The revenue cycle management software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Revenue Cycle Management Software Market, 2024 report by The Business Research
Company offers comprehensive insights into the current state of the market and
highlights future growth opportunities.
Market Size -
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 growth in the historic period can be attributed to growing demand
for healthcare services, growing popularity of cloud-based solutions, increased
healthcare spending, industry consolidation.
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%.
The growth in the forecast period can be attributed to continued growth
of the healthcare industry, increasing adoption of value-based care, healthcare
digitization, complex billing procedures, increasing patient financial
responsibility, global expansion. Major trends in the forecast period include
ai and automation, patient engagement and self-service, machine learning and
predictive analytics, blockchain for billing and claims, advancements in
technology.
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Scope Of Revenue Cycle Management Software Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Revenue Cycle Management Software Market Overview
Market Drivers -
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.
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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Regional Insights -
North America was the largest region in the revenue cycle management software
market in 2023. 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.
Key Companies -
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
Table of Contents
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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