Global Healthcare Revenue Cycle Management Outsourcing Market Report and Forecast 2024-2032

Global Healthcare Revenue Cycle Management Outsourcing Market Outlook

The global market for healthcare revenue cycle management outsourcing reached a value of about USD 23.49 billion in 2023. The market is further expected to grow at a CAGR of about 7.3% in the forecast period of 2024-2032 to reach a value of around USD 44.28 billion by 2032, owing to the stringent regulations by the government.

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North America to be a Significant Regional Market for Healthcare Revenue Cycle Management Outsourcing

During the forecast period, North America is expected to dominate the healthcare revenue cycle management outsourcing market due to the increasing number of medical institutions and the rising adoption of advanced technologies, including electric health record (EHR) systems and hospital information systems. Countries like the United States are witnessing an exponential increase in healthcare costs and outsourcing. RCM is one of the most effective means to decrease costs for patients and healthcare providers. The growth can also be attributed to the factors such as significant changes in regulations that have largely affected the finances, organisation, and delivery of healthcare services.

The majority of healthcare providers are implementing revenue cycle management (RCM) systems to shorten the time it takes to get paid after providing a service in the region. For instance, R1 RCM Inc., a leading provider of technology-enabled revenue cycle management services to healthcare providers, announced in June 2020 that it acquired Cerner Corporation’s RCM outsourcing business Cerner RevWorks. As part of the transaction, Cerner will extend R1’s comprehensive revenue cycle capabilities and expertise to Cerner clients and new prospects, helping drive sustainable financial improvements for providers while enhancing their patients’ overall experience.

Hospitals and Clinics Expected to Lead the Market Growth

The hospitals and clinics segment is expected to hold a significant market revenue share. An increasing number of hospitals opting for RCM services to manage financial challenges and patient delivery is driving the segment growth. Hospitals face financial management challenges, which necessitate faster billings. Thus, market leaders are incorporating major advances in non-clinical technology, such as lower operational expenses, to save money. As a result, the healthcare market for revenue cycle management outsourcing has grown.

Market Segmentations

Revenue cycle management (RCM) refers to a financial process that manages payments, claims, and revenue creation. It is used by medical billing companies or healthcare facilities to address difficulties and monitor the claims process. It also aids the maintenance of billing processes and the reduction of running costs for office infrastructure, software, and equipment.

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Based on type, the market is divided into:

• Pre-intervention
• Intervention
• Post-intervention

The services provided by the market are:

• Back-end 
• Middle 
• Front-end

The end-uses of the market are:

• Hospitals and Clinics
• Ambulatory Surgery Centres
• Others

The regional markets for healthcare revenue cycle management outsourcing can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Stringent Regulations by Government Propelling the Market Growth

Governments in numerous countries have implemented stringent healthcare laws in recent years, significantly increasing 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 global healthcare revenue cycle management outsourcing market. Increasing the adoption of revenue management tools to minimise medical errors is also propelling the market growth. The rising industrialisation and urbanisation rates, the rapid rise in the prevalence of diseases across the globe, rising demand for quality healthcare services, increasing geriatric population, and rising medical institutions are some of the key factors driving the global market growth. Moreover, technological advancements and modernisation in the healthcare sector will create new opportunities for the global market in the forecast period.

Key Players in the Global Market for Healthcare Revenue Cycle Management Outsourcing

The report gives a detailed analysis of the following key players in the global healthcare revenue cycle management outsourcing market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• ZH Healthcare, Inc.
• R1 RCM, Inc.
• AdvantEdge Healthcare Solutions.
• Cognizant Technology Solutions Corporation
• IBM Corporation
• Pulse Systems Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report