Revenue Cycle Management Market Share, Top Key Players, Segmentation and Forecast by 2031

According to the report, the global revenue cycle management industry generated $109.5 billion in 2021 and is anticipated to generate $367.7 billion by 2031 witnessing a CAGR of 13.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Revenue cycle management, which encompasses all clinical and administrative activities related to generating and collecting patient revenue, has grown in importance in a competitive environment, as hospitals face stricter regulations and invoicing requirements, underpayments, and longer payment delays. With the practitioners' continuous interest, revenue cycle management has gained growth in healthcare finance research. All clinical and administrative operations connected to the development, management, and collection of patient care revenue are included in hospital revenue cycle management.

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The rise in demand for cloud-based solutions, the supportive growth through regulatory compliance, increasing demand for workflow optimization in healthcare organizations coupled with innovative synchronized management software systems drive the growth of the global revenue cycle management market. However, high costs associated with RCM deployment and the scarcity of trained professionals restrict the market growth. However, the rise in developments and initiatives towards revenue cycle management and increasing outsourcing services in developing countries are expected to produce ample opportunities to accelerate the revenue cycle management market growth in the coming years.

COVID-19 Scenario:

• The COVID-19 pandemic had an unprecedented impact on a majority of the healthcare sector and brought a significant transformation in the normal functioning of healthcare systems. Many challenges impacted healthcare providers' and payers' revenue profitability and inpatient volume.

• Additionally, medical billing complexity and rising healthcare expenses resulted in a significant increase in the demand for global outsourcing revenue cycle management systems. The spike in demand for advanced and innovative RCM solutions led key participants to develop value-added features such as payer connect, remote coding services, reporting, analytics, and audit and compliance to improve revenue generation and productivity.

• As a result, the revenue cycle management industry grew significantly throughout the global health crisis.

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Based on type, the integrated segment garnered the highest share in 2021, holding more than two-thirds of the global revenue cycle management market, and is expected to retain its dominance in 2031. Also, the same segment would portray the fastest CAGR of 14.8% during the forecast period. This is due to the growing demand for enhancing healthcare system's efficiency, increasing healthcare facilities, and growing healthcare costs.

By Component, the software segment acquired a major share in the revenue cycle management market in 2021. This is attributed to the wide adoption of the RCM software to avoid healthcare fraud and decrease administrative costs. However, the services segment is anticipated to register the highest growth rate during the forecast period due to the rise in cloud based RCM and increased demand for professional services.

By end-user, the hospitals segment contributed to the largest share of nearly half of the global revenue cycle management market revenue in 2021 and is expected to retain its dominance in 2031, owing to the rising number of protocols and guidelines introduced by regulatory bodies with respect to patient safety. On the other hand, the diagnostic laboratories segment would portray the fastest CAGR of 16.7% during the forecast period. This is due to the surge in demand for RCM solutions for smooth operations of processes from patient entry to exit.

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Region wise, North America dominated the market in revenue cycle management market size in 2021 due to the presence of key players and surge in demand for IT solutions in the healthcare sector. However, Asia-Pacific is anticipated to register the highest growth rate in the revenue cycle management industry due to the rise in healthcare spending and technological advancements in the healthcare sector.

The key players operating in the revenue cycle management market analysis include Athenahealth, Inc., eClinicalWorks, Epic Systems Corporation, Experian Information Solutions, Inc., GeBBS Healthcare Solutions, GE HealthCare, McKesson Corporation, Oracle Cerner, Quest Diagnostics Incorporated, and Veradigm LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

The report analyzes these key players of the global revenue cycle management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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