Dublin, Oct. 27, 2021 (GLOBE NEWSWIRE) -- The "Revenue Cycle Management/RCM Market by Product & Services (Eligibility Verification, Clinical Coding, CDI, Claims Processing, Denial Management, Outsourcing Services, Cloud), End User(Payers, Hospitals, Outpatient), Covid-19 Impact - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global revenue cycle management market is projected to reach USD 67.8 billion by 2026 from USD 40.9 billion in 2021, at a CAGR of 10.6% during the forecast period.
The growth of this market is majorly attributed to the growing regulatory requirements & government initiatives to boost the adoption of RCM solutions, increasing patient volumes, and the growing need to manage unstructured healthcare data.
However, the deployment of RCM software and the associated infrastructure requires significant investments, owing to which the adoption of RCM is low among small healthcare organizations. This, along with a dearth of skilled personnel, is expected to challenge market growth in the coming years.
The outsourcing services segment will grow at the highest rate during the forecast period.
Based on product & services, the revenue cycle management market has been segmented into solutions and outsourcing services. The outsourcing services segment is expected to grow at the highest growth rate during the forecast period. The large share and high growth of this segment can be attributed to the lack of IT infrastructure and the shortage of skilled HCIT personnel.
By delivery mode, the on-premise segment accounted for the largest share of the revenue cycle management market in 2020.
On the basis of delivery mode, the global revenue cycle management market is segmented into on-premise and cloud-based. On-premise accounted for the largest share in the revenue cycle management market. The large share of this segment is attributed to the increasing demand for mobile support systems for better customer (patient) engagement platforms.
By end-user, the healthcare providers segment will grow at the highest rate during the forecast period.
Based on end-user, the global revenue cycle management market is segmented into healthcare providers and healthcare payers. The healthcare providers segment accounted for the largest share in the Revenue cycle management market. The large share of this segment can be attributed to the growing need to automate the process from patient registration to billing and claims processing and provide better transparency that improves the overall financial health of the provider organization.
The market in Middle East & Africa is projected to witness the highest growth rate during the forecast period (2020-2026).
North America accounted for the largest share of the IoT medical devices market in 2020. The large share of North America can be attributed to factors such as stringent regulations, increasing volume of claims denials, the presence of a high number of private healthcare payers and well-established government payers, and a large number of healthcare IT companies are some of the factors driving the growth of the revenue cycle management market in this region.
The Middle East & Africa market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the due to government initiatives to promote eHealth, rising medical tourism, growing awareness, and the growing demand for quality healthcare.
R1 RCM (US), Cerner Corporation (US), Optum (US) are the leading players in the market. Other players include McKesson Corporation (US), Change Healthcare (US), 3M (US), Experian plc (Ireland), Conifer Health Solutions (US), Allscripts Healthcare Solutions (US), GE Healthcare (US), Cognizant (US), athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US)
Growing Regulatory Requirements and Government Initiatives Are Driving the Growth of this Market
India is Expected to Register the Highest Growth Rate During the Forecast Period
MEA to Register the Highest Growth Rate During the Forecast Period (2021-2026)
Developing Markets to Register Higher Growth During the Study Period
Growing Regulatory Requirements & Government Initiatives to Boost the Adoption of RCM Solutions
Increasing Patient Volume and Subsequent Growth in Health Insurance
Loss of Revenue Due to Billing Errors and Declining Reimbursements
Growing Need to Manage Unstructured Healthcare Data
Rising Demand for Robust Process Improvements in Healthcare
High Deployment Costs
IT Infrastructural Constraints in Underdeveloped and Developing Countries
Increasing Outsourcing Services in Developing Countries
Growing Demand for Ai & Cloud-Based Deployment
Issues Related to Data Security and Confidentiality
Reluctance to Switch from Conventional Methods
Patent Publication Trends
Jurisdiction Analysis: Top Applicants (Countries) for Revenue Cycle Management Patents
Increasing Number of Partnerships and Collaborations to Drive Innovation
Growing Adoption of End-To-End RCM Solutions
Shift Toward Outpatient Facilities
Advantedge Healthcare Solutions
Allscripts Healthcare, LLC
Conifer Health Solutions
Constellation Software Inc.
Epic Systems Corporation
Gebbs Healthcare Solutions
Huron Consulting Group Inc.
Nthrive Revenue Systems, LLC
R1 RCM, Inc.
Ssi Group, LLC
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