PUBLISHER: Grand View Research | PRODUCT CODE: 1842377
PUBLISHER: Grand View Research | PRODUCT CODE: 1842377
The global revenue cycle management market size was estimated at USD 343.78 billion in 2024 and is projected to reach USD 894.25 billion by 2033, growing at a CAGR of 11.12% from 2025 to 2033. The healthcare industry is rapidly moving towards digitalization, creating demand for advanced revenue cycle management (RCM) solutions.
The increasing number of data silos and unorganized workflows in healthcare settings is leading to market development and growth. RCM involves third-party payers, payment models, guidelines, and codes. The success of a healthcare practice depends on obtaining the right assets. As payment for medical services becomes more complex, it becomes increasingly valuable to have an efficient RCM solution.
The revenue cycle management industry growth in healthcare organizations is expected to be driven by the increasing demand for workflow optimization with the adoption of synchronized management software systems. The healthcare industry is constantly evolving with regular technological advancements, and as a result, many healthcare payers and providers are rapidly adopting these advancements. For instance, in November 2023, the Healthcare Financial Management Association (HFMA) partnered with FinThrive, Inc. to launch a five-stage RCM technology adoption model (RCMTAM). This model helps health systems assess current RCM technology maturity and build best-practice plans using industry benchmarks.
Moreover, innovations and advancements in the RCM solutions have played a key role in improving provider-patient relations and include the implementation of ICD-10 for classifying, coding, and reporting data on disease diagnosis and treatment procedures, which directly helps healthcare systems enhance care delivery. Healthcare facilities are outsourcing RCM software solutions owing to the multiple advantages associated such as easy availability of trained and skilled professionals, enhanced efficiency, compliance, and adherence to required regulations, and cost-effectiveness.
A survey by Salucro Healthcare Solutions in January 2024, involving 176 healthcare professionals, found that 50% of respondents are generally satisfied with their organization's revenue cycle management, with 34% considering it somewhat efficient and 16% very efficient. However, hands-on revenue cycle leaders are less likely to view the system as efficient compared to executive leaders. Timely patient collections, staff hiring/training, managing denials, security/compliance, and data analytics/reporting are key challenges.
Moreover, increasing initiatives and investments supporting healthcare IT, mHealth, and digital health are receiving significant support from venture capitalists, private equity firms, and healthcare organizations. The global landscape of health-tech investment experienced a substantial surge in 2021, surpassing USD 44 billion, marking a twofold increase compared to the previous year. This influx of capital highlights the increasing significance of technological innovation in healthcare. Noteworthy is the emergence of major tech-enabled platform companies as key players, offering the potential to improve hospital and health system efficiencies, swiftly expand operations, and modernize existing systems and delivery models. Furthermore, these platforms are poised to play a crucial role in addressing concerns regarding health equity through a comprehensive and inclusive approach to healthcare delivery.
Global Revenue Cycle Management Market Report Segmentation
This report forecasts revenue growth at the global, regional & country level and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2021 to 2033. For this report, Grand View Research has segmented the revenue cycle management market report based on product, type, delivery mode, end use, and region: