Revenue Cycle Management Market Product Estimates & Strategy Framework To 2022 - 2030

The global revenue cycle management market size is expected to reach USD 658.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.6% from 2022 to 2030. Growing digitalization of healthcare is driving organizations to adopt healthcare IT solutions such as Revenue Cycle Management (RCM) systems. Unorganized data siloes generated from multiple healthcare functionalities and the increasing need to streamline workflows to enhance productivity and efficiency are driving the adoption of RCM systems and propelling market growth.

The existing healthcare systems are transitioning and readily adopting electronic processes for claims management, coding, and reimbursements. The growing digital literacy across the globe and increasing healthcare IT spending coupled with technological advancements in healthcare infrastructure are anticipated to boost the market growth. Rising demand for workflow optimization and favorable regulatory support from government bodies is shaping development and growth. Transforming healthcare systems and constant technological advancements are driving key players to focus on their innovative product development strategies to enhance the patient-provider relationship in healthcare facilities.

Revenue Cycle Management Market Segmentation

Grand View Research, Inc. has segmented the global revenue cycle management market on the basis of product type, type, delivery mode, end use, and region:

Based on the Product Insights, the market is segmented into Software and Services.

• The software segment dominated the revenue cycle management market and accounted for the largest revenue share of 66.4% in 2021.
• An RCM software tool will help to manage a large amount of data and the procedure for evaluating data and designing valuable mitigation tasks will be easy.
• According to Health Catalyst data estimates, 90% of healthcare organizations use these software solutions to enhance quality and improve revenue cycle management.

Based on the Type Insights, the market is segmented into Integrated and Standalone.

• The integrated type segment dominated the market for revenue cycle management and accounted for the largest revenue share of 69.8% in 2021 owing to the growing preference for volume-based payments over value-based payments.
• According to the survey of Black Book Market Research, technologies that fully incorporate revenue cycle management, practice management, and Electronic Health Record (EHR) systems are the path of the future.
• The integrated type of services is anticipated to register the fastest growth over the forthcoming years owing to the growing demand for enhancing healthcare systems’ efficiency, increasing healthcare facilities, and growing healthcare costs.

Based on the Delivery Mode Insights, the market is segmented into On-premise, Web-based and Cloud-based.

• The web-based delivery mode segment dominated the market for revenue cycle managementand accounted for the largest revenue share of 53.0% in 2021 owing to the growing implementation of web-based solutions.
• Cloud deployed solutions have rendered medical data-sharing easy and secure. It automates backend processes and enables the creation and protection of telehealth apps.
• Cloud-based products have been developed to improve resource procurement, enhance infrastructure dependability, and strengthen operations.

Based on the End-User Insights, the market is segmented into Physician Back Offices, Hospitals, Diagnostic Laboratories and Others.

• The physician back-office segment dominated the market for revenue cycle managementand accounted for the largest revenue share of 38.0% in 2021.
• A rising focus on increasing the number of physicians and healthcare facilities across the region is expected to drive the market for revenue cycle management. Private physician offices undergo numerous economic challenges such as physician reimbursement, increasing operating expenses, and patient content.
• The growing demand for streamlining hospitals’ workflows and enhancing productivity and efficiency is driving the adoption of RCM solutions in hospitals. Hospitals commonly use an integrated type of RCM system bringing patients and providers collectively into a single platform.

Revenue Cycle Management Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The key participants in the market for revenue cycle management are devising various strategic initiatives to expand their business footprint and gain a competitive edge in the market. Key players are focusing on strategic initiatives such as mergers and acquisitions, technological collaborations, partnerships, funding and investments, and innovative product developments and launches to expand their expertise and product portfolio. For instance, in January 2020, R1 RCM, Inc. entered into a strategic partnership with Rush University System for Health (RUSH) to achieve revenue cycle performance excellence and boost innovation in healthcare.

Some prominent players in the Global Revenue Cycle Management market include:

• The SSI Group, Inc.
• AllScripts Healthcare, LLC
• Experian Health
• R1 RCM Inc
• McKesson Corporation
• athenahealth, Inc.
• Epic Systems Corporation
• NXGN Management, LLC
• CareCloud Corporation
• Quest Diagnostics, Inc.

Order a free sample PDF of the in Revenue Cycle Management Market Intelligence Study, published by Grand View Research.