The healthcare revenue cycle management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Healthcare Revenue Cycle Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The healthcare revenue cycle management market size has grown rapidly in recent years. It will grow from $60.08 billion in 2023 to $69.38 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. 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 $124.79 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. 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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Scope Of Healthcare Revenue Cycle Management Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Healthcare Revenue Cycle Management Market Overview
Market Drivers –
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, according to the Office of the National Coordinator for Health Information Technology (ONC), a US-based government agency, as of 2021, nearly 4 in 5 office-based physicians (78%) and almost all non-federal acute care hospitals (96%) have adopted a certified electronic health record (EHR). Therefore, the growing adoption of electronic health records is driving the growth of the healthcare revenue cycle management market.
Market Trends –
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.
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
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Regional Insights –
North America was the largest region in the healthcare revenue cycle management market in 2023. 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.
Key Companies –
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
Table of Contents
- Executive Summary
- Healthcare Revenue Cycle Management Market Characteristics
- Healthcare Revenue Cycle Management Market Trends And Strategies
- Healthcare Revenue Cycle Management Market – Macro Economic Scenario
- Global Healthcare Revenue Cycle Management Market Size and Growth
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- Key Mergers And Acquisitions In The Healthcare Revenue Cycle Management Market
- Healthcare Revenue Cycle Management Market Future Outlook and Potential Analysis
- Appendix
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