Revenue Cycle Management Market Size, Estimates, And Forecast To 2030

Revenue Cycle Management Market Growth & Trends

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.

Revenue Cycle Management Market Segmentation

Grand View Research, Inc. has segmented the global revenue cycle management market on the basis of product, type, delivery, end-user, physician specialty, sourcing, function 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. Growing data siloes and the increasing amount of data generated from multiple healthcare functions are driving the need for process digitalization and streamlining workflows for enhanced efficiencies and improved patient care. The growing amount of unorganized data requires consolidation which is supporting the growing need for RCM software solutions. Multiple data silos reduce the ability to accurately analyse data and increase the risk of data losses.
• There has been an increase in outsourcing of services as many healthcare services mandatorily require resources and skillsets for implementation of revenue cycle management solutions. Either the entire process is outsourced, or a part of it in the form of a long-term contract. RCM services make sure healthcare procedures achieve an optimum return on their investment. A variety of RCM services are being offered by companies, such as patient management solutions, medical billing, medical coding, and others. Key participants are undertaking various strategic initiatives to boost the adoption of RCM services.

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. Integrated solutions offer a streamlined and synchronized format for various financial activities via a single platform resulting in a standardized data collection and analysis process. Integrated revenue cycle management provides a number of benefits, from growing collections to planning alternative payment and reimbursement methodologies.
• Successful integration schemes allow healthcare workers to improve productivity, decrease costs, increase collections, and increase net operating margins. 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. Moreover, the growing need to minimize or eliminate human errors and accelerate administrative functions is anticipated to boost the growth of an integrated type of service. 

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

• The web-based delivery mode segment dominated the market for revenue cycle management and accounted for the largest revenue share of 53.0% in 2021 owing to the growing implementation of web-based solutions. Web-based delivered solutions do not require additional hardware or storage and can be installed off-site and controlled by a third party, which is boosting the adoption of web-based solutions over on-premise delivered solutions. Benefits associated with web-based delivered solutions are affordability and rapid deployment.
• On the other hand, the cloud-deployed segment is anticipated to register the fastest growth rate over the forthcoming years owing to higher flexibility and increased cost-effectiveness to end-users. Cloud deployed solutions have rendered medical data-sharing easy and secure.

Based on the End-Use Insights, the market is segmented into Physician Back Offices, Hospitals, Diagnostic Laboratories, 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. Private physician offices are outsourcing RCM solutions and services to align with medical and financial needs.
• On the other hand, the hospital’s segment is anticipated to register the fastest growth rate over the forthcoming years owing to the rising number of protocols and guidelines introduced by regulatory bodies with respect to patient safety. 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 Managements Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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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.

Some of the prominent players operating in the global revenue cycle managements 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.
• Cerner Corporation

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