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)
What Is Driving The Revenue Cycle Management Software Market? 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 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.
What Is Driving The Revenue Cycle Management Software Market? The Surge In Cloud-Based Solutions Fuels Revenue Cycle Management Software Market Growth
The rising adoption of cloud-based solutions is expected to propel the growth of the revenue cycle management software market going forward. A cloud-based solution refers to the programs, storage spaces, on-demand services, computer networks, and other services that are accessible through another provider's shared cloud computing framework using an internet connection. The adoption of cloud-based solutions for revenue cycle management software enhances scalability, accessibility, and cost-efficiency in healthcare financial operations. For instance, in June 2024, according to AAG IT Services, a UK-based non-government organization, public cloud service revenue soared to over $415 billion in 2022, increasing from $343 billion in 2021, to $526 billion in 2023. Therefore, the rising adoption of cloud-based solutions is driving the growth of the revenue cycle management software market.
Who Are The Major Players In The Global 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
What Are The Key Trends Of The Global Revenue Cycle Management Software Market? 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.
What Are The Key Trends Of The Global Revenue Cycle Management Software Market? Strategic Partnerships To Gain A Competitive Edge
Major companies operating in the revenue cycle management software market are focused on developing strategic partnerships to drive revenues in the market. Collaboration between companies can bring several advantages, including access to new technology, increased customer choice, global servicing capabilities, a collaborative global platform, and integration of services. For instance, in April 2023, Accenture PLC, an Ireland-based professional services company, partnered with Conga, a US-based provider of revenue lifecycle management solutions, to help companies transform their revenue lifecycle management (RLM) processes. The collaboration combines Accenture's delivery, advisory, and industry experience with Conga's revenue lifecycle management solutions, with a focus on healthcare, life sciences, financial services, high-tech, and industrial industries.
Revenue Cycle Management Software Market Merger And Acquisition: Ventra Health Inc. Acquired Deras Global Services
In February 2023, Ventra Health Inc., a US-based healthcare revenue cycle management company, acquired Deras Global Services for an undisclosed amount. The acquisition of Deras Global Services is to expand its global footprint and enhance its capabilities in revenue cycle management (RCM), practice management, and advisory services for hospital-based physician specialties. Deras Global Services is a Philippines-based provider of revenue cycle management services for hospital-based physician specialties.
Regional Outlook For The Global Revenue Cycle Management Software Market
North America was the largest region in the revenue cycle management software market in 2024. 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.
The countries covered in the revenue cycle management software market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
What Defines the Revenue Cycle Management Software Market?
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.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Revenue Cycle Management Software Industry?
The revenue cycle management software market research report is one of a series of new reports from The Business Research Company 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.
