Healthcare RCM Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
Revenue Cycle Management (RCM) is a financial process which is used for managing payment, claim processing and revenue generation. It is utilised by medical billing companies or healthcare facilities for the purpose of addressing issues and following up the claims process. There are numerous benefits which are offered by RCM outsourcing such as doctors have a better control and understanding of their revenue cycles. It also helps in maintaining billing operations and reducing the operating costs of office infrastructure, software and equipment. According to the latest report by IMARC Group, titled “Healthcare RCM Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global healthcare RCM outsourcing market reached a value of US$ 11.7 Billion in 2018.
Governments across various nations have been introducing stringent regulations over the past few years regarding healthcare, due to which there has been a significant rise in the operating costs of healthcare facilities and medical billing companies. This has created opportunities for outsourcing companies to assist them in revenue cycle management which acts as a major factor driving the growth of the global healthcare RCM outsourcing market. In addition to this, healthcare facilities have been facing several issues like rising financial challenges which has resulted in the need for augmented speed of billing. This, in turn, has highly contributed towards a propelling growth in the demand for RCM outsourcing agencies. Moreover, other factors which are bolstering the growth of the market include increasing industrialisation and urbanisation rates as well as a rapid rise in the prevalence of diseases across the globe. Looking forward, the market value is projected to reach a value of US$ 21.9 Billion by 2024, expanding at a CAGR of 11% during 2019-2024.
Based on type, the market has been segmented as pre-intervention, intervention and post-intervention.
The market has been further segregated on the basis of services which include back-end services, middle services and front-end services. Among these, back-end services hold the majority of the market share.
On the basis of application, hospitals represent the largest segment.
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Currently, North America is the leading market owing to the rising adoption of advanced technologies which include electric health record (EHR) systems and hospital information systems.
The competitive landscape of the market has also been examined with some of the key players being Conifer Health Solutions, Emdeon Business Services, MedAssets, McKesson, Parallon Business Solutions and The SSI Group.
This report provides a deep insight into the global healthcare RCM outsourcing market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the healthcare RCM outsourcing industry in any manner.
Key Questions Answered in This Report:
How has the global healthcare RCM outsourcing market performed so far and how will it perform in the coming years?
What are the key regions in the global healthcare RCM outsourcing market?
Which are the popular product types in the global healthcare RCM outsourcing market?
What are the key application segments in the global healthcare RCM outsourcing market?
What are the major services in the global healthcare RCM outsourcing market?
What are the various stages in the value chain of the global healthcare RCM outsourcing industry?
What are the key driving factors and challenges in the global healthcare RCM outsourcing industry?
What is the structure of the global healthcare RCM outsourcing industry and who are the key players?
What is the degree of competition in the global healthcare RCM outsourcing industry?
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