How large is the healthcare revenue cycle management market, and what is its growth trajectory?
The healthcare revenue cycle management market size has grown rapidly in recent years. It will grow from $69.38 billion in 2024 to $80.53 billion in 2025 at a compound annual growth rate (CAGR) of 16.1%. The growth in the historic period can be attributed to increasing healthcare expenditure, transition to value-based care models, regulatory compliance requirements, growing adoption of electronic health records (EHR) and emphasis on cost reduction and efficiency.
The healthcare revenue cycle management market size is expected to see rapid growth in the next few years. It will grow to $144.54 billion in 2029 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to growing patient financial responsibility, scalable revenue cycle management solutions for mid-sized hospitals, value-based care models driving importance of RCM, partnerships between RCM and EHR providers for comprehensive solutions, payment processing enhancements in RCM systems. Major trends in the forecast period include automation and artificial intelligence (AI), shift towards value-based care reimbursement models, integration of RCM systems with telehealth platforms, data analytics, outsourcing and partnerships.
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What have been the primary factors driving the healthcare revenue cycle management market’s growth?
The growing adoption of electronic health records (EHR) is expected to propel the growth of the healthcare revenue cycle management market going forward. Electronic health records (EHR) are digital versions of patients’ medical records, containing comprehensive health information accessible to authorized healthcare providers. Electronic health records (EHR) adoption is on the rise due to several factors, including the demand for improved access to patient care, its efficiency and effectiveness in healthcare delivery, and its ability to transfer information seamlessly. Electronic health records (EHR) streamline healthcare revenue cycle management by facilitating accurate documentation, efficient claim processing, and timely reimbursement for medical services rendered. For instance, in June 2022, according to the Department of Health and Social Care, a UK-based government department, by December 2023, electronic health records are expected to be in place in 90% of NHS trusts, with adoption mandated for all trusts by March 2025. Therefore, the growing adoption of electronic health records is driving the growth of the healthcare revenue cycle management market.
What are the key segments within the healthcare revenue cycle management market?
The healthcare revenue cycle management market covered in this report is segmented –
1) By Component: Software, Service
2) By Deployment Mode: On-Premises, Cloud Or Web Based
3) By Function: Claims And Denial Management, Medical Coding And Billing Eligibility Verification, Payment Remittance, Other Functions
4) By End-Use: Hospitals, Laboratories, Physicians, Other End-Users
Subsegments:
1) By Software: Billing And Coding Software, Patient Scheduling Software, Payment Processing Software, Claims Management Software, Revenue Cycle Analytics Software, Healthcare ERP (Enterprise Resource Planning) Software
2) By Service: Consulting Services, Outsourcing Services, Managed Services, Training And Support Services, Revenue Cycle Optimization Services
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Which key players are shaping the healthcare revenue cycle management market?
Major companies operating in the healthcare revenue cycle management market are McKesson Corporation, 3M Health Information Systems, GE Healthcare, Experian Health, Cerner Corporation, Epic Systems Corporation, Change Healthcare, R1 RCM Inc., Nuance Communications, Conifer Health Solutions, Allscripts Healthcare Solutions, Health Catalyst, Craneware, MEDHOST Inc., NextGen Healthcare, Greenway Health, MedeAnalytics, Source Medical, Patientco, Athenahealth Inc., eClinicalWorks, Optum, nThrive, Waystar, IBM Watson Health, Trizetto Provider Solutions, Quadax, Experity
How will emerging trends drive the healthcare revenue cycle management market throughout the forecast period?
Major companies operating in the healthcare revenue cycle management market are focused on developing innovative solutions, such as advanced revenue management platforms, to help providers improve financial performance, reduce administrative burden, and enhance the overall quality of patient care. Advanced revenue management platforms in healthcare refer to sophisticated software solutions designed to streamline and optimize the financial aspects of healthcare organizations, particularly in managing revenue cycles. For instance, in March 2022, FinThrive, a US-based healthcare company, launched its end-to-end revenue management platform. It offers seamless revenue management by providing flexibility, scalability, and visibility across the revenue cycle, ensuring accurate billing, compliance with regulations, and efficient financial performance. These platforms aim to optimize revenue opportunities, reduce administrative costs, improve efficiency, and enhance the overall financial health of organizations, particularly in industries like healthcare where managing revenue cycles is crucial for sustainability and success.
How do regional factors impact the healthcare revenue cycle management market, and which region is the largest contributor?
North America was the largest region in the healthcare revenue cycle management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare revenue cycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Healthcare Revenue Cycle Management Market Report 2025 Offer?
The healthcare revenue cycle management market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Healthcare revenue cycle management is the process of overseeing financial transactions in the healthcare system, from patient registration to reimbursement, ensuring efficient billing, coding, and collections to optimize revenue. It involves a combination of services and technology solutions aimed at maximizing financial performance and compliance within healthcare organizations.
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