Global Healthcare Revenue Cycle Management Outsourcing Market, By Product (Integrated, Standalone), Function (Claims and Denial Management, Medical Coding and Billing, Eligibility Verification, Payment Remittance), Deployment (On-premise, Cloud Based), Type (Pre-Intervention, Intervention, Post-Intervention), Services (Back-End Services, Middle Services, Front-End Services), Application (Small/Rural Hospitals, Community Hospitals, Large Hospitals and Academic Medical Centers Services) – Industry Trends and Forecast to 2030.
Healthcare Revenue Cycle Management Outsourcing Market Analysis and Size
Rising industrialization and urbanization rates, as well as a rapid rise in disease prevalence across the globe, an increasing geriatric population, an increase in the operating costs of healthcare facilities and medical billing companies, are among the major factors driving the healthcare revenue cycle management outsourcing market. Furthermore, technological advancements and modernization in the healthcare sector will create new opportunities for the healthcare revenue cycle management outsourcing market between 2023 and 2029.
Data Bridge Market Research analyses that the healthcare revenue cycle management outsourcing market which was USD 2.76 billion in 2022, is expected to reach USD 8.56 billion by 2030, at a CAGR of 15.2% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Healthcare Revenue Cycle Management Outsourcing Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Integrated, Standalone), Function (Claims and Denial Management, Medical Coding and Billing, Eligibility Verification, Payment Remittance), Deployment (On-premise, Cloud Based), Type (Pre-Intervention, Intervention, Post-Intervention), Services (Back-End Services, Middle Services, Front-End Services), Application (Small/Rural Hospitals, Community Hospitals, Large Hospitals and Academic Medical Centers Services)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Cognizant (U.S.), Merriam-Webster, Incorporated (U.S.), Health Systems Management Network (U.S.), Oracle (U.S.), Constellation Healthcare Technologies (U.S.), Firstsource (India), Meridian Medical Management (U.S.), Conifer Health Solutions, LLC. (U.S.), CareCloud, Inc. (U.S.), Source Medical (U.S.), edgeMED Healthcare, LLC (U.S.), MediRevv (U.S.), Greenway Health, LLC (U.S.), R1 RCM, Inc. (U.S.), Parallon (U.S.), Waystar (U.S.) and PracticeMax (U.S.)
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Market Opportunities
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Market Definition
RCM is a type of financial process that is used for claim processing, payment management, and revenue generation. It is typically used by healthcare facilities or medical billing companies to address issues and track the claims process. It also aids in the reduction of operating costs for office infrastructure, equipment, and software, as well as the maintenance of billing operations.
Global Healthcare Revenue Cycle Management Outsourcing Market Dynamics
Drivers
- Rising data for big data analytics and its integration
Big data analytics advancements are expected to drive market growth over the forecast timeframe, as big data analytics has the potential to improve healthcare revenue cycle management. It is a platform capable of managing large databases efficiently. The use of such software allows healthcare providers to store a large amount of data while significantly lowering operational costs. Big data analytics software facilitates efficient data processing and analysis, allowing for faster decision-making.
Furthermore, hospitals in developed countries have recently begun to use big data analysis and AI applications in areas such as denial prediction, insurance pre-certification, and coding and billing. Such scenarios will increase adoption among healthcare providers, propelling the industry forward.
Opportunities
- Surging demand for integrated systems
Integrated HRCM software combines several applications into a single product, allowing data sharing between all or most modules. Patient scheduling, medical billing, and electronic health record applications are integrated software that aid daily operations. Large healthcare organizations prefer integrated systems because they make it easier to process large databases of various types and allow for expansion to multiple locations. As a result of these benefits, customer interest in integrated healthcare revenue cycle management solutions has increased, which will boost market.
Restraints/Challenges
- Stringent regulations by government
In recent years, governments in a number of countries have enacted stringent healthcare laws, significantly raising the operational costs of healthcare facilities and medical billing firms. This has created opportunities for outsourcing firms to assist them with revenue cycle management, which is a major factor accelerating the growth of the healthcare revenue cycle management outsourcing market.
High technology costs and rising legislative and regulatory pressure are among the major factors that will obstruct market growth and further challenge the growth of the healthcare revenue cycle management outsourcing market during the forecast period.
This healthcare revenue cycle management outsourcing market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare revenue cycle management outsourcing market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on the Healthcare Revenue Cycle Management Outsourcing Market
COVID-19 had a significant impact on the HRCM industry. Government measures such as lockdowns and travel restrictions hampered the healthcare industry by reducing hospital outpatient elective care numbers. Unpredictability in claim volumes, as well as higher care expenditures, resulted in declining income, which impacted the overall market. Healthcare revenue cycle management is a financial method for managing the clinical and administrative functions associated with payment, claims processing, and revenue generation. In other words, it is a strategy used by healthcare providers to pay their bills.
Recent Developments
- In 2022, PrecisionBI Lite, a condensed business intelligence platform, was announced by CareCloud, Inc. This platform will help to expand the company's addressable market and provide powerful financial analytics and business insights to small, independent practices.
- In 2020, R1 RCM, Inc. entered into a strategic partnership with Rush University System for Health (RUSH) to achieve revenue cycle performance excellence and boost healthcare innovation. Among the key players in the revenue cycle management market are:
Global Healthcare Revenue Cycle Management Outsourcing Market Scope
The healthcare revenue cycle management outsourcing market is segmented on the basis of product, function, deployment, type, services and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Integrated
- Standalone
Function
- Claims and Denial Management
- Medical Coding and Billing
- Eligibility Verification
- Payment Remittance
Deployment
- On-premise
- Cloud Based
Type
- Pre-Intervention
- Intervention
- Post-Intervention
Services
- Back-End Services
- Middle Services
- Front-End Services
Application
- Small/Rural Hospitals
- Community Hospitals
- Large Hospitals and Academic Medical Centers Services
Healthcare Revenue Cycle Management Outsourcing Market Regional Analysis/Insights
The healthcare revenue cycle management outsourcing market is analyzed and market size insights and trends are provided by country, product, function, deployment, type, services and application as referenced above.
The countries covered in the healthcare revenue cycle management outsourcing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Due to the increasing medical institutions, North America dominates the healthcare revenue cycle management outsourcing market.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the rising adoption of advanced technologies, including electric health record (EHR) systems and hospital information systems.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The healthcare revenue cycle management outsourcing market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for healthcare revenue cycle management outsourcing market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the healthcare revenue cycle management outsourcing market. The data is available for historic period 2011-2021.
Competitive Landscape and Healthcare Revenue Cycle Management Outsourcing Market Share Analysis
The healthcare revenue cycle management outsourcing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare revenue cycle management outsourcing market.
Some of the major players operating in the healthcare revenue cycle management outsourcing market are:
- Cognizant (U.S.)
- Merriam-Webster, Incorporated (U.S.)
- Health Systems Management Network (U.S.)
- Oracle (U.S.)
- Constellation Healthcare Technologies (U.S.)
- Firstsource (India)
- Meridian Medical Management (U.S.)
- Conifer Health Solutions, LLC. (U.S.)
- CareCloud, Inc. (U.S.)
- Source Medical (U.S.)
- edgeMED Healthcare, LLC (U.S.)
- MediRevv (U.S.)
- Greenway Health, LLC (U.S.)
- R1 RCM, Inc. (U.S.)
- Parallon (U.S.)
- Waystar (U.S.)
- PracticeMax (U.S.)
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