The global revenue cycle management market value was USD 136.66 billion in 2023, driven by the increasing volume of patient data across the globe. The market size is anticipated to grow at a CAGR of 12.2% during the forecast period of 2024-2032 to achieve a value of USD 385.10 billion by 2032.
Revenue cycle management is known as the management of the revenue generated from patients throughout their experience and interactions with the healthcare administration. It incorporates medical billing software utilised by healthcare facilities to track patient care episodes from registration and appointment scheduling to the final payment of balances. Further, the revenue cycle incorporates several administrative as well as clinical functions.
Based on structure, the revenue cycle management market can be segmented into in-house and outsource. On the basis of component, the market is categorised into software and services. Based on deployment models, the market is segmented into web-based, cloud-based, and on-premise. On the basis of function, the market is categorised into claims and denial management, medical coding and billing, clinical documentation improvement (CDI), and insurance, among others. Based on end use, the market can be segmented into hospitals, physicians practices, and diagnostic and ambulatory care centres, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global revenue cycle management market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
The software component of the revenue cycle management market is holding robust growth across the globe. This is due to the introduction of improved solutions to aid better revenue cycle management at physician’s facilities, and hospitals, among others. Software for revenue cycle management aids in managing vast volumes of data, and the procedure for evaluating data and designing suitable mitigation tasks are straightforward.
With advancements in technology, software capabilities for revenue cycle management are continuously improving, supported by the introduction of automation, customisation, and machine learning. Software is also easily accessible and can be used by healthcare providers located in any region, which is expected to boost the segment growth in the market share over the coming years.
Geographically, the North American region is expected to augment the revenue cycle management market share on account of the robust presence of physician’s offices, especially in the United States. In countries like the United States, which have a mixed form of healthcare insurance, there is greater demand for revenue cycle management. The increasing demand for healthcare IT solutions like revenue cycle management systems to improve care delivery and boost efficiency is further expected to fuel the market demand for revenue cycle management over the coming years in the region.
Meanwhile, the Asia Pacific is expected to gain momentum in the market growth of revenue cycle management over the coming years on account of the growing digital literacy in the region. The growing initiatives by governments supporting digital transformation in healthcare systems is expected to enhance the market growth of revenue cycle management across the region.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Allscripts Healthcare, LLC offers various solutions and services associated with information technology (IT) to assist healthcare organisations across the globe attain visual, clinical, financial, and operational results. The company provides electronic health records (EHR) and solutions for financial management, population health management, and consumers.
Cerner Corporation offers healthcare information technology solutions along with related services. It provides a broad variety of services and solutions which cater to the financial, operational, and clinical requirements of organisations. The solutions offered by the company include critical care, ambulatory, women’s health, acute EHR solutions, customer relationship management, revenue cycle management, and patient engagement.
Conifer Health Solutions, LLC is a healthcare service and solutions company. It is focused on driving better outcomes for healthcare providers as well as patients. It helps various organisations to strengthen their financial performance, transition from volume to value-based care, and enhance the consumer and patient healthcare experience.
Other market players include Epic Systems Corporation, MEDHOST, Medical Information Technology, Inc., and Optum Inc., among others.
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
