Blockchain Press Releases
Revenue Cycle Management Market worth $84.1 billion | MarketsandMarkets
CHICAGO, June 30, 2023 /PRNewswire/ — In the near future, the revenue cycle management (RCM) industry is expected to undergo significant transformation and growth. Advancements in technology, such as artificial intelligence and machine learning, will drive automation and optimization of RCM processes, reducing administrative costs and expediting revenue cycles. Data analytics will play a crucial role in identifying revenue leakage and improving financial outcomes. Moreover, there will be a greater emphasis on patient experience, with transparent pricing, cost estimates, and convenient payment options becoming integral to RCM practices. Compliance with evolving regulatory requirements will be a key focus, leading to increased demand for specialized RCM expertise. Outsourcing and strategic partnerships will continue to be prevalent, allowing healthcare organizations to leverage the expertise and scalability of RCM vendors. As the industry adapts to evolving payment models, such as value-based care, RCM processes will need to align with new reimbursement methodologies. Overall, the future of the RCM industry holds immense potential for innovation, efficiency, and improved financial outcomes for healthcare organizations.
Revenue Cycle Management Market in terms of revenue was estimated to be worth $49.6 billion in 2023 and is poised to reach $84.1 billion by 2028, growing at a CAGR of 11.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. The shift from fee-for-service to value-based reimbursement models is transforming the RCM market. Value-based reimbursement models are based on patient outcomes rather than the volume of treatments rendered to patients. Value-based reimbursement models have enhanced patient experience and facilitated financial workflows for providers. This has positively impacted the RCM market growth to a certain extent. Also, growing regulatory requirements & government initiatives are expected to drive demand of the RCM market during the forecast period.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153900104
Browse in-depth TOC on “Revenue Cycle Management Market”
282 – Tables
40 – Figures
275 – Pages
Revenue Cycle Management Market Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$49.6 billion |
|
Estimated Value by 2028 |
$84.1 billion |
|
Growth Rate |
Poised to grow at a CAGR of 11.1% |
|
Market Size Available for |
2021–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Product & services, delivery mode, end user and region |
|
Geographies Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Report Highlights |
Updated financial information / product portfolio of players |
|
Key Market Opportunities |
Growing demand for AI & cloud-based deployment |
|
Key Market Drivers |
Growing need to manage unstructured healthcare data |
By product & services segment, the outsourcing services segment is expected to grow at the highest growth rate during the forecast period.
The outsourced services segment is anticipated to expand at a considerable CAGR among the product & service categories throughout the forecast period. This can be attributed to its ability to optimize revenue cycle operations through the utilization of specialized resources and expertise from third-party providers. By doing so, healthcare organizations can focus on their core competencies, achieve cost reductions, and enhance operational efficiency. Furthermore, outsourcing services grant access to advanced technology platforms, enabling seamless integration, streamlined workflows, and robust data analytics capabilities. With scalability and adaptability, outsourcing services drive revenue cycle management advancements, bolster financial stability, and elevate overall performance for healthcare providers.
By delivery mode, the on-premise segment is expected to account for the largest revenue cycle management market share.
In 2022, the on-premise segment held the largest market share for revenue cycle management globally. The significant market share of this segment can be attributed to the security and data safety features possessed by on-premise deployment. Easy data access within the interdependent facilities of a healthcare setting has further elevated the market share.
By end user, the healthcare providers segment is expected to account for the largest share of the revenue cycle management market.
Healthcare payers and providers are the two market segments for revenue cycle management based on end users. RCM offers numerous benefits for healthcare providers, helping them optimize financial performance, improve operational efficiency, and enhance the overall patient experience. These factors have elevated the adoption of RCM solutions amongst healthcare providers, thus, positively impacting the market growth.
North America dominates the revenue cycle management market during the forecast period.
In 2022, North America held the largest market share for revenue cycle management. The large share of this region can be attributed to several factors, including strict regulations, an increase in the number of claims denials, well-established government payers and high numbers of private healthcare payers, and a sizable number of healthcare IT companies.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=153900104
Revenue Cycle Management Market Dynamics:
Drivers:
- Growing need to manage unstructured healthcare data
Restraints:
- Deployment costs include licensing and subscription costs
Opportunities:
- Growing demand for AI & cloud-based deployment
Challenges:
- Issues related to data security and confidentiality
Key Market Players:
R1 RCM (US), Oracle (US), 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)
Recent Developments:
- In 2023, Optum partnered with Owensboro Health to manage revenue cycle and information technology and improve patient outcomes and safety.
- In 2022, the R1 RCM 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.
