The Business Research Company’s market reports offer an in-depth analysis on the market’s growth potential, major drivers, key trends and more.

1. Introduction

The revenue cycle management (RCM) market has experienced rapid growth, evolving into a critical component of the healthcare landscape. In 2023, the market size stood at $119.88 billion, projected to reach $136.76 billion in 2024 with an impressive CAGR of 14.1%. Looking ahead, the forecast anticipates even more substantial growth, with the market expected to surge to $235.76 billion in 2028, boasting a CAGR of 14.6%. This growth is fueled by various factors, including rising healthcare expenditures, technological advancements, and strategic acquisitions.

2. Healthcare Expenditure Surge Driving RCM Market Growth
3. Healthcare Expenditures

• The increase in healthcare expenditures globally propels the growth of the RCM market.
• Adoption of advanced solutions, including RCM, to manage administrative and clinical functions.

1. National Health Expenditure (NHE) Report

• Centers for Medicare & Medicaid Services predict an average annual increase of 5.1% in national health spending from 2021 to 2030.
• Estimated to reach approximately $6.8 trillion by 2030.

1. Market Players

• Major companies in the RCM market include McKesson Corporation, Cerner Corporation, Accenture PLC, and Infosys Limited.

Read More On The Revenue Cycle Management (RCM) Market Report 2024 – https://www.thebusinessresearchcompany.com/report/revenue-cycle-management-rcm-global-market-report

3. Technological Advancements Pave the Way
4. Evolution of Technology

• Technological advancements emerge as a prominent trend in the RCM market.
• Companies focus on developing innovative solutions to strengthen their market position.

1. Olive’s Autonomous Revenue Cycle (ARC) Management Suite

• In June 2022, Olive launched its ARC management suite, utilizing artificial intelligence to streamline administrative tasks in the revenue cycle.
• Enables healthcare organizations to expedite payments and reduce uncompensated care risk.

4. Strategic Acquisition: Aspirion and FIRM RCM
5. Aspirion’s Acquisition

• In May 2023, Aspirion acquired FIRM Revenue Cycle Management Services Inc. for approximately $650 million.
• Demonstrates Aspirion’s commitment to supporting expanding businesses addressing financial challenges in the US healthcare system.

1. Creating Value through Acquisition

• Both companies aim to create more value for healthcare clients through the synergies brought about by the acquisition.

5. Market Segmentation and Regional Insights

• Segmentation:
  1. By Product: Integrated, Standalone
  2. By Component: Software, Services
  3. By Function: Claims And Denial Management, Medical Coding and Billing, Electronic Health Record (EHR), Clinical Documentation Improvement (CDI), Insurance, Other Functions
  4. By Deployment: Web-Based, Cloud-Based, On-Premises
  5. By End User: Hospitals, General Physicians, Labs, Other End Users
• Regional Insights:

• • North America dominated the RCM market in 2023.
  • Asia-Pacific is poised to be the fastest-growing region in the forecast period.

6. Conclusion

The trajectory of the revenue cycle management market showcases its pivotal role in navigating the complexities of healthcare finances. With the relentless rise in healthcare expenditures and a surge in technological advancements, the industry is witnessing transformative changes. As strategic acquisitions become a norm, major players are positioning themselves to create value and address the evolving financial challenges within the healthcare system. Stakeholders in the RCM market must remain agile and adaptive, harnessing technological innovations and strategic partnerships to ensure the financial health of healthcare organizations in the years to come.

Request for A Sample Of The Global Revenue Cycle Management (RCM) Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=7712&type=smp