Rise in demand for cloud-based solutions and surge in healthcare spending have boosted the growth of the global Revenue Cycle Management Market. However, high costs associated with RCM deployment and scarcity of trained professionals hinder the market. On the contrary, rise in demand for outsourced RCM solutions is expected to open new opportunities for the market players in the future.
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By end-user, the physicians segment would showcase the highest CAGR of 13.7% from 2021 to 2030. The segment held the largest share in 2020, contributing to around three-fifths of the global revenue cycle management industry, due to rise in complexities of healthcare reimbursement methods, adoption of electronic health records, and change in models of payments. The report includes analysis of other segments such as hospitals and diagnostic & ambulatory care centers.
By type, the integrated segment held the largest share in 2020, accounting for nearly two-thirds of the global revenue cycle management market. The segment is expected to register the highest CAGR of 13.5% during the forecast period. This is due to improved healthcare infrastructure and rise in healthcare-related expenditures to cater untapped markets among developing nations. The report includes an analysis of the standalone segment.
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By region, the market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market, due to technological advancements and presence of key market players in the region. However, the global revenue cycle management market across Asia-Pacific would showcase the highest CAGR of 15.6% from 2021 to 2030, owing to growth in deployment of revenue cycle management among physicians and hospitals.
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Covid-19 scenario:
- During the Covid-19 pandemic, revenue cycle management played a vital role in monitoring patients’ eligibility and reducing hospital maintenance time.
- The pandemic had a little impact on the market, but it is expected to offer new opportunities in the future due to rise in demand for healthcare solutions and advanced patient management.
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