What is the current size and annual growth rate of the revenue cycle management software market?
The revenue cycle management software market size has grown rapidly in recent years. It will grow from $57 billion in 2024 to $63.03 billion in 2025 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to growing demand for healthcare services, growing popularity of cloud-based solutions, increased healthcare spending, industry consolidation.
The revenue cycle management software market size is expected to see rapid growth in the next few years. It will grow to $98.63 billion in 2029 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to continued growth of the healthcare industry, increasing adoption of value-based care, healthcare digitization, complex billing procedures, increasing patient financial responsibility, global expansion. Major trends in the forecast period include ai and automation, patient engagement and self-service, machine learning and predictive analytics, blockchain for billing and claims, advancements in technology.
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Which major factors have contributed to the expansion of the revenue cycle management software market?
The rise in the number of hospital and outpatient visits is expected to drive the revenue cycle management software market. Surging healthcare expenditure from an increase in patient visits to the hospital urges the service providers to provide hassle-free services during payment and keep a record of patients’ payments. For instance, in November 2022, according to a report published by the Canadian Institute for Health Information (CIHI), a Canada-based health company, in 2021, Canada’s healthcare expenditure was $328 billion, and it increased to $331 billion in 2022.Total health expenditure in 2022 is projected to increase by 0.8%, subsequent to substantial growth is 7.6% in 2021. The increase in the number of patient visits impels the healthcare service providers to adopt revenue cycle management software in healthcare facilities that will provide faster and more accurate claims transmission allowing flexibility in arranging patient care.
How is the revenue cycle management software market segmented?
The revenue cycle management software market covered in this report is segmented –
1) By Product: Integrated, Standalone
2) By Function: Claim And Denial, Medical Biling And Coding, Patient Insurance Eligibility Check, Payment Remittance, Electronic Health Record (EHR), Clinical Documentation Improvement (CDI), Other Functions
3) By Deployment: Web based, On premise, Cloud based
Subsegments:
1) By Integrated: Hospital-Integrated, Physician-Integrated, Payer-Integrated
2) By Standalone: Billing And Coding Software, Payment Processing Software, Denial Management Software, Accounts Receivable Management Software, Others (Reporting And Analytics Software)
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Who are the top competitors in the revenue cycle management software market?
Major companies operating in the revenue cycle management software market include Accretive Health Inc., Billing Blues, 3M Health Information Systems, QWay Healthcare, MedSecretery, Medserv, Medical Accounting Services, Patient Billing Ltd., R1 RCM, Australian Medical Billing Service, Epic Systems, GE Healthcare, McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Quest Diagnostics Inc., Waystar, Kareo, DrChrono, Availity, Optum360 Solutions LLC, Care Cloud Concierge, TriZetto Provider Solutions, Athenahealth, Eclinicalwork, AdvantEdge Healthcare Solutions, AGS Health, Aidéo Technologies, All Right Medical Management Services, BillingParadise, Change Healthcare, Conifer Health Solutions, Craneware, Experian Health
How will evolving trends contribute to the growth of the revenue cycle management software market?
Incorporating artificial intelligence (AI) in revenue cycle management software is shaping the revenue cycle management software market. Major healthcare analytics leaders are actively implementing or planning to execute an AI strategy that will help make decisions faster and reduce operational expenses. For instance, in May 2022, Cerner, a US-based healthcare technology company, collaborated with AKASA. Through the collaboration, Cerner customers had access to AKASA’s AI-based Unified Automation platform, which was created specifically for the healthcare industry. AKASA is a US-based AI-powered automation company for revenue cycle management in healthcare.
Which geographic trends are shaping the revenue cycle management software market, and which region has the highest market share?
North America was the largest region in the revenue cycle management software market in 2023. Western Europe was the second-largest region in the revenue cycle management software market report. The regions covered in the revenue cycle management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Revenue Cycle Management Software Market Report 2025 Offer?
The revenue cycle management software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Revenue cycle management is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance.
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