- In 2022, McKesson signed a definitive agreement to acquire Rx Savings Solutions to offer medication therapy more affordable and increase medication adherence to improve outcomes.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=153900104
Revenue Cycle Management Market Advantages:
- Improved Financial Performance: RCM solutions help healthcare organizations optimize their revenue streams by streamlining billing, coding, claims processing, and payment collection processes. By enhancing the accuracy and efficiency of these processes, RCM solutions minimize revenue leakage, reduce claim denials, and expedite payment cycles, leading to improved financial performance for healthcare providers.
- Cost Savings: Implementing RCM solutions can result in significant cost savings for healthcare organizations. By automating manual tasks, reducing paperwork, and minimizing errors, RCM solutions reduce administrative expenses and enhance operational efficiency. Moreover, RCM solutions provide insights into billing patterns and revenue trends, enabling organizations to identify areas for improvement and implement proactive strategies to maximize revenue generation.
- Enhanced Revenue Integrity: RCM solutions ensure the integrity of revenue by improving coding accuracy and compliance with regulatory requirements. With ever-changing healthcare regulations and reimbursement policies, RCM solutions help healthcare organizations stay up-to-date and compliant, reducing the risk of penalties and revenue loss due to non-compliance.
- Increased Productivity: RCM solutions automate repetitive and time-consuming tasks, enabling healthcare professionals to focus on patient care rather than administrative burdens. By reducing manual intervention, RCM solutions streamline workflows, enhance productivity, and allow staff to allocate their time and expertise more effectively, leading to improved overall operational efficiency.
- Real-time Analytics and Reporting: RCM solutions provide real-time data analytics and reporting capabilities, offering healthcare organizations valuable insights into key performance indicators, revenue trends, and financial metrics. These insights enable informed decision-making, identification of revenue optimization opportunities, and implementation of proactive strategies to address revenue cycle challenges.
- Patient Satisfaction and Experience: RCM solutions contribute to improved patient satisfaction by enhancing the financial experience for patients. Transparent pricing, accurate cost estimates, and convenient payment options provided through RCM systems empower patients to make informed financial decisions and ease the burden of medical billing. This, in turn, enhances patient loyalty and contributes to a positive overall patient experience.
- Scalability and Adaptability: RCM solutions can be tailored to the specific needs and size of healthcare organizations, making them scalable and adaptable. Whether it is a small clinic or a large hospital system, RCM solutions can accommodate varying volumes of transactions and adapt to evolving industry requirements, supporting the growth and changing needs of healthcare organizations.
In conclusion, the revenue cycle management market offers advantages such as improved financial performance, cost savings, enhanced revenue integrity, increased productivity, real-time analytics, patient satisfaction, and scalability. These advantages position RCM solutions as essential tools for healthcare organizations seeking to optimize revenue streams, improve operational efficiency, and provide an enhanced financial experience for patients.
Revenue Cycle Management Market – Report Highlights:
The global revenue cycle management market is projected to reach USD 84.15 billion by 2028 from USD 49.6 billion in 2023, at a CAGR of 11.1% during the forecast period. The market growth is majorly attributed to the need for increased patient volumes and the growing need to manage unstructured healthcare data. Also, growing regulatory requirements & government initiatives are expected to drive demand growth in the revenue cycle management market during the forecast period.
Recession Impact on Revenue cycle management market
Recession after Covid-19 did not have a substantial impact on the RCM market. In fact, according to industry experts, demand for RCM solutions increased to overcome the growing expenses and shortage of funds faced by healthcare providers. The highly efficient RCM solutions helped the healthcare providers to achieve their financial goals with the help of predictive analytics. However, few small healthcare practices shifted their economic focus to essential medical services due to budgetary constraints. This had affected the market growth to a certain extent.
R1 RCM (US), Oracle (US), and Optum (US) are among the significant providers of the Revenue cycle management market.
Coverage of market players
We have covered 25 companies in the report, including R1 RCM (US), Oracle (US), Optum (US), McKesson Corporation (US), Change Healthcare (US), 3M (US), AdvantEdge Healthcare (US), Conifer Health Solutions (US), Veradigm (US), GE Healthcare (US), Cognizant (US), Huron Consulting Group (US), SSI Group LLC (US), Experian plc (Ireland), and athenahealth (US).
Updated financial information and recent developments of the profiled players
The report contains the updated financial information for each listed public company from January 2021 to March 2023. It also includes the recent developments undertaken by market players as well as their strategic overview.
Recent developments help identify market trends and popular growth strategies market players adopt. The current analysis shows that service launches and acquisitions were prominent growth strategies for players between January 2020 and August 2022.
