Revenue Cycle Management Market

Agreements, Partnerships, and Collaborations are the Key Growth Strategies Adopted by Market Players in the Revenue Cycle Management Market

The major players operating in the global revenue cycle management market are McKesson (US), Cerner (US), Quest Diagnostics (US), Allscripts Health Solutions (US), and athenahealth (US). The global revenue cycle management market is projected to reach USD 90.43 Billion in 2022 from USD 51.07 Billion in 2017, at a CAGR of 12.1%. Decreasing reimbursements in the healthcare industry, regulatory mandates for the adoption of EHR/EMR, government initiatives to boost the adoption of RCM solutions are the major factors driving the growth of the revenue cycle management market.

Most companies focus on agreements, collaborations, and partnerships to compete in the market. The players also focus on increasing their presence in high-growth markets through expansions, acquisitions, and product launches. Cerner (US), McKesson (US), and Allscripts Healthcare Solutions (US) focus on partnerships and agreements to strengthen their position in the market.

Cerner dominated the global RCM market in 2016. In 2016, Cerner has witnessed a strong growth of 19% in its revenue cycle business. The company focuses on inorganic growth strategies such as agreements, partnerships, and collaborations with various healthcare providers to keep up with its competitors. The company has witnessed an increasing preference for its Millennium platform for revenue cycle management. For instance, in 2017, Palmetto Health extended its agreement with Cerner to implement Cerner’s Millennium Revenue Cycle in its acute facilities. Cerner offers a broad portfolio of RCM solutions and has a wide geographic presence with distribution channels across the Americas, Europe, Asia Pacific, and the Middle East.

McKesson held the second position in the global RCM market in 2016. McKesson operates through two business segments, which cater to the markets in developed as well as developing countries. The company focuses on strategies such as collaborations, agreements, and partnerships as well as product and service launches and enhancements to maintain its market presence. For instance, in 2017, Wake County EMS, an emergency medical service agency, partnered with McKesson for revenue cycle services. McKesson has a significant global footprint in the US, Canada, Australia, Ireland, New Zealand, and Israel, owing to its strong sales and distribution network.

Some other leading players in the global revenue cycle management market are Quest Diagnostics (US), Allscripts Health Solutions (US), and athenahealth (US). These companies focus on product launches, expansions, and partnerships to maintain their strong position in the market in the coming years.

Related Reports:

Revenue Cycle Management Market by Product (Integrated Solutions, Standalone), Function (Claim & Denial, Medical Coding, Insurance Verification), Deployment (Web based, on premise, Cloud based), End User (Hospitals, Physicians, Lab) - Global Forecast to 2022

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Report Code
HIT 4017
Published ON
Jan, 2018
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