According to Precedence Research, the global revenue cycle management market size is predicted to reach around USD 135.12 billion by 2027 and is expanding growth at a CAGR of 12.5% from 2022 to 2027.
According to Precedence Research, the global revenue cycle management market size is predicted to reach around USD 135.12 billion by 2027 and is expanding growth at a CAGR of 12.5% from 2022 to 2027.
Growth Factors
The process of handling claims, payments, and revenue generating is known as revenue cycle management. Access management, cash collection, and payer performance are all improved through revenue cycle management. It also allows businesses and hospitals to manage their work in the right channel during scheduling, registration, claim processing, and payment by providing real time access to claim management. By properly managing claims, revenue cycle management assists a medical practice in increasing revenue.
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Healthcare providers, patients, insurance providers, and billing companies are all major players in the revenue cycle management market of the healthcare system. The revenue cycle management market is expected to be driven by factors such as improved revenue generation, accuracy, increased efficiency, and access to healthcare information technology systems over the forecast period. In order to stay in the market, healthcare organizations must discover cost-effective alternatives to their escalating administrative and operational costs. The revenue cycle management provides feasible cost-cutting alternatives by replacing traditional paper-based methods.
| Report Coverage | Details |
| Market Size by 2027 | USD 135.12 Billion |
| CAGR | 12.5% from 2022 to 2027 |
| Base Year | 2021 |
| Forecast Data | 2022 to 2027 |
| Segmentation | Type Application Region Deployment Offering |
| Companies Covered | Cerner Corporation, Allscripts Healthcare Solutions, McKesson Corporation, Quest Diagnostics Incorporated, Emdeon, Athenahealth, CareCloud, The SSI Group Inc, GE Healthcare |
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Report Highlights:
- Based on the offering, the software segment dominated the global revenue cycle management market in 2020 with highest market share. Healthcare analytical software solutions are being used more frequently and are gaining pace as a result of an increase in data due to the digitalization of operations and optimization for improved patient care.
- Based on the type, the integrated segment dominated the global revenue cycle management market in 2020 with highest market share. The factors such as the preference for volume-based payments over value-based payments, have contributed significantly to this growth.
- Based on the end user, the physician offices segment dominated the global revenue cycle management market in 2020 with highest market share. The increased focus of various healthcare institutions and organizations on the installation of these systems and the increase in the number of physicians is expected to fuel the revenue cycle management market expansion.
- North America is the largest segment for revenue cycle management market in terms of region. The revenue cycle management market in North America has significant growth potential due to the presence of big established healthcare and hospital infrastructure, rising demand to reduce healthcare expenditure, and favorable regulations.
- Asia-Pacific region is the fastest growing region in the revenue cycle management market. This is due to supporting government initiatives to improve the quality of healthcare delivery, expanding unsatisfied healthcare requirements of the population, and rising healthcare expenditure.
Future of Revenue Cycle Management Market
By using predictive analytics and machine learning algorithms to reduce drug discovery times, provide virtual assistance to patients, and reduce diagnosis time for disorders by processing medical images, the combination of artificial intelligence and data has the power to enhance outcomes and lower costs. The ability of artificial intelligence to optimize clinical and non-clinical procedures, consequently solving a number of issues for patients and whole healthcare business, is driving its use in healthcare. Artificial intelligence can automate manual and repetitive processes that occur during patient billing. By simulating intelligent human behavior through algorithms that discover plans future actions and patterns to generate a favorable outcome, artificial intelligence linked with revenue cycle management can accomplish these functions more precisely.
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COVID-19 Impact Analysis:
- The healthcare providers will continue to incur costs quite apart from the disruptions in the revenue cycle management market caused by the COVID-19 epidemic.
- Due to shift in patient load and a big challenge in the typical revenue cycle management process, the healthcare companies are experiencing financial challenges.
- Increased adoption of revenue cycle management solutions by physicians and hospitals will result from efforts to update medical billing and coding.
- Hospitals are likely to use revenue cycle management services and solutions to enable timely revenue collection due to the increase in patient intake.
- As a result, COVID-19’s overall influence on the global revenue cycle management market is projected to be temporary.
Key Developments in the Marketplace:
- Waystar, a revenue cycle management company, declared plans to buy Platientco in July 2021, in the most recent agreement between revenue cycle management vendor and a patient payment company.
- CentricityTM Business will be rebranded AthenaIDX by Athenahealth Inc. in July 2020. This branding aligns the enterprise revenue cycle management solution with the company’s product range and leverages the strength of the IDX and Athenahealth brands due to the operational integration between Virence Health and Athenahealth.
Market Segmentation
By Deployment
- Web-Based
- On-Premise
- Cloud-Based
By Offering
- Services
- Software
By Type
- Standalone
- Integrated
By End User
- Hospitals
- Physician Offices
- Diagnostic Laboratories
- Others (Pharmacies, academic medical centers etc.)
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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