The global revenue cycle management market size is expected to reach USD 613.45 billion by 2028 according to a new study by Polaris Market Research. The report “Revenue Cycle Management Market Share, Size, Trends, Industry Analysis Report, By Product Type (Software, Services); By Type (Integrated, Standalone); By Delivery Mode (On-premise, Web-based, Cloud based); By End-Use (Physician Offices, Hospitals, Diagnostic Laboratories); By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Major advantages in outsourcing revenue cycle management services are the availability of skilled professionals, compliance, regulations, and cost-effective services. Owing to such advantages, there is an increasing trend of outsourcing revenue cycle management services over the past few years.
For instance, according to the research done by the Med-USA, around two-thirds of the healthcare facilities are using outsourcing services for their daily workflow management. Hence, increasing adoption of such systems is likely to garner high revenue generation during the revenue cycle management study period.
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However, lack of a proper reimbursement system among insurance providers and other stakeholders and lack of trust in government and private insurers is one of the hurdles in the market growth. For instance, according to the research done by the Healthcare Financial Management Association (HFMA), the average time required to reimburse payment by Medicare or Medicaid is around 28 days, while private insurers take twice more time in the processing of claims. Such delay and plausible discrepancies in reimbursement are creating hurdles in the adoption of such services.
Asia Pacific market for revenue cycle management is expected to witness a lucrative growth rate over the market assessment period. Rising healthcare expenditure, unmet medical needs of the population, and supportive government initiatives are the key market factors primarily responsible for the market growth for revenue cycle management.
Moreover, the region comprises of two most populous nations, India, and China, where there is an urgent need to offer necessary medical attention at a reasonable cost for the ever-rising lifestyle-borne chronic conditions. Thus, this high-impact rendering driver is expected to boost market demand for revenue cycle management systems.
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Market companies operating in the revenue cycle management industry The SSI Group, Inc., AllScripts Healthcare, LLC, Experian Health, R1 RCM Inc., McKesson Corporation, athenahealth, Inc., Epic Systems Corporation, NXGN Management, LLC, CareCloud Corporation, Quest Diagnostics, Inc., and R1 RCM Inc.
Polaris Market Research has segmented the revenue cycle management market report on the basis of product, type, delivery mode, end-use, and region:
Revenue Cycle Management, Product Outlook (Revenue – USD Million, 2016 – 2028)
- Software
- Services
Revenue Cycle Management, Type Outlook (Revenue – USD Million, 2016 – 2028)
- Integrated
- Standalone
Revenue Cycle Management, Delivery Mode Outlook (Revenue – USD Million, 2016 – 2028)
- On-premise
- Web-based
- Cloud based
Revenue Cycle Management, End Use Outlook (Revenue – USD Million, 2016 – 2028)
- Physician Offices
- Hospitals
- Diagnostic Laboratories
- Others
