The global revenue cycle management market was revenue was around US$ 123.9 billion in 2022 and is estimated to reach US$ 428.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 13.2% during the forecast period from 2023 to 2032.

Revenue cycle management (RCM) is the method utilized to track the revenue from patients, from their initial encounter or appointment with the healthcare system to their final payment of the balance. This procedure allows the streamlining of the business functions of private practices and healthcare organizations. RCM solutions allow providers to handle and improve revenue cycle functions like patient insurance eligibility verification, medical coding and billing, electronic health records, clinical documentation, and claims and denials management.

Factors Influencing Market Growth

- The supportive growth via regulatory compliance has augmented the demand for revenue cycle management market.

- The rising demand for workflow optimization in healthcare organizations associated with innovative synchronized management software systems is aiding the growth of the market.

- The rise in demand for cloud-based solutions factor notably enables the expansion of the revenue cycle management market.

- The lack of skilled professionals and the high costs related to RCM deployment are the issues that restrict the development of the revenue cycle management industry.

- The growing outsourcing services in growing countries are anticipated to create lucrative opportunities for the growth of the revenue cycle management market in the future.

Impact of COVID-19

The impact of the COVID-19 pandemic had an unprecedented influence on the majority of the healthcare sectors and brought significant changes to the normal functioning of healthcare systems. Healthcare payers and providers struggled with several challenges affecting their revenue earnings and inpatient volume. Also, medical billing complicatedness and the growing healthcare costs made a drastic advancement in demand for outsourcing revenue cycle management solutions across the world.

The surge in demand for developed and innovative RCM solutions navigated key participants to develop value-added features like remote coding services, payer connect, reporting, analytics, and audit and adherence to enhance revenue productivity and generation. This, in turn, has become one of the key factors for the growth of the revenue cycle management market during the global health crisis.

Regional Analysis

In 2022, North America dominated the global revenue cycle management market in terms of revenue due to the surge in demand for IT solutions and the presence of key players in the healthcare sector.

Also, Asia-Pacific is expected to register the highest growth rate in the revenue cycle management market forecast because of the growth in healthcare spending and technological improvements in the healthcare sector.

Leading Companies

The leading prominent companies profiled in the global revenue cycle management market are: -

- Athenahealth, Inc.
- eClinicalWorks
- Epic Systems Corporation
- Experian Information Solutions, Inc.
- GeBBS Healthcare Solutions
- GE HealthCare
- McKesson Corporation
- Oracle Cerner
- Quest Diagnostics Incorporated
- Veradigm LLC.
- Other prominent key players

Segmentation Outline

The global revenue cycle management market segmentation focuses on End-User, Deployment Mode, Type, Component, and Region.

Segmentation based on End-User

- Hospitals
- Physicians
- Diagnostic Laboratories
- Others

Segmentation based on Deployment Mode

- On-Premise
- Cloud

Segmentation based on Type

- Integrated
- Standalone

Segmentation based on Component

- Software
- Services

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa