By The global healthcare revenue cycle management market is expected to reach USD 1,212.3 billion by 2032, growing at a CAGR of 12.4% from 2023 to 2032, according to a new report by EIN Presswire.
The global healthcare revenue cycle management market is expected to reach USD 1,212.3 billion by 2032, growing at a CAGR of 12.4% from 2023 to 2032, according to a new report by EIN Presswire. The report provides an in-depth analysis of the market size, share, trends, drivers, restraints, opportunities, and forecast for the global healthcare revenue cycle management industry. The report also covers the key segments, regions, and competitive landscape of the market.
Healthcare revenue cycle management (HRCM) is the process of managing the financial aspects of healthcare services, from patient registration and appointment scheduling to billing and collections. HRCM helps healthcare providers to optimize their revenue, reduce costs, improve cash flow, and enhance patient satisfaction.
The global healthcare revenue cycle management market is driven by several factors, such as the increasing adoption of electronic health records (EHRs), the rising demand for cloud-based solutions, the growing need for regulatory compliance, the emergence of big data analytics, and the surge in healthcare spending and insurance coverage. Moreover, the COVID-19 pandemic has created new challenges and opportunities for the HRCM market, as healthcare providers have to cope with the increased volume and complexity of claims, the shift to telehealth and remote services, and the changing reimbursement policies.
The global healthcare revenue cycle management market is segmented by product, function, deployment, end-user, and region
The global healthcare revenue cycle management market is segmented by product, function, deployment, end-user, and region. Based on product, the market is bifurcated into software and services. The software segment accounted for the largest market share in 2022, owing to the benefits of software such as automation, accuracy, efficiency, and integration. The services segment is expected to witness the fastest growth during the forecast period, due to the rising demand for outsourcing and consulting services.
Based on function, the market is classified into claims and denial management, medical coding and billing, eligibility verification, payment remittance, and others. The claims and denial management segment dominated the market in 2022, as it is the most critical and complex function of HRCM, involving the submission, processing, and follow-up of claims. The payment remittance segment is projected to register the highest CAGR from 2023 to 2032, as it involves the reconciliation and adjustment of payments received from payers.
Based on deployment, the market is divided into on-premise and cloud-based. The on-premise segment held the major market share in 2022, as it offers more control, security, and customization for healthcare providers. The cloud-based segment is anticipated to exhibit the fastest growth rate during the forecast period, as it offers more scalability, flexibility, and cost-effectiveness for healthcare providers.
Based on end-user, the market is categorized into hospitals, physician’s offices, and others. The hospitals segment accounted for the largest market share in 2022, as hospitals have to deal with a large number of patients, services, and claims, and require efficient and effective HRCM solutions. The physician’s offices segment is expected to grow at the highest CAGR from 2023 to 2032, as physician’s offices are increasingly adopting HRCM solutions to streamline their workflow and improve their revenue.
Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America dominated the market in 2022, owing to the presence of a well-established healthcare infrastructure, a high adoption rate of EHRs and HRCM solutions, and favorable government initiatives and policies. Asia-Pacific is estimated to be the fastest-growing region during the forecast period, due to the rising healthcare expenditure, the growing awareness and demand for HRCM solutions, and the increasing penetration of cloud-based and mobile-based solutions.
The global healthcare revenue cycle management market is highly competitive and fragmented, with the presence of several key players and new entrants
The global healthcare revenue cycle management market is highly competitive and fragmented, with the presence of several key players and new entrants. Some of the major players operating in the market are Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, Athenahealth, Inc., GE Healthcare, Conifer Health Solutions, LLC, Experian PLC, eClinicalWorks, and R1 RCM Inc. These players are adopting various strategies, such as mergers and acquisitions, partnerships and collaborations, product launches and innovations, and geographic expansions, to gain a competitive edge and increase their market share.
For instance, in January 2023, Cerner Corporation acquired AbleVets LLC, a strategic IT consulting and engineering firm, to enhance its capabilities and offerings in the federal health market. In December 2022, McKesson Corporation announced the completion of its joint venture with Change Healthcare, a leading provider of software and analytics, network solutions, and technology-enabled services, to create a new healthcare information technology company.
Conclusion
The global healthcare revenue cycle management market is expected to witness robust growth by 2032, driven by the increasing adoption of electronic health records, the rising demand for cloud-based solutions, the growing need for regulatory compliance, the emergence of big data analytics, and the surge in healthcare spending and insurance coverage. The market is segmented by product, function, deployment, end-user, and region. The market is highly competitive and fragmented, with the presence of several key players and new entrants.