PUBLISHER: The Business Research Company | PRODUCT CODE: 1387757
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387757
“Revenue Cycle Management Software Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on revenue cycle management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for revenue cycle management software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The revenue cycle management software market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Revenue cycle management is a financial process that healthcare facilities employ, often using medical billing software, to monitor the entire patient care journey, starting from registration and appointment scheduling through to the final payment of any outstanding balances.
The primary product types in revenue cycle management software are integrated and standalone solutions. Integrated revenue cycle management involves a high level of coordination between leadership, operational teams, and business support systems spanning multiple divisions within the healthcare facility to ensure a seamless continuum of care. Various functions are involved, including claim and denial management, medical billing and coding, patient insurance eligibility verification, payment remittance, electronic health record (EHR) integration, clinical documentation improvement (CDI), and other related functions. These solutions can be deployed in different ways, such as web-based, on-premise, and cloud-based systems.
The revenue cycle management software market research report is one of a series of new reports from The Business Research Company that provides revenue cycle management software market statistics, including revenue cycle management software industry global market size, regional shares, competitors with a revenue cycle management software market share, detailed revenue cycle management software market segments, market trends and opportunities, and any further data you may need to thrive in the revenue cycle management software industry. This revenue cycle management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The revenue cycle management software market size has grown rapidly in recent years. It will grow from $51.04 billion in 2023 to $56.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth observed during the historical period can be attributed to factors such as the increasing demand for healthcare services, the rising popularity of cloud-based solutions, higher healthcare expenditure, and a trend toward industry consolidation within the healthcare sector.
The revenue cycle management software market size is expected to see rapid growth in the next few years. It will grow to $86.88 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The anticipated growth in the forecast period can be attributed to several factors, including the sustained expansion of the healthcare industry, the growing adoption of value-based care models, the digitization of healthcare processes, the complexity of billing procedures, the rise in patient financial responsibility, and the global expansion of healthcare services. Major trends expected in the forecast period include the integration of artificial intelligence (AI) and automation, enhanced patient engagement and self-service solutions, the use of machine learning and predictive analytics, the application of blockchain in billing and claims processes, and ongoing technological advancements in revenue cycle management.
The revenue cycle management software market is poised for growth, driven by the increasing number of hospital and outpatient visits. With a surge in healthcare spending resulting from higher patient hospital visits, service providers are under pressure to ensure smooth payment processes and maintain accurate patient payment records. For example, in November 2022, the Canadian Institute for Health Information (CIHI) reported that Canada's healthcare expenditure rose from $328 billion in 2021 to $331 billion in 2022. This trend is expected to continue, with a 0.8% increase in total health expenditure in 2022, further emphasizing the need for healthcare service providers to adopt revenue cycle management software. Such software can streamline claims processing, offering flexibility in patient care coordination.
The growing adoption of cloud-based solutions is expected to fuel the revenue cycle management software market's growth. Cloud-based solutions provide scalable, accessible, and cost-effective options for healthcare financial operations. For example, a report from the Australian Bureau of Statistics in June 2023 revealed that 85% of Australian firms employed information and communication technologies (ICTs) in 2022, with 59% of them related to cloud computing. This widespread adoption of cloud-based solutions is a key driver behind the growth of the revenue cycle management software market.
The lower adoption rate of automated systems, attributed to a shortage of skilled professionals, hinders the revenue cycle management software market's growth. Inefficient revenue cycle management systems can lead to revenue loss and reduced productivity. Many healthcare providers struggle to leverage technology for long-term process improvement. For instance, it is estimated that only 14% of healthcare providers use advanced modeling tools to predict patients' ability to pay, limiting the ability of front-office staff to have financial discussions at the point of service. The lack of technical knowledge, awareness, and resources has prevented many service providers from upgrading their technology, restraining the growth of the revenue cycle management software market.
The integration of artificial intelligence (AI) into revenue cycle management software is reshaping the market. Leading healthcare analytics companies are actively implementing or planning AI strategies to expedite decision-making and reduce operational costs. For instance, in May 2022, Cerner, a US-based healthcare technology company, collaborated with AKASA, a US-based AI-powered automation company for revenue cycle management in healthcare. This collaboration allowed Cerner customers access to AKASA's AI-based Unified Automation platform designed specifically for the healthcare industry.
Major companies in the revenue cycle management software market are strategically partnering to boost revenues. Collaborations offer several advantages, including access to new technology, expanded customer choices, global service capabilities, integrated services, and more. For example, in April 2023, Ireland-based professional services company Accenture PLC partnered with Conga, a US-based provider of revenue lifecycle management solutions. This collaboration focuses on transforming revenue lifecycle management processes for various industries, including healthcare, life sciences, financial services, high-tech, and industrial sectors.
In February 2023, US-based healthcare revenue cycle management company Ventra Health Inc. acquired Deras Global Services for an undisclosed amount. This acquisition aims to enhance Ventra Health's global presence and strengthen its capabilities in revenue cycle management, practice management, and advisory services for hospital-based physician specialties. Deras Global Services, based in the Philippines, provides revenue cycle management services for hospital-based physician specialties.
Major companies operating in the revenue cycle management software market include Accretive Health Inc., Billing Blues, 3M Health Information Systems, QWay Healthcare, MedSecretery, Medserv, Medical Accounting Services, Patient Billing Ltd., R1 RCM, Australian Medical Billing Service, Epic Systems, GE Healthcare, McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Quest Diagnostics Inc., Waystar, Kareo, DrChrono, Availity, Optum360 Solutions LLC, Care Cloud Concierge, TriZetto Provider Solutions, Athenahealth, Eclinicalwork, AdvantEdge Healthcare Solutions, AGS Health, Aideo Technologies, All Right Medical Management Services, BillingParadise, Change Healthcare, Conifer Health Solutions, Craneware, Experian Health
North America was the largest region in the revenue cycle management software market in 2023. Western Europe was the second-largest region in the revenue cycle management software market report. The regions covered in the revenue cycle management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the revenue cycle management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The revenue cycle management software market consists of sales of solutions and services related to revenue cycle management. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.