The growth of Revenue Cycle Management Market is majorly attributed to the growing regulatory requirements & government initiatives to boost the adoption of RCM solutions, increasing patient volumes, and the growing need to manage unstructured healthcare data. However, the deployment of RCM software and the associated infrastructure requires significant investments, owing to which the adoption of RCM is low among small healthcare organizations. This, along with a dearth of skilled personnel, is expected to challenge market growth in the coming years.
The global Revenue cycle management market is projected to reach USD 67.8 billion by 2026 from USD 40.9 billion in 2021, at a CAGR of 10.6% during the forecast period.
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R1 RCM (US), Cerner Corporation (US), Optum (US) are the leading players in the market. Other players include McKesson Corporation (US), Change Healthcare (US), 3M (US), Experian plc (Ireland), Conifer Health Solutions (US), Allscripts Healthcare Solutions (US), GE Healthcare (US), Cognizant (US), athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US).
R1 RCM (US) held the leading position in the revenue cycle management market in 2020. It provides comprehensive revenue cycle infrastructure to providers. The company also provides advisory services such as physician advisory services (PAS), practice management (PM), revenue integrity solutions (RIS), patient experience (PX), coding management, and business office services. The company focuses on inorganic growth strategies like collaborations, partnerships, agreements, and acquisitions. Between 2019 and 2021, the company also signed agreements with Mednax and Ascension to expand its role as the provider of key patient experience technologies to improve patient and provider experience.
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Cerner Corporation (US) held the second position in the revenue cycle management market in 2020. Cerner operates through seven business segments: Licensed Software, Technology Resale, Subscriptions, Professional Services, Managed Services, Support and Maintenance, and Reimbursed Travel. The company is a provider of end-to-end RCM services. It has consistently focused its efforts on strengthening its competencies in revenue cycle management services and improving its revenue cycle solutions. The company has witnessed an increasing preference for its Millennium platform for revenue cycle management. The company focuses on inorganic growth strategies such as agreements, partnerships, and collaborations with various healthcare providers to keep up with its competitors. Cerner offers a broad portfolio of RCM solutions and has a wide geographic presence with distribution channels across the Americas, Europe, the Asia Pacific, and the Middle East.
