India Revenue Cycle Management Market Analysis

India Revenue Cycle Management Market Analysis


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India Revenue Cycle Management Market is projected to grow from $xx Mn in 2023 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2023 - 2030. The Revenue Cycle Management market is expanding due to huge growth opportunities created by expanding SMEs across the regions and increasing demand for workflow optimization in both developed and developing nations. This demand is fueling the development of better software systems and procedures for Revenue Cycle Management. Some of the key players in the global Revenue Cycle Management Market include Cerner Corporation, Epic Systems Corporation, Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., McKesson Corporation, GE Healthcare, Quest Diagnostics, NextGen Healthcare, Inc., eClinicalWorks, and R1 RCM Inc.

ID: IN10INHS095 CATEGORY: Healthcare Services GEOGRAPHY: India AUTHOR: Dr. Nensi Savani

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India Revenue Cycle Management Market Executive Summary

India Revenue Cycle Management Market is valued at around $4.93 Bn in 2022 and is projected to reach $14.66 Bn by 2030, exhibiting a CAGR of 14.6% during the forecast period 2023-2030.

The Revenue Cycle Management Market refers to the market for a set of procedures and various technology to manage the financial aspects of patient care in healthcare organizations. These economic aspects include patient registration, insurance eligibility, and verification, claim procedures, medical coding, A.R. management, payment collection, and revenue generation.

Technological advancements like automation, artificial intelligence, integration with electronic health records, robotic process automation, and blockchain solutions have contributed to the growth of the global market for revenue cycle management in recent years. Digital tools like mobile applications, telehealth services, and self-service portals are integrated with revenue cycle management to improve efficiency and outcome. It has given a boost to the global revenue cycle management market.

There are many global players in the revenue cycle management market but Cerner Corporation, Epic Systems Corporation, Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., McKesson Corporation, GE Healthcare, Quest Diagnostics, NextGen Healthcare, Inc., eClinicalWorks, and R1 RCM Inc. are some of the major players in the market.

The requirement for revenue cycle management is growing due to the supportive growth provided by regulatory compliance. Furthermore, the development of the revenue cycle management market is supported by the rising demand for workflow optimization in healthcare organizations along with cutting-edge synchronized management software systems. The market for revenue cycle management is also expected to develop as a result of the rising demand for cloud-based solutions.

The difficulties that are restricting the growth of the market include the high expenses connected with revenue cycle management adoption and a lack of skilled professionals. On the other hand, it is anticipated that the industry will experience growth opportunities in the coming years due to the growing outsourcing services in developing countries. The market may have a chance to grow as a result of an increase in activities and advancements related to revenue cycle management.

Market Dynamics

Drivers of India Revenue Cycle Management Market:

Increasing Patient Volume and Health Insurance Claims: One of the key factors driving the global market is the rising patient volume and consequent increase in health insurance claims. This is mainly driven by the rising incidence of chronic diseases, the rising demand for high-quality healthcare, and the growing availability of health insurance policies. The number of health insurance claims has increased significantly as a result of increasing demands for healthcare services. As a result, effective revenue cycle management solutions and services are now required to handle the rising number of health insurance claims and increase the revenue for healthcare providers.

Increasing Adoption of Cloud-deployed Revenue Cycle Management: Due to its greater flexibility and improved cost-effectiveness for end users, cloud deployment of RCM is becoming more popular. Cloud-based technologies have made it simple and secure to share medical data. It helps the development and security of telehealth apps while automating backend processes. In order to avoid additional costs for server maintenance, cloud-deployed solutions help healthcare organizations manage electronic medical records, big data analytics, patient portals, and mobile applications. As a result, this component drives growth in the market.

Government Support Initiatives: To protect patient data and guarantee that claims management runs smoothly, the healthcare sector has undergone numerous legislative framework adjustments.  Different laws were put in place to increase access to affordable healthcare and insurance services and to encourage the development of the healthcare IT industry. Together, these elements drive the revenue cycle management market growth.

Restraints of India Revenue Cycle Management Market:

High Cost: Many consulting firms, including revenue cycle management, struggle with offering hidden fees. There may be a number of unexplained expenses, including charges for creating reports, printing statements, setting up services, and canceling services that limit users' access to the system. Therefore, such barriers prevent the industry from growing.

The complexity of the Healthcare System: The healthcare system involves multiple stakeholders, different reimbursement policies, and regulatory models according to different case scenarios. It can be challenging for revenue cycle management as it requires deep domain expertise, excellent knowledge of regulatory frameworks, and the ability to adapt to changes in these policies. It can hinder the growth of the market for revenue cycle management.

Notable Deals in Revenue Cycle Management Market:

In February 2023, Experian introduced AI Advantage, a new revenue cycle management tool that uses artificial intelligence to increase the precision and effectiveness of claims processing. The system was created to assist healthcare providers in reducing denials and improving cash flow.

In November 2022, Epic and Google Cloud teamed up to create a brand-new revenue cycle management system that boosts the efficiency of claims processing with the use of artificial intelligence and machine learning. The system was created to assist healthcare providers in reducing denials and improving cash flow.

Key players

Cerner Corporation GE Healthcare Siemens Healthineers AG Allscripts Healthcare Solutions, Inc. Wipro Limited TCS Healthcare Technologies Tech Mahindra Ltd. Medisoft Telemedicine Pvt. Ltd. eClinicalWorks LLC CitiusTech Inc.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Market Segmentations For India Revenue Cycle Management Market

By Product:

  • Integrated RCM
  • Standalone RCM

By Function:

  • Claims and denial management
  • Medical coding and billing
  • Electronic health record (EHR)
  • Clinical documentation improvement (CDI)
  • Insurance
  • Others

By Deployment:

  • Cloud
  • On-premise
  • Web-based

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 27 June 2023
Updated by: Anish Swaminathan

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