Overview and Scope
The healthcare RCM outsourcing refers to the outsourcing of financial processes used by healthcare facilities. It manages administrative and clinical claims processing, payment, and revenue-generating operations. The primary advantage of outsourcing hospital revenue cycle management is that it engages an outside team to handle administrative functions like invoicing, auditing, and other non-provider-related duties.
Sizing and Forecast
The healthcare rcm outsourcing market size has grown rapidly in recent years. It will grow from $27.17 billion in 2023 to $31.18 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to cost containment, focus on revenue optimization, efficiency and streamlining processes, industry consolidation, demand for specialized services..
The healthcare rcm outsourcing market size is expected to see rapid growth in the next few years. It will grow to $56.44 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to increasing healthcare expenditure, global market expansion, cybersecurity and data privacy, cost efficiency, focus on patient experience.. Major trends in the forecast period include complexity in healthcare billing, focus on cost reduction, regulatory changes and compliance, shift towards value-based care, provider focus on core competencies..
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Segmentation & Regional Insights
The healthcare rcm outsourcing market covered in this report is segmented –
1) By Type: Pre-intervention, Intervention, Post-intervention
2) By Service: Back-end, Middle, Front-end
3) By End User: Clinics, Hospitals, Ambulatory Surgery Centres, Other End users
North America was the largest region in the healthcare RCM outsourcing market share in 2023. The regions covered in the healthcare rcm outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in healthcare spending is expected to propel the growth of the healthcare RCM outsourcing market going forward. Health expenditure refers to the final spending on 1healthcare goods and services. The growing healthcare expenditures have been driven by direct expenses on new testing and tracing systems, and indirect pandemic costs, such as additional personal protective equipment for frontline healthcare workers. Furthermore, the increasing price and intensity of healthcare-related services have increased government and other institutions' healthcare spending. Due to such an increase in healthcare spending, there is a rise in demand for healthcare RCM outsourcing, which helps to boost provider revenue while minimizing administrative and managing other clinical related activities. For instance, in July 2022, according to OECD Health Statistics 2022, health spending increased by roughly 6% on average in 2021. Additionally, in May 2022, according to JPMorgan Chase & co. report, overall healthcare spending increased by 23% in 2021. Therefore, increasing healthcare spending would drive the growth of the healthcare RCM outsourcing market.
Key Industry Players
Major companies operating in the healthcare rcm outsourcing market report are Conifer Health Solutions Inc., MedAssets Inc., R1 Revenue Cycle Management Inc., McKesson Corporation, Parallon Business Solutions LLC, The SSI Group Inc., Cerner Corporation, Cognizant Technology Solutions Corporation, Optum360 Inc., Greenway Health LLC, Medvertex Inc., International Business Machines Corporation (IBM), MediRevv Inc., Drchrono Inc., Pulse Systems Inc., edgeMED Healthcare GmbH, Xtelligent Healthcare Media LLC, Connvertex Technologies Inc., Meridian Management Group Inc., General Electric Company, Bolder Healthcare Solutions LLC, Pyramid Healthcare Solutions Inc., Navigant Healthcare LLC, Cymetrix Corporation, BancTe Inc., Etransmedia Technology Inc., CCS Revenue Cycle Management LLC, MediGain Inc., Emdeon Inc., Precyse Solutions LLC, CareCloud Inc., Change Healthcare Inc., Clearlake Capital Group L.P.
The healthcare rcm outsourcing market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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Global Europe Healthcare RCM Outsourcing Market by Type, Application, Regions and by Key Players, Forecast to 2026 documents an overview of the market trends, competitive structure, market shares of the competitors, market demands, market drivers, market restraints, and product analysis, and.
The report presents a detailed analysis of global Europe Healthcare RCM Outsourcing market size on regional and country-level, recent developments, segmentation market growth, strategic market growth analysis, opportunities analysis, and product launches.
Competitive landscape provides details by vendors, including company overview, global presence, company financials, market share, market potential, sales and revenue generated, price, consumption and production sales, SWOT analysis.DOWNLOAD SAMPLE REPORT: https://www.reportcrux.com/request-sample-report/Europe-Healthcare-RCM-Outsourcing-MarketThe report highlights in-depth quantitative as well as qualitative insights, historical data, and market size projections till 2026.
It also gives a perspective on manufacturers, associations, specific organizations, industries, companies, and suppliers that work to expand their business worldwide.
Value chain analysis of the industry is explained in detail this providing a clear view of key mediators involved.
Key market players in the global Europe Healthcare RCM Outsourcing market, consist of Conifer Health Solutionsnthrive (Medassets + Precyse)optum360Change Healthcare (Emdeon)McKesson RelayHealthParallon (HCA)MedData (Cardon Outreach)MedAssist (Firstsource)The SSI GroupAvailityAccretive Health (R1 RCM Inc)GeBBS HealthcareCerner Request for Research Methodology: https://www.reportcrux.com/research-methodology/Europe-Healthcare-RCM-Outsourcing-MarketRegional Analysis:Based on region, the market report is segmented into five main regions i.e.
The latest CDC reports have pegged the confirmed number of persons infected with the virus in the US at a startling 632,548 and deaths at 26,930.
The UN’s trade agency UNCTAD augurs that in 2020, the loss to the economy brought by COVID-19 can get as high as 1Trillion $.
This sudden stress on resources can soon prove to be too much for hospitals.
Hospital Administrators warn that their struggle to meet payroll and rising supplies costs can bring operations to a standstill.
Financial consulting firm Moody’s says that this can bring down the revenue of hospitals by as much as 40% per month.Non-profit Organization, FAIR Health has made an analytical study on the cost of COVID-19 cases to hospitals and reports that hospitals on an average will incur around $73,000 per COVID-19 hospitalization out of which only $33,221 can be reimbursed.
With the current reimbursement rate hospitals can lose anywhere from $ 2000 to $10,000 per case.A more Acute Cash flow crunch for Physician PracticesLarge Hospitals and health conglomerates, though they struggle to cope up with the cash flow shortage, may sail through the crisis with the reserves they hold.
