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Revenue Cycle Management Market
Escalation of precise revenue through several procedures by recognizing & enhancing shortages is a prominent factor driving the revenue cycle management market
Healthcare firms broadly utilize RCM to handle directing and clinical operations linked with claims processing, payment, and revenue generation” - Polaris
market ResearchNEW YORK CITY, NY, UNITED STATES, January 8, 2025 /EINPresswire / -- The revenue cycle management market forecast for 2032 is a specialized study of the
industry with a specific concentration on the global market trend analysis.
The global revenue cycle management market is expected to reach USD 121.01 billion by 2032, growing at a 10.7% CAGR from 2024 to 2032. It was valued at USD 53.52 billion in 2024. The market is experiencing significant growth and is expected to continue expanding in the coming years.
What is Revenue Cycle Management?
Revenue cycle management is a business procedure that sanctions firms to be reimbursed for offering services. In healthcare, a productive RCM procedure sanctions that the complete communication with the patient, from inceptive probing through concluding disbursement, is productively handled.
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The relevant details are garnered and filed, patients are only billed for services offered, third-party leaseholders are approached in a prompt manner, and disbursements are garnered. The growing digitization in healthcare impacts the revenue cycle management market growth favorably.
Who Makes Revenue Cycle Management?
.AdvantEdge Healthcare Solutions
.MCKESSON CORPORATION
.Change Healthcare
.Experian Information Solutions, Inc.
.GE HealthCare
.Conifer Health Solutions, LLC
.Veradigm LLC
.SSI Group, LLC
.Huron Consulting Group Inc.
.Kronos Incorporated
.AGS Health
.TELCOR Inc.
are some of the leading players in the revenue cycle management market.
Critical market contenders are funding massively in research and development to augment their offerings, which will fuel the market growth in the near future.
Some of the latest developments in the market are:
.In June 2023, TELCOR Inc., a healthcare software firm that offers commodities and services to hospitals and laboratories in the US and Canada, declared the deliverance of version 21.3 of TELCOR Revenue Cycle Management (RCM).
.In September 2022, AGS Health, an eminent RCM solution donor and tactical growth associate to some of the biggest healthcare systems in the US, initiated an AI platform for wiping out RCM.
What's Driving Market Forward?
Growing Aggregate of Hospitals: The market for revenue cycle management is propelled by a growing aggregate of hospitals and clinics globally. As per issued data by WHO 165,000 hospitals were there globally in 2021. A great deal of hospitals and clinics frequently cause escalated regulatory chores connected to coding, billing, and collections.
Surge in Portable Diagnostics: Portable diagnostics initiate data that requires to be merged with alternate patient details and electronic health records. RCM systems assist in amalgamating this data to sanction that billing is precise and mirrors the diagnostic services offered, decreasing the probability of mistakes and claim denial. This, in turn, is having a favorable impact on revenue cycle management market sales.
Surge in Government Funding: Government funding usually includes investing in medical technology and progressive diagnostic instruments. These enhancements initiate contemporary billing codes, services, and processes, escalating the requirement for RCM systems to handle these alterations and sanction precise and punctual claims processing.
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Which Region Leads Market Growth?
North America: North America accounted for the largest revenue cycle management market share. The region's robust growth is primarily due to the sizeable healthcare framework of the US, together with elevated levels of technology acquisition, which notably contributed to this dominance.
Asia Pacific: Asia Pacific is anticipated to witness significant growth from 2024 to 2032. This can be attributed to speedy economic advancements and growing healthcare disbursements.
How Is Market Segmentation Done?
By Type Outlook
.Integrated RCM
.Standalone RCM
By Function Outlook
.Claims and Denial Management
.Medical Coding and Billing
.Electronic Health Record (EHR)
.Clinical Documentation Improvement (CDI)
.Insurance
.Others
By Deployment Outlook
.Web-Based
.On-Premise
.Cloud-Based
By Component Outlook
.Software
.Services
By End User Outlook
.Hospitals
.General Physicians
.Labs
.Others
By Regional Outlook
.North America
oUS
oCanada
.Europe
oGermany
oFrance
oUK
oItaly
oSpain
oNetherlands
oRussia
oRest of Europe
.Asia Pacific
oChina
oJapan
oIndia
oMalaysia
oSouth Korea
oIndonesia
oAustralia
oRest of Asia Pacific
.Middle East & Africa
oSaudi Arabia
oUAE
oIsrael
oSouth Africa
oRest of the Middle East & Africa
.Latin America
oMexico
oBrazil
oArgentina
oRest of Latin America
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FAQs:
How much is the revenue cycle management market?
The market size was valued at USD 53.52 billion in 2024 and is projected to grow to USD 121.01 billion by 2032.
What is the growth rate of the revenue cycle management market?
The global market is projected to register a CAGR of 10.7 % during the forecast period.
Which region held the largest market share?
North America accounted for the largest share of the global market in 2023.
Which segment based on function is expected to register a significant CAGR in the market during 2024-2032?
The electronic health record segment is projected for significant growth in the global market during the forecast period.
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
Likhil G
Polaris Market Research and Consulting
+ +1 929-297-9727
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