RCM market set to soar to $586.5Bn by 2031
NEW YORK, UNITED STATES—The global revenue cycle management (RCM) market is poised to reach an impressive $586.5 billion by 2031, marking a compound annual growth rate (CAGR) of 12.4% from 2022’s valuation of $249.75 billion.
Market research firm Straits Research attributed this growth to the increasing adoption of RCM systems across healthcare systems worldwide, which aim to streamline patient payment processes from initial contact to final balance settlement.
RCM systems, which blend the clinical and business aspects of healthcare, are becoming indispensable in managing financial transactions, patient tracking, and appointment scheduling. The complexity and regulatory oversight of revenue cycle processes have led healthcare providers to increasingly outsource RCM, leveraging professional services and technologies for efficient management.
Technological advancements, including the use of artificial intelligence (AI) in billing and patient access, further propel the adoption of RCM solutions, enhancing billing accuracy and staff management.
Opportunities abound in the RCM market, particularly in outsourcing. The demand for outsourcing services is rising due to the scarcity of skilled labor, resource shortages, and escalating healthcare costs.
Outsourcing RCM functions can mitigate errors and streamline operations, with approximately two-thirds of healthcare organizations already leveraging these services.
Regionally, North America dominates the RCM market, which is expected to grow at a CAGR of 10.61%. Rising healthcare costs, government initiatives, and the adoption of health information technology (HIT) systems contribute to this growth.
Europe follows, with government policies and digital initiatives fostering a conducive environment for RCM market expansion.
