The global healthcare revenue cycle management software market is anticipated to grow at a considerable CAGR of 4.6% during the forecast period (2022-2028). Healthcare revenue cycle management software is software that helps businesses to focus more on clinical sites of healthcare by automating the administrative task involved in revenue generation. Healthcare revenue cycle management software can perform several functions, including claim & denial management, eligibility verification, payment remittance, and medical billing. The major factor attributing to the growth of the global healthcare revenue cycle management software market includes the increasing use of this software in hospitals. According to a survey conducted by the American Hospital Association, there are around 6,093 hospitals in the US in 2022 with a large number of expenses of around $1.21 trillion. Thus, increasing the demand for healthcare revenue cycle management software.
The application of healthcare revenue cycle management software is also increasing in the revenue management of the growing diagnostics industry. According to the National Center for biotechnology information (NCBI), the estimated worth of the global diagnostic industry is around $40 billion to $45 billion in 2016. Among these, the major countries with the large size of the diagnostic industry are the US, Europe, and Japan with around $19 million, $14 million, and $4 billion respectively representing around 80% of global sales in the diagnostic industry. Furthermore, several benefits offered by revenue cycle management software in healthcare are further propelling the growth of the market. The benefits include optimization of workflow to maximize the cash flow, streamlining the processes to lighten the load on employees, enhancement of patients’ experience by improving touchpoints, better claim management for fewer denials, and faster collection process to improve the revenue cycle.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in April 2022, Med-Metrix LLC acquired ARMCO Partners LLC. This acquisition will benefit Med-Metrix LLC in enhancing its end-to-end revenue cycle management software and service capabilities.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Function
- By Deployment
- By End-User
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- R1 RCM Inc., AGS Health, Allscripts Healthcare LLC, athenahealth Inc., and Cerner Corp., among others.
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Global Healthcare Revenue Cycle Management Software Market Report by Segment
By Function
- Claims & Denial Management
- Medical Billing
- Eligibility Verification
- Payment Remittance
By Deployment
- On-Premise
- Cloud-Based
By End-User
- Hospitals
- Physician Office
- Diagnostic Center
- Community Health Center
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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