Market Overview and Industry Insights
Updated the market overview inclined to new recent developments and recently available statistics. Ecosystem/ market map, tariff, and regulatory landscape, case study analysis, key conferences & events in 2022-2023, Porter five forces analysis, adjacent market analysis, trends, key stakeholders and buying criteria, and indicative pricing analysis are added in industry insights.
Related Reports:
Patient Access Solutions Market – Global Forecasts to 2027
North American Healthcare IT Market – Global Forecasts to 2027
Medical Terminology Software Market – Global Forecasts to 2027
Population Health Management Market – Global Forecasts to 2027
Clinical Decision Support Systems Market – Global Forecasts to 2027
About MarketsandMarkets™:
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/revenue-cycle-management-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/revenue-cycle-management.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/revenue-cycle-management-market-worth-84-1-billion–marketsandmarkets-301867836.html
Blockchain Press Releases
Africa Exclusive: Bybit Promotes Crypto Education with P2P Security Webinar
DUBAI, UAE, Nov. 22, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, sets out to raise awareness of P2P security and to equip users with the latest anti-fraud knowledge and tools in a new learn and earn event exclusively for users in Africa. Hosting a P2P security Webinar on Nov. 25, Bybit P2P will also be announcing a prize pool valued at 10,000 USDT for a new Africa-exclusive deposit event.
P2P Security Webinar
On Nov. 25, the live webinar on P2P security will be broadcast in the Bybit Africa Telegram group from 7 to 9PM UTC. Attendees may benefit from a comprehensive session on tips and the latest know-how on asset safety and counterparty risks. The free webinar will cover the following topics:
- Fraud detection: users will learn about signs of common scams and steps to verify payment authenticity.
- Staying safe with Bybit P2P: users get to discover Bybit’s security tools and the latest features to combat fraudulent attempts.
- Trading with confidence: users will gain practical advice and practical tips on how to trade safely.
The floor will be open for a live Q&A session after the sharing by Bybit P2P experts. Ahead of the webinar, attendees are invited to submit questions and the lucky ones will win 10 USDT if their questions are chosen by the speakers.
10,000 USDT Rewards for First-Time Deposits
From Nov. 25 to Dec. 15, 2024, new users who successfully sign up for a Bybit account and complete Identity Verification Level 1 may be eligible to share in a 10,000 USDT prize pool reserved for eligible users in Africa only. Users must sign up for the event and make a deposit via Bybit P2P to qualify and win up to 10 USDT, terms and conditions apply.
“Financial fraud is an age-old challenge and users must stay vigilant as scammers and fraudsters evolve. Bybit is constantly investing in our hardware and software to build the necessary guardrails for our platform. It does not take away the importance of user education, however, and we hope through engagements of this kind, we can help elevate the community on a path of growth,” said Joan Han, Sales and Marketing Director at Bybit.
P2P is an organic part of the crypto economy and helps to promote inclusivity in emerging economies. With Bybit P2P, users of all levels may access the user-friendly peer-to-peer trading platform to trade between themselves at an optimal, agreed-upon price. The service minimizes the need for the middleman, improving cost effectiveness while providing exchange-backed platform security.
Find out more about the event and eligibility at Bybit P2P.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Photo – https://mma.prnewswire.com/media/2565335/Africa_Exclusive_Bybit_Promotes_Crypto_Education_P2P_Security_Webinar.jpg
Logo – https://mma.prnewswire.com/media/2267288/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/africa-exclusive-bybit-promotes-crypto-education-with-p2p-security-webinar-302314163.html
SINGAPORE, Nov. 22, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a pioneer in digital payment solutions, and Polygon Labs, a software development company building the leading network of aggregated blockchains via the AggLayer, today announced their strategic collaboration aimed at unlocking the full potential of digital finance, focusing on the expansion and adoption of WUSD, WSPN’s flagship stablecoin.
WSPN has integrated Polygon PoS into its WUSD network infrastructure earlier this year. Now, this collaboration will focus on rapidly expanding WUSD adoption. Polygon Labs’s crucial liquidity support will be instrumental in bolstering WUSD’s mass adoption across various markets.
This collaboration will unlock opportunities to explore a range of innovative use cases for stablecoins, payments, and DeFi. Key areas of focus include facilitating payments and tokenization solutions for companies operating in Hong Kong SAR and Singapore, developing on-chain green finance projects tailored for African clients, and building robust DeFi platforms that leverage the strengths of both WSPN and Polygon technologies. These initiatives are strategically designed to address diverse market needs and drive the adoption of WUSD across a variety of regions and sectors.
