Global Revenue Cycle Management Market Size, Share, Growth Analysis, By Product Type(Software and Services), By Type(Integrated and Standalone), By Delivery Mode(On-Premises, Web-Based), By Physician Specialty(Oncology, Cardiology), By Sourcing(In-house, External RCM Apps/ Software), By Function(Product Development, Member Engagement), By End User(Physician Back Offices, Hospitals) - Industry Forecast 2024-2031

Q: What is the global market size of Revenue Cycle Management Market?

Global Revenue Cycle Management Market size was valued at USD 109.5 billion in 2021 and is poised to grow from USD 123.95 billion in 2022 to USD 334.22 billion by 2030, growing at a CAGR of 13.2% in the forecast period (2023-2030).

Report ID: SQMIG35G2131 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 203 | Figures: 80

Global Revenue Cycle Management Market Dynamics

Revenue Cycle Management Market Drivers

Artificial intelligence is being Employed Rapidly

The revenue cycle management (RCM) market is expected to expand more quickly than average over the course of the forecast period due to factors including rising demand for artificial intelligence and machine learning in various RCM suites, rising need to cut HR-related costs, prevalence of advanced solutions in the form of data processing and management, rising usages of RCM for souring & recruiting, applicant tracking, time & attendance management, payroll & compensation, and others.

Cloud-based Software Products are Popular and Digital Technologies are Being Used Extensively

During the forecast period, the adoption of digital HR technology and the prevalence of cloud-based software solutions will present a variety of possible opportunities for the revenue cycle management (RCM) market.

Revenue Cycle Management Market Restraints

High Purchase and Maintenance Costs

The adoption of RCM systems, particularly in the medical market, is likely to be hindered by a shortage of trained employees and cutting-edge technology. The revenue cycle management industry may face obstacles such as high purchase and maintenance costs, limited IT infrastructure in emerging markets, and concerns about data privacy and security.

Global Revenue Cycle Management Market Report Snapshots

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Revenue Cycle Management Market size was valued at USD 109.5 billion in 2019 and is poised to grow from USD 123.95 billion in 2023 to USD 334.22 billion by 2031, growing at a CAGR of 13.2% in the forecast period (2024-2031).

The revenue cycle management (RCM) market's competitive environment lists competitors. A business overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance are all included in the data. In the aforementioned data points, just the companies' emphasis on the revenue cycle management (RCM) industry is stated. 'Cerner Corporation', 'Epic Systems Corporation', 'Allscripts Healthcare Solutions, Inc.', 'Athenahealth, Inc.', 'eClinicalWorks', 'GE Healthcare', 'McKesson Corporation', 'NextGen Healthcare Information Systems, LLC', 'Optum, Inc.', 'Siemens Healthineers', 'Conifer Health Solutions', 'Change Healthcare', 'nThrive', 'R1 RCM Inc.', 'Experian Information Solutions, Inc.', 'Convergent Healthcare Solutions, LLC', 'MedeAnalytics, Inc.', 'ZirMed, Inc.', 'TransUnion Healthcare', 'Waystar Health'

The revenue cycle management (RCM) market is expected to expand more quickly than average over the course of the forecast period due to factors including rising demand for artificial intelligence and machine learning in various RCM suites, rising need to cut HR-related costs, prevalence of advanced solutions in the form of data processing and management, rising usages of RCM for souring & recruiting, applicant tracking, time & attendance management, payroll & compensation, and others.

One of the major trends pushing healthcare firms to outsource RCM solutions is the growing emphasis on enhancing patient care while also reducing healthcare expenses. These systems link financial billing information with administrative data, such as a patient's name, address, insurance provider, and treatment codes. To get around the difficulties of reimbursement, they additionally offer insurance verification and point-of-service (POS). Additionally, the coronavirus disease (COVID-19) pandemic has heightened the requirement for electronic health record (EHR) systems to facilitate successful data sharing, which is further fostering market growth. Other factors, such as the expanding use of remote healthcare, the rising cost of healthcare, and the rise in chronic illness prevalence, are also offering profitable prospects to market participants around the world. These competitors are also concentrating on merger and acquisition (M&A) activities and incorporating artificial intelligence (AI) technology to enhance RCM capabilities, which is anticipated to fuel market expansion.

North America dominated the global market in 2021. A widespread RCM programmed deployment that supports everyone is possible thanks to advanced architecture. The engagement of numerous major competitors in the market, together with the significant yearly healthcare spending anticipated, also greatly benefits the business. One of the main factors influencing the market in the region is the rising prevalence of chronic diseases there. Healthcare costs ultimately rise as a result of chronic illnesses increasing the demand for surgical procedures and other healthcare services. In some cases, the United States uses technologically advanced methods of data processing despite its status as a developing country.

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Global Revenue Cycle Management Market Dynamics

Global Revenue Cycle Management Market Report Snapshots

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