Revenue Cycle Management Market to be Worth $658.7 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, April 19, 2022 /PRNewswire/ -- 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.
Key Insights & Findings from the report:
- The market size is anticipated to be valued at USD 658.7 billion by 2030, owing to the growing digitalization of healthcare and outsourcing of RCM solutions.
- In 2021, the software segment dominated the market owing to the growing amount of data and the need to streamline workflows and consolidate unorganized data.
- The integrated services segment dominated the market in 2021 owing to the growing demand for a coordinated format to manage various financial activities through a single platform.
- In 2021, the web-based delivery mode segment dominated the market owing to numerous benefits offered by web-based solutions over on-premises deployed systems.
- The physician back-office segment dominated in 2021 owing to the growing number of physician offices in developed countries such as the U.S.
- North America dominated the market in 2021 owing to the presence of well-established, large healthcare facilities and an increasing number of physician offices.
Read 130-page market research report, "Revenue Cycle Management Market Size, Share & Trends Analysis Report By Product (Software, Services), By Type (Integrated, Standalone), By Delivery Mode, By End Use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Revenue Cycle Management Market Growth & Trends
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.
Market players are focusing on partnerships and technological collaborations with other players to expand their business footprint and grow their clientele. For instance, in January 2020, Professional Recovery Consultants (PRC) and Continuum Health Technologies entered into a partnership to improve healthcare claims denial management. This partnership includes the combination of PRC's advanced claims services with Continuum Health Technologies' proprietary software-Patient Estimator and Denial Challenger-which automate follow-ups on active receivables, reduce claim denials, and offer pricing transparency during the claim's lifecycle. The partnership is expected to offer healthcare providers a cost-effective and automatic way of managing the collection process, along with providing pricing transparency to patients and the industry as a whole.
Similarly, key players are launching innovative product solutions to expand their product portfolio and cater to the growing global demand. For instance, in February 2020, Waystar Health inaugurated Hubble, which is an AI/RPA platform used for automating revenue cycle processes. The Hubble platform increases revenue capture with the help of advanced machine learning and predictive analytics algorithms, which automatically recognize DRG anomalies, missing charges, and coding variances, based on a company's past charging practice, generating millions of net revenues for its clients every year.
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:
Revenue Cycle Management Product Outlook (Revenue, USD Million, 2016 - 2030)
- Software
- Services
Revenue Cycle Management Type Outlook (Revenue, USD Million, 2016 - 2030)
- Integrated
- Standalone
Revenue Cycle Management Delivery Mode Outlook (Revenue, USD Million, 2016 - 2030)
- On-premise
- Web-based
- Cloud-based
Revenue Cycle Management End-use Outlook (Revenue, USD Million, 2016 - 2030)
- Physician Back Offices
- Hospitals
- Diagnostic Laboratories
- Others
Revenue Cycle Management Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Spain
- France
- Italy
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
List of Key Players of Revenue Cycle Management Market
- 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.
Check out more related studies published by Grand View Research:
- Healthcare Analytics Market - The global healthcare analytics market size is expected to reach USD 129.7 billion by 2028 and is expected to expand at a CAGR of 23.8% over the forecast period, according to a new report by Grand View Research, Inc., The rising need to enhance patient outcomes simultaneously focusing on reducing expenses is supporting the growing need for analytical solutions in the industry.
- U.S. Revenue Cycle Management Market - The U.S. revenue cycle management market size is expected to reach USD 308.2 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.3% from 2022 to 2030. Growing data siloes emerging from multiple healthcare functionalities and departments are driving the need to consolidate and streamline unorganized workflows to boost efficiency and productivity in healthcare organizations.
- Medical Billing Outsourcing Market - The global medical billing outsourcing market size is projected to reach USD 25.9 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.66% from 2021 to 2028. A large amount of clinical code representation for diagnosis and treatment coupled with the presence of multiple payers renders medical billing an intricate part of any clinical practice, posing significant challenges.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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