An increase in the number of hospitals and clinics leads to a rise in the adoption of revenue cycle management is the major driver for the growth of the global Revenue Cycle Management (RCM) Market during the forecast period.
JERSEY CITY, N.J., Nov. 2, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Revenue Cycle Management (RCM) Market" By Product (Integrated, Standalone RCM), By Deployment (Web-Based, Cloud-Based, On-Premises), By End User (Hospitals, General Physicians, Labs), and By Geography. According to Verified Market Research, the Global Revenue Cycle Management (RCM) Market size was valued at USD 105.18 Billion in 2020 and is projected to reach USD 249.44 Billion by 2028, growing at a CAGR of 11.22% from 2021 to 2028.
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Global Revenue Cycle Management (RCM) Market Overview
Increasing demand comes from government initiatives which are expected to augment market growth. Technological innovations for the development of cost-effective products are also expected to have a positive impact on growth. In addition, increasing product application scope owing to its advantages, such as reducing billing errors and better processes in healthcare management is expected to fuel the demand for revenue cycle management. Cloud-based demand for RCM solutions and increased consolidation between companies offering end-to-end solutions are further boosting a variety of opportunities which will lead to growth in the RCM market over the forecast period.
The key drivers of the worldwide revenue cycle management market are factors such as decreasing reimbursement in healthcare industries, reducing overall medical costs, government initiatives to introduce revenue cycles management solutions and increasing healthcare expenses. Trends in the Global RCM Market include market consolidation and technological advancements in products and services.
However, lack of a skilled workforce and sophisticated technology are factors that are likely to restrict the use of RCM programs, particularly in the medical sector. High price and maintenance costs, IT infrastructural constraints in emerging markets, and risks associated with data privacy and security are some of the factors which can hinder the growth of the Revenue Cycle Management Market.
Key Developments in Revenue Cycle Management (RCM) Market
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Key players are adopting new growth strategies such as new product launches, product innovation in order to gain market share in the revenue cycle management (RCM) market. For instance, in 2020, the R1 RCM Chicago-based company acquired the revenue business services, nonfederal client relationships of the Cerner RevWorks, LLC. With this acquisition, the R1 Company wants to strengthen its position in the global revenue cycle management (RCM) market.
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In 2020, R1 RCM Inc. which is a company that offers revenue cycle management (RCM) services to various healthcare providers acquired SCI Solutions, Inc. (SCI), a provider of patient access solutions and SaaS-based scheduling. This acquisition will help the company to automate ordering, authorization processes and, scheduling.
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In September 2021, Azalea Health Company which provides health IT solutions and cloud-based patient management in the healthcare sector announced its acquisition of dashboardMD, a cloud provider of healthcare analytics and business intelligence reporting solutions. With this acquisition, the company focuses on expanding its business in the revenue cycle management market.
The major players in the market are Cerner Corporation, Eclinicalworks, LLC, Epic Systems Corporation, Gebbs Healthcare Solutions, GE Healthcare, Experian PLC, Mckesson Corporation, Quest Diagnostics Incorporated, Athenahealth, Inc., and Allscripts Healthcare Solutions Inc.
Verified Market Research has segmented the Global Revenue Cycle Management (RCM) Market On the basis of Product, Deployment, End User, and Geography.
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Revenue Cycle Management (RCM) Market, By Product
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Revenue Cycle Management (RCM) Market, By Deployment
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Revenue Cycle Management (RCM) Market, By End User
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Revenue Cycle Management (RCM) Market by Geography
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