The healthcare revenue cycle management (RCM) assess, optimizes, and manages all the components for obtaining patient information as well as it creates a simplified, integrated workflow to ensure hassle free claims approval. It helps in managing the patient revenue cycle of hospital or other healthcare organizations. Healthcare RCM is divided into software and services. Care360 RCM software developed by Quest Diagnostics is used for complete billing solution that spans from billing claims to denial management.
Increasing adoption rate of RCM software, changing regulatory rules, increasing pressure to curb the surmounting healthcare cost, and rapidly increasing patient inflow drive the market growth. Moreover, increasing number of claims, and rising need for better management software also fuel the growth. Whereas, limited availability of well-trained professionals, and high cost of the software may slow the market growth over the review period.
The global healthcare revenue cycle management market is growing continuously and expected to grow at a CAGR of 12.2% during assessment period 2016-2027
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Major Players in Healthcare Revenue Cycle Management (RCM) market
Some of the major players in this market are Epic Systems Corporation (US), McKesson Corporation (US), Cerner Corporation (US), General Electric Company (US), Allscripts (US), Quest Diagnostic (US), Siemens Healthcare (Germany), AdvantEdge Healthcare Solutions (US), CareCloud (US), Acelerartech (US), and 3M (US).
The global healthcare revenue cycle management (RCM) market is consist of five regions: Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas accounts for the largest market owing to the increasing patient inflow due to increasing prevalence of chronic diseases, well-developed healthcare sector, and high healthcare spending. The Americas consists of two regions namely North America and South America. North America is the major shareholder of the market as result of increasing number of hospitals and healthcare organization in this region. According to the American Hospital Association, in 2016, 5,564 hospitals were registered in the US.
Europe holds the second largest share in the global healthcare RCM market on account of well-developed healthcare infrastructure, government support for researched development, and higher healthcare funds. Germany, France, and the UK are the major contributor to the Europe healthcare revenue cycle management market due to huge healthcare spending.
Asia Pacific is the fastest growing market and the market is driven by improving healthcare infrastructure, presence of huge patient population, and the presence of huge opportunities for development of the market. On the other hand, the Middle East & Africa accounts for the least share in the global healthcare revenue cycle management market.
The global healthcare RCM market is segmented on the basis of deployment, component, product types, and end users. On the basis of deployment, the market is segmented into on-premises and cloud-based.
On the basis of component, the market is categorized into services and software. On the basis of product type, the market is divided into integrated software and standalone software. On the basis of end user, the market is shared into hospitals, ambulatory services, and others.
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- On-premise segment accounts for the largest market share in the global healthcare revenue cycle management (RCM) market whereas the cloud based segment is projected to grow at the fastest CAGR during the forecast period 2017-2027.
- On the basis of component, the software segment accounts for the largest market share of 59.3% in the global healthcare revenue cycle management (RCM)
- The Americas healthcare RCM market is expected to reach USD 67,996.0 million by 2027 at a CAGR of 11.9 % during the forecast period.
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Considering the global scenario of the market, America dominates the global healthcare revenue cycle management (RCM) market owing to the high healthcare revenue, developed technology, adoption of the better management services and the presence of the leading players. North America holds the largest market share in the American healthcare revenue cycle management (RCM) market. According to the Centers for Medicare & Medicaid Services, in 2015, the U.S. healthcare spending increased by 5.8% during the last few years. Europe is the second largest market of the healthcare revenue cycle management (RCM), which is followed by Asia Pacific. The presence of well-developed healthcare sector and high healthcare revenue, the healthcare revenue cycle management (RCM) market in Europe is growing at a CAGR of 12.4%. Asia Pacific is also witnessing a rapid growth in this market due to rapidly increasing awareness regarding the software & services available, increasing patient inflow and rising healthcare expenditure. The Middle East & Africa is expected to experience limited growth. The Middle East is dominating this market by holding the major share of the Middle East & African market owing to the well-developed technology and healthcare sector.
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