategies, adding new applications to deliver enhanced employee experiences and recruiting to support its global workforce.
  • Workday and Microsoft announced a partnership in May 2020. This collaboration aims to expand cloud-based enterprise planning software by running workday adaptive planning on the Microsoft Azure cloud.
  • Ultimate Software launched Employee File Management in July 2019, allowing HR professionals to easily share documents with third parties regardless of their location.

Global Revenue Cycle Management (RCM) Market Scope

The revenue cycle management (RCM) market is segmented on the basis of product type, function, deployment, component and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product type

  • Integrated RCM
  • Standalone RCM

Function

  • Claims and denial management
  • Medical coding and billing
  • Electronic health record (EHR)
  • Clinical documentation improvement (CDI)
  • Insurance
  • Others

Organization size

  • Software
  • Services

Deployment Model

  • Cloud
  • On premise
  • Web based

End user

  • Hospitals
  • General physicians
  • others

Revenue Cycle Management (RCM) Market Regional Analysis/Insights

The revenue cycle management (RCM) market is analysed and market size insights and trends are provided by country type, product type, function, deployment, component and end user. as referenced above.

The countries covered in the revenue cycle management (RCM) market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa.

North America dominates the revenue cycle management (RCM) market in terms of market share and revenue, and this dominance is expected to continue throughout the forecast period. This is due to the presence of well-established hospitals and healthcare infrastructure, favorable regulations, and a growing need in this region to reduce healthcare costs.

Asia-Pacific, on the other hand, is expected to grow at the fastest rate during the forecast period, owing to increasing government initiatives to improve healthcare quality and rising healthcare expenditure in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Revenue Cycle Management (RCM) Market Share Analysis

The revenue cycle management (RCM) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to revenue cycle management (RCM) market.

Some of the major players operating in the revenue cycle management (RCM) market are:

  • Oracle Corporation (U.S.)
  • SAP SE (Germany)
  • International Business Machines Corporation (U.S.)
  • NetSuite Inc. (U.S.)
  • Workday, Inc. (U.S.)
  • Ultimate Software Group, Inc. (U.S.)
  • ADP, LLC (U.S.)
  • Cornerstone OnDemand (U.S.)
  • Benefitfocus Inc. (U.S.)
  • BambooHR (U.S)
  • PeopleFluent (U.S)
  • Ultimate Software Group, Inc. (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)


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Frequently Asked Questions

The Revenue Cycle Management (RCM) Market is projected to grow at a CAGR of 13.50% during the forecast period by 2029.
The future market value of the Revenue Cycle Management (RCM) Market is expected to reach USD 112.64 billion by 2029.
The major players in the Revenue Cycle Management (RCM) Market are Oracle Corporation (U.S.), SAP SE (Germany), International Business Machines Corporation (U.S.), NetSuite Inc. (U.S.), Workday, Inc. (U.S.), Ultimate Software Group, Inc. (U.S.), ADP, LLC (U.S.), Cornerstone OnDemand (U.S.), Benefitfocus Inc. (U.S.), BambooHR (U.S), PeopleFluent (U.S), Ultimate Software Group, Inc. (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).
The country covered in the Revenue Cycle Management (RCM) Market are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, etc.