The global healthcare revenue cycle management market Growth Accelerated by Improving Healthcare Efficiency
Healthcare revenue cycle management (RCM) refers to the processes that handle payment for healthcare services from the time a patient registers for care until reimbursement is received. RCM platforms help healthcare providers streamline processes that involve insurance verification, claims submission, denials management, and payment posting. This enables hospitals and clinics to improve operational efficiency.
The global healthcare revenue cycle management market is estimated to be valued at US$ 164 billion in 2030 according to a new report by Coherent Market Insights.
Market key trends:
One of the key drivers propelling growth in the healthcare RCM market is the increasing focus on optimizing healthcare efficiency to curb rising costs. Healthcare institutions are under pressure to reduce operational expenses while also enhancing patient experience. Adopting advanced RCM solutions allows providers to eliminate redundant work, automate manual tasks, and gain real-time insights into financial performance. This helps identify areas where costs can be reduced through better management of denials, improved claims processing, and reduced days in accounts receivable. The market is expected to witness considerable gains as more providers invest in revenue optimization technologies that deliver actionable analytics for boosting collections and turnaround times.
Segment Analysis
The global Healthcare Revenue Cycle Management market is dominated by the clinical and billing & accounts receivable segments. The clinical segment generates the highest revenue owing to its wider adoption by healthcare providers for improved patient engagement and management of clinical workflows. It allows automatic patient registration from insurance verification and eligibility, interfaces patient accounting information with clinical data, and streamlines charge capture. The segment is expected to continue its dominance during the forecast period as well.
Key Takeaways
The Global Healthcare Revenue Cycle Management Market Size is expected to witness high growth over the forecast period driven by rising healthcare costs and need to optimize revenue leakage. The implementation of RCM solutions helps healthcare organizations boost operational efficiency, reduce costs, and comply with stringent regulations.
Regional analysis
North America dominates the global market and is expected to maintain its lead through 2030. Favorable government policies supporting healthcare IT adoption and presence of major players in the US are fueling the North America Healthcare RCM market growth.
Key players analysis
The key players operating in the Healthcare Revenue Cycle Management market are Cerner Corporation, Change Healthcare, R1 RCM, Inc., Optum, Inc., Conifer Health Solutions, LLC, Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, The SSI Group, LLC, GE Healthcare, and 3M. Cerner Corporation is the market leader owing to its wide range of integrated RCM solutions and large customer base in the US.
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