Revenue Cycle Management Software Global Market Report 2023

NEW YORK, Feb. 20, 2023 /PRNewswire/ -- Major players in the revenue cycle management software market are Accretive Health, Billing Blues, 3M Health Information Systems, QWay Health, MedSecretery, Medserv, Medical Accounting Services, Patient Billing, R1 RCM and Australian Medical Billing Service.

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The global revenue cycle management software market is expected to grow from $41.72 billion in 2021 to $46.14 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The revenue cycle management software market is expected to reach $69.16 billion in 2026 at a CAGR of 10.6%.

The revenue cycle management software market consists of sales of solutions and services related to revenue cycle management.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

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.

North America was the largest region in the revenue cycle management software market in 2022.Western Europe was the second largest region in the revenue cycle management software market.

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.

The main types of products in revenue cycle management software are integrated and standalone.The degree of coordination of leadership, operational teams, and business support systems across the many business divisions that enable the continuum of care is referred to as integrated revenue cycle.

The different functions include claim and denial, medical billing and coding, patient insurance eligibility check, payment remittance, electronic health record (EHR), clinical documentation improvement (CDI), others and involves various deployment types such as web based, on premise, cloud based.

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.

According to the National Health Expenditure Projections 2018-2027, the USA national healthcare expenditure is expected to reach nearly $6.0 trillion by 2027, growing at an average rate of 5.5% annually, during the period. 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.

The lower adoption rate of automated systems due to the shortage of skilled professionals limits the growth of the revenue cycle management software market.An inefficient revenue cycle management system leads to loss of revenues and productivity.

The providers are facing issues in leveraging the technology to drive long-term process improvement.For instance, it was estimated that only 14% of healthcare providers use advanced modeling tools to predict patients' ability to pay.

This limits the ability of front-office staff to have financial discussions at the point of service. Many service providers have not upgraded their technology due to lack of technical knowledge, awareness, and resources restraining 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.

In June 2020, R1 RCM, a Chicago-based healthcare revenue management cycle company serving hospitals and physician groups, agreed to acquire Cerner RevWorks for a deal amount of $30 million.The acquisition is expected to extend the comprehensive revenue cycle capabilities of R1 and help driving sustainable financial improvements for healthcare providers and to enhance their patients' overall experience.

RevWorks is a revenue cycle management-outsourcing division of Cerner.

The countries covered in the revenue cycle management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The revenue cycle management software market research report is one of a series of new reports that provides revenue cycle management software market statistics, including revenue cycle management software industry global market size, regional shares, competitors with a revenue cycle management software market share, detailed revenue cycle management software market segments, market trends and opportunities, and any further data you may need to thrive in the revenue cycle management software industry. This revenue cycle management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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