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Revenue Cycle Management Software Market Size, Outlook And Industry Analysis Report To 2033
Revenue Cycle Management Software Market Size
As per the report, the revenue cycle management software market size has grown rapidly in recent years. It will grow from $51.04 billion in 2023 to $56.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The revenue cycle management software market size is expected to see rapid growth in the next few years. It will grow to $86.88 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
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Surge In Hospital And Outpatient Visits Fuels Revenue Cycle Management Software Market Growth
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 of 13.2% in 2020 and 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.
Ai Integration In 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.
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
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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
Contents of the report:
1. Executive Summary
2. Revenue Cycle Management Software Market Report Structure
3. Revenue Cycle Management Software Market Trends And Strategies
4. Revenue Cycle Management Software Market - Macro Economic Scenario
5. Revenue Cycle Management Software Market Size And Growth
…..
27. Revenue Cycle Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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