Global Revenue Cycle Management Software Market Report 2022
Key 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.
The global revenue cycle management software market is expected to grow from USD 41.72 billion in 2021 to USD 46.14 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The growth is primarily due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote work and the closure of business activities that have resulted in operational challenges. The market is expected to reach $69.16 billion in 2026 with a CAGR of 10.6%.
The revenue cycle management software market includes sales of revenue cycle management software services by entities (organizations, sole traders, and partnerships) that provide revenue cycle management, which is the financial process, using a medical billing software, which healthcare facilities use to track patient care. episodes from registration and booking to final payment of a balance. Only goods and services exchanged between entities or sold to final consumers are included.
The main product types in revenue cycle management software are integrated and standalone. The degree of coