Fort Collins, Colorado, Sept. 20, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Revenue Cycle Management Market Size, Growth, Share, Statistics Report, By Type (Integrated, Standalone), By Component (Software, Services), By Deployment (On-premise, Cloud), By End-use (Hospitals, Physicians Office Office, Others), By Region, and Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, The revenue cycle management market size was valued at USD 179.3 Billion in 2022 and is expected to reach USD 489 Billion by 2032 at a CAGR of 10.7%. The report offers a comprehensive analysis of the global market conditions with key takeaways in the global market. The report also highlights the present and future trends in the industry, followed by actionable market insights.
The revenue cycle management market is growing steadily and is projected to exhibit an upward trajectory. This growth is exhibited due to the increasing adoption in the healthcare industry, mainly for complex healthcare reimbursement, and the rise in the need for streamlined revenue management solutions. Moreover, technological advances such as blockchain, artificial intelligence, and other advanced technologies are revolutionizing the industry. Therefore, these technologies ensure accuracy and efficiency in revenue-related processes.
The ever-increasing healthcare expenditure has been a key driver in the revenue cycle management market. With a major focus on streamlining financial operations, healthcare organizations strive to maximize revenue through revenue cycle management solutions. In addition, the technological spending in the finance domain has been high in the past few years. For instance, adopting cloud-based solutions has remained prominent among the key vendors. The benefits of cloud adoption include high scalability, ease of implementation, and better patient outcomes.
AI offers numerous opportunities to the market in terms of adding more accuracy, consistency, and relevancy to RCM procedures. Integrating AI with the systems helps identify potential/major problems by flagging them for review before they prevent loss in revenue. This may result in increased compliance and less vulnerability to inspection and other fines. Therefore, using artificial intelligence may enable more avenues for market growth and other opportunities.
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Report Snapshot:
| Report Title | Revenue Cycle Management Market |
| Market Size in 2022 | USD 179.3 Billion |
| Market Size by 2032 | USD 489 Billion |
| CAGR from 2023 to 2032 | 10.7% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Type | Integrated, Standalone |
| By Component | Software, Services |
| By Deployment | On-premise, Cloud |
| By End-use | Hospitals, Physicians Office, Labs, Others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Allscripts Healthcare Solutions, Cognizant, Change Healthcare, Experian, Quest Diagnostics, R1 RCM, Change Healthcare, Quest Diagnostics, Aspect Standalone, Talkdesk, Ameyo, Five9 etc. |
Segmentation Overview:
The global revenue cycle management market has been segmented as type, component, deployment, end-use, and region. Integrated software systems will likely dominate the market growth due to their popularity. Cloud-based integrated solutions will significantly impact the market in the following years. The software mainly dominates the revenue cycle management market based on deployment for its feasibility.
North America leads the revenue cycle management market owing to the rapid adoption of software and services. The regional markets are adopting digitalization for revenue management owing to their benefits. Europe is a fast-growing market based on emerging business hubs and government support.
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Revenue Cycle Management Market Report Highlights:
- The global revenue cycle management market is poised to grow to USD 489 billion by 2032.
- The revenue cycle management market growth is attributed to the growing significance of software and services in the service industry. Moreover, automated services for revenue cycle management are likely to impel market growth.
- Integrated software management dominates the type segment and will remain dominant in the forthcoming years. Based on components, software is dominant in enhancing workflow management for companies and organizations.
- North America is at the forefront of the revenue cycle management market owing to the high-end use of software in the healthcare and automotive industries. Government support for transparent and fair business practices has encouraged the adopting of revenue cycle management services.
- Some prominent players in the revenue cycle management market report include Allscripts Healthcare Solutions, Cognizant, Change Healthcare, Experian, Quest Diagnostics, R1 RCM, OSP Labs, and MEDIREVV.
Key Developments in the Industry:
- Aideo Technologies and Pollux Systems collaborated in 2023 with a common objective to maximize gains in the mid-revenue cycle medical coding and billing operations.
- In 2023, Healthpay 25 was acquired by Waystar, an enterprise patient payment platform.
- The Continuum Health Solutions, a motor vehicle accident and third-party liability RCM solutions was acquired by Aspirion, in 2023.
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Revenue Cycle Management Market Report Segmentation:
Revenue Cycle Management Market, By Type (2023-2032)
- Integrated
- Standalone
Revenue Cycle Management Market, By Product (2023-2032)
- Software
- Services
Revenue Cycle Management Market, By Deployment (2023-2032)
- On-premise
- Cloud
Revenue Cycle Management Market, By End-use (2023-2032)
- Hospitals
- Physician’s Office
- Labs
- Others
Revenue Cycle Management Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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