Pune, India, Oct. 06, 2023 (GLOBE NEWSWIRE) -- The global revenue cycle management market size was valued at USD 124.70 billion in 2022. And projected to grow USD 282.12 billion by 2030, exhibiting a CAGR of 11.0% during the forecast period. The market dynamics have huge stress on large hospitals and clinics, driving them to transform into revenue cycle management.
Fortune Business Insights™ mentioned this in a report titled “Revenue Cycle Management Market, 2023-2030.”
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Key Industry Development:
March 2021 – Conifer Health Solutions, LLC extended its contract to deliver physicians' revenue cycle services to North Shore University Health System.
Key Takeaways:
- In 2020, as reported in a survey conducted by Change Healthcare, U.S. hospitals saw a significant increase of 23.0% in claim denials compared to 2016.
- Based on data released by Change Healthcare LLC in 2022, AI is being utilized in revenue management by 65.0% of healthcare facilities and hospitals in the United States.
- As an example, Access Healthcare unveiled Echo in July 2021, which is an artificial intelligence and Robotic Process Automation (RPA) platform aimed at introducing automation into their processes.
- The market is categorized by type into software and services.
Discover the Leading Players Featured in the Report:
Allscripts Healthcare, LLC (U.S.), Cerner Corporation (U.S.), Conifer Health Solutions, LLC (U.S.), Epic Systems Corporation (U.S.), GeBBS Healthcare Solutions (U.S.), MEDHOST (U.S.), McKesson Corporation (U.S.),Medical Information Technology, Inc. (MEDITECH) (U.S.), Optum Inc. (U.S.),R1 RCM, Inc. (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.0% |
| 2030 Value Projection | USD 282.12 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 135.92 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 195 |
| Segments Covered | By Structure, Type, Function, End-user, and Region |
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Segmentation:
Outsourcing of Hardware and Software to Augment Market Growth
Based on structure, the market is bifurcated into in-house and outsourced. The outsourced segment is recorded as the fastest growing, owing to the shifting trend from in-house to outsourcing models in India, the U.K., and the U.S.
Software Segment Leads due to Incorporation of Advanced Solutions for Efficiency
Based on type, the market is divided into services and software. The software segment accounts for the largest market share due to the introduction of cutting-edge solutions to enhance RCM operations at doctor’s offices, hospitals, and other facilities.
Claim & Denials Segment Augments Market Growth Owing to Integration of Advanced Solutions
Based on function, the market is segmented into clinical documentation improvement (CDI), claims & denial management, insurance, medical coding & billing, and others. The claims and denial management industry has taken the lead due to the introduction of innovative technologies that reduce claim denials.
Hospital Segment’s Growth Driven by Rise in the Number of Patients Admission
Based on end-user, the market is divided into physician’s offices, hospitals, and others. The hospital segment led the market in 2022 with respect to market value and share. The growth of the segment is attributed to the rising patient admissions, hence generating higher revenue for hospitals.
By Structure
- In-house
- Outsourced
By Type
- Services
- Software
By Function
- Claims & Denial Management
- Medical Coding & Billing
- Clinical Documentation Improvement (CDI)
- Insurance
- Others
By End-user
- Hospitals
- Physician’s Office
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Driving factor:
Increasing Inclination toward Outsourcing to Boost Market Growth
Rising complications and increasing number of patient admissions at the time of management of operating revenues in healthcare settings are driving the adoption and demand for revenue cycle management. In agreement with the EHR/EMR system, healthcare facilities focus majorly on workflow of the revenue cycle management. Incorporation of artificial intelligence and machine learning to decline recurrent errors in claim denial to boost the revenue cycle management market growth.
However, the budgetary constraints and risks associated with healthcare IT solutions may hinder market growth.
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Regional insights:
North America Dominates Market Owing to the Presence of Key Players
North America held the dominant share in 2022. The region’s dominance is due to the presence of leading players in the region. Furthermore, the increasing use of the software/service in the U.S. will support and drive the regional market’s growth.
Europe held the second position in the market globally. The region’s growth is attributed to the emerging start-ups developing effective financial technologies.
Competitive Landscape
Industry Players Focus on Offering Advanced Solutions & End-to-End Service to Gain Edge in the Market
The market players deliver end-to-end service that is more inclined on production, efficiency, and budget needs. Major players have adopted advanced solutions to strengthen their market presence.
FAQs
How big is the Revenue Cycle Management Market?
Revenue Cycle Management Market size is USD 135.92 billion in 2023.
How fast is the Revenue Cycle Management Market growing?
The Revenue Cycle Management Market will exhibit a CAGR of 11.0% during the forecast period, 2023-2030
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Related Links:
Electronic Health Records (EHR) Market Size, Share, Growth Industry Report.
Telemedicine Market Share, Size, Demand, and Forecast.
Connected Healthcare Market Size, Share, Growth Industry Report.
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