Revenue Cycle Management Market to be Worth $658.7 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 29, 2023 /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 11.5% from 2023 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 Industry Insights & Findings from the report:

• In 2022, the services segment accounted for major portion of the market owing to growing number of providers outsourcing RCM services.
• The integrated segment dominated the market in 2022 owing to the growing demand for a coordinated format to manage various financial activities through a single platform.
• Based on delivery mode, the web-based segment held the maximum market share in 2022 owing to numerous benefits offered by web-based solutions over on-premises deployed systems.
• The physician back-office segment dominated the market in 2022 owing to the growing number of physician offices in developed countries such as the U.S.
• North America dominated the market in 2022 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, By Delivery Mode, By End-use, By Specialty, By Sourcing, By Function, By Region, And Segment Forecasts, 2023 - 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 Report Scope 

Revenue Cycle Management Market Segmentation

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

Revenue Cycle Management Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• Software
• Services

Revenue Cycle Management Market - Type Outlook (Revenue, USD Million, 2018 - 2030)

• Integrated
• Standalone

Revenue Cycle Management Market - Delivery Mode Outlook (Revenue, USD Million, 2018 - 2030)

• Web-based
• Cloud-based
• On-premise

Revenue Cycle Management Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Physician Back Offices
• Hospitals
• Diagnostic Laboratories
• Other

Revenue Cycle Management Market - Specialty Outlook (Revenue, USD Million, 2018 - 2030)

• Oncology
• Cardiology
• Anesthesia
• Radiology
• Pathology
• Pain Management
• Emergency Service
• Others

Revenue Cycle Management Market - Sourcing Outlook (Revenue, USD Million, 2018 - 2030)

• In-house
• External RCM Apps/ Software
• Outsourced RCM Services

Revenue Cycle Management Market - Function Outlook (Revenue, USD Million, 2018 - 2030)

• Product Development
• Member Engagement
• Network Management
• Care Management
• Claims Management
• Risk & Compliances

Revenue Cycle Management Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Denmark
• Sweden
• Norway
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Thailand
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
• Kuwait

List of Key Players of Revenue Cycle Management Market

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

Check out other market research studies published by Grand View Research:

• Healthcare Cloud Infrastructure Market - The global healthcare cloud infrastructure market size is expected to reach USD 193.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.7% from 2023 to 2030. The rising shift towards healthcare digitalization, rapidly increasing expenditures, heavily burdened health systems, growing data siloes, increasing network traffic, and the advent of remote working are all driving the demand for healthcare cloud infrastructure systems and solutions. To enhance facility management, businesses are continually implementing hybrid cloud models to incorporate various operations and functions in a multi-cloud environment. Moreover, these advanced computing solutions enable organizations to manage data safely and reliably while providing optimal care with improved operational and clinical results.
• Operating Room Integration Market - The global operating room integration market size is anticipated to reach USD 4.38 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.4% from 2023 to 2030. Increasing redevelopment projects and the adoption of advanced healthcare IT solutions in hospitals is a major factor boosting the market growth. Operating Rooms (OR) are increasingly becoming complex and congested due to the requirement of devices during surgeries such as surgical lights, operating tables, and surgical displays. Integrated Operating Rooms (I-ORs) are becoming a solution for this complexity in ORs.
• Regulatory Information Management System Market - The global regulatory information management system market size is expected to reach USD 4.12 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 11.0% from 2022 to 2030. As a result of the rapid adoption of the software by the pharmaceutical companies, competitors in the regulatory information management (RIM) system or software market are seeing enormous growth, and this growth is anticipated to continue.

Browse through Grand View Research's  Healthcare IT 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.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Market Trend Reports
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg

SOURCE Grand View Research, Inc.