By combining WSPN’s expertise in stablecoin solutions with Polygon’s advanced blockchain infrastructure, this collaboration will drive significant advancements in the digital asset space, particularly in emerging markets and the rapidly evolving DeFi sector.
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN ‘s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
About Polygon Labs
Polygon Labs is a software development company building and developing a network of aggregated blockchains via the AggLayer, secured by Ethereum. As public infrastructure, the AggLayer will bring together user bases and liquidity for any connected chain, and leverage Ethereum as a settlement layer. Polygon Labs has also contributed to the core development of several widely-adopted scaling protocols and tools for launching blockchains, including Polygon PoS, Polygon zkEVM, and Polygon Miden, which is in development, as well as Polygon CDK.
Logo – https://mma.prnewswire.com/media/2429245/5043812/WSPN_logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/polygon-collaborates-with-wspn-to-drive-stablecoin-adoption-through-wusd-302314191.html
DUBAI, UAE, Nov. 21, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to reaffirm its commitment to providing ease of access to digital assets for eligible P2P users in Africa at zero fee. Connecting buyers and sellers at no cost, Bybit P2P continues to be the benchmark for cost-effective and convenient trading experiences.
Since its launch in Jan. 2022, Bybit P2P has consistently provided a user-friendly platform for users seeking a safer way to participate in the digital asset class. The services are offered at no costs for merchants and takers in P2P transactions:
- Merchants: Merchants may post advertisements on Bybit P2P for free.
- Takers: Users may place an order through advertisements listed on the P2P platform at no costs. The offer stands across all fiat trading pairs. Third-party fees may incur depending on the payment method chosen, as the payment providers may charge a transaction fee.
P2P Fee Structure (Africa)
|
Taker Fee (Sell Page) |
Maker Fee (Sell Page) |
|
|
Bybit |
0 % |
0 % |
|
Competitor B |
0.5% on completed orders for certain trading pairs |
0 % |
In addition, Bybit has launched an exciting P2P Coupon Giveaway Campaign from now to Jan. 15, 2025. As part of this initiative, users can earn a share of up to 20,000 USDT in rewards by completing tasks such as depositing $100 or trading $50,000 through Bybit P2P. The rewards will be in the form of Bybit P2P coupons to be redeemed in the next purchase, making the zero-fee transactions an even better deal for winners.
“Bybit’s steadfast commitment to contributing to financial inclusion comes in all forms, and keeping our P2P services free for as long as we can, and for as many users as possible, is one of the ways to support the crypto community,” said Joan Han, Sales and Marketing Director at Bybit. “When users come to our platform with the hopes of generating income on their assets, we want to play a supportive role in helping them reach their personal financial goals,” she added.
P2P on Bybit offers an intuitive and cost-effective peer-to-peer trading platform, facilitating the buying and selling of two users’ holdings at an optimal, agreed-upon price between them. With Bybit P2P, users stand to benefit from Bybit’s enterprise-level security and advanced features including comprehensive built-in KYC and KYB verification mechanisms, rigorous asset management protocols, and 24/7 customer service.
Find out more about the event and eligibility at Bybit P2P.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Logo – https://mma.prnewswire.com/media/2267288/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bybit-waives-p2p-transaction-fees-for-users-in-africa-302313124.html
-
Blockchain Press Releases6 days agoSweat Your Way to Rewards: Live4Well Revolutionizes Wellness with Innovative “Exercise-to-Earn” Ecosystem
-
Blockchain4 days agoReynold Lemkins Group Attends The Asset ESG Annual Summit to Explore New Paths for Corporate Sustainable Development
-
Blockchain Press Releases6 days agoEthiopia-Exclusive: Bybit Livens up P2P Marketplace with 12,000 USDT in Rewards
-
Blockchain Press Releases5 days ago
Compass Mining Expands into Iowa with New 30 MW Bitcoin Mining Facility
-
Blockchain4 days agoBybit Web3 Deepens Outreach and Support for TON Community with TON Foundation, TON Society, and TON X at Devcon 7
-
Blockchain5 days agoWhiteBIT Exchange Celebrates 6 Years of Innovation and Partnerships in the Crypto Industry
-
Blockchain3 days agoCo-branded Credit Card Market Trends and Industry Forecast, 2025-2030 – Untapped Sectors like E-Sports and Decentralized Platforms in the Crypto Space Present Business Opportunities
-
Blockchain6 days ago
Adapt or Die: The Urgent Shift from VASP to MiCA
