Market Scenario
The healthcare revenue cycle management (RCM) is a software, which manages organization claims processing, payment, and revenue generation. The major role of the software is managing patient revenue cycle of hospital or other healthcare organizations. During the last decade, RCM has got huge attention. Increasing recovery audits, changing government regulations, increasing healthcare revenue and increasing adoption of the RCM software by healthcare organization, and growing number of hospital & healthcare services drive the market growth. According to the U.S. Census Bureau, in 2015, total hospital care expenditure was USD 831.5 billion. In addition to this, according to the Centers for Medicare & Medicaid Services, in 2014, recovery auditors identified and corrected USD 2.39 billion as overpayment and USD 173.1 million as underpayment. Integrated care or integrated health is a concept of bringing inputs, delivery, management, and organization of services related to diagnosis, treatment, care, rehabilitation and health promotion. Rising healthcare spending has led to an increase in the use of the software, ultimately driving the market’s growth. Moreover, increasing pressure to curb the surmounting healthcare cost, developing healthcare technology, and inclination towards integrated healthcare system will also fuel the market’s growth over the forecasted period. However, to operate the RCM software, the staff of the hospital/organization have to coordinate properly. RCM is like a supply chain, if one person does incorrect work, it affects the total outcome. Dearth of well-trained professionals to handle RCM processes, infrastructural loop holes in emerging markets and high cost of deployment may slow the growth of the market.
The healthcare revenue cycle management (RCM) is a software, which manages organization claims processing, payment, and revenue generation. The major role of the software is managing patient revenue cycle of hospital or other healthcare organizations. During the last decade, RCM has got huge attention. Increasing recovery audits, changing government regulations, increasing healthcare revenue and increasing adoption of the RCM software by healthcare organization, and growing number of hospital & healthcare services drive the market growth. According to the U.S. Census Bureau, in 2015, total hospital care expenditure was USD 831.5 billion. In addition to this, according to the Centers for Medicare & Medicaid Services, in 2014, recovery auditors identified and corrected USD 2.39 billion as overpayment and USD 173.1 million as underpayment. Integrated care or integrated health is a concept of bringing inputs, delivery, management, and organization of services related to diagnosis, treatment, care, rehabilitation and health promotion. Rising healthcare spending has led to an increase in the use of the software, ultimately driving the market’s growth. Moreover, increasing pressure to curb the surmounting healthcare cost, developing healthcare technology, and inclination towards integrated healthcare system will also fuel the market’s growth over the forecasted period. However, to operate the RCM software, the staff of the hospital/organization have to coordinate properly. RCM is like a supply chain, if one person does incorrect work, it affects the total outcome. Dearth of well-trained professionals to handle RCM processes, infrastructural loop holes in emerging markets and high cost of deployment may slow the growth of the market.
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The market for healthcare revenue cycle management (RCM) is growing at a healthy pace. The market is expected to grow at the CAGR of 12.2% during the forecast period and is estimated to reach USD 43,500.0 million by 2027.
Key Players for Global Healthcare Revenue Cycle Management (RCM) Market
- 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),
- 3M (US).
Intended Audience
- Healthcare Revenue Cycle Management (RCM) Products Manufacturers
- Healthcare Revenue Cycle Management (RCM) Products Providers
- Medical Research Laboratories
- Research and Development (R&D) Companies
- Market Research and Consulting Service Providers
- Potential Investors
Segmentation
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 types, the market is divided into integrated software, and standalone software.
On the basis of end users, the market is shared into hospitals, ambulatory services and others.
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