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3. R1 RCM (US), Oracle (US), and Optum (US) are the leading players in the global revenue cycle management market

The global revenue cycle management market is projected to reach USD 84.1 billion by 2028 from USD 49.6 billion in 2023, at a CAGR of 11.1% during the forecast period. A paradigm shift from conventional payment models to patient-centric RCM solutions for enhancing end-users experience has positively impacted market growth. Several players have now started developing patient centric RCM solutions to ensure sustainability in the market. For instance, Change Healthcare’s patient-centric payment model to decrease hospital expenses by generating upfront out-of-pocket cost estimates facilitating the self-pay process. Moreover, the rise in regulatory requirements and government initiatives to encourage RCM solutions, increasing patient volumes, and the growing need to manage unstructured healthcare data constitute significant factors contributing to the market’s expansion. However, since the infrastructure needed for the deployment of RCM software and its related infrastructure is expensive, just a few small healthcare organizations have adopted RCM. This factor might affect the RCM market growth to a certain extent.

R1 RCM (US), Oracle (US), and 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), Veradigm(US), GE Healthcare (US), Cognizant (US), athenahealth (US), SSI Group LLC (US), AdvantEdge Healthcare (US), and Huron Consulting Group (US).

To know about the assumptions considered for the study download the pdf brochure

R1 RCM (US) held the leading position in the revenue cycle management market in 2022. It offers providers a comprehensive revenue cycle infrastructure. Additionally, the business provides advisory services, including revenue integrity solutions (RIS), practice management (PM), physician advisory services (PAS), and business office services. The company focuses on inorganic growth techniques like alliances, agreements, partnerships, and acquisitions. In 2022, the company announced 10-year end-to-end RCM partnerships with Scion Health, Sutter Health, and St. Clair Health to streamline workflow standardization and improve patient access platforms.

Oracle (US) held second in the revenue cycle management market 2022. On  June 08, 2022, Oracle Corporation acquired Cerner Corporation for USD 28.4 billion with a goal to expand into healthcare. This acquisition is anticipated to enable Oracle Corporation to rapidly scale up its cloud services within the hospital and health system sector. Licensed Software, Technology Resale, Subscriptions, Professional Services, Managed Services, Support and Maintenance, and Reimbursed Travel are the seven business segments that comprise Oracle Cerner. The business offers comprehensive RCM services. It has consistently focused its efforts on enhancing its revenue cycle solutions and strengthening its capabilities in revenue cycle management services. The company has noticed a growing 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. With distribution channels in the Americas, Europe, Asia Pacific, and the Middle East, Oracle Cerner has a significant geographic presence and provides a variety of RCM solutions.

Related Reports:

Revenue Cycle Management Market by Product & Services (Eligibility Verification, Clinical Coding, CDI Solutions, Claims Processing, Denial Management, Outsourcing Services), Delivery (Cloud), End Users (Payers, Hospitals) - Global Forecast to 2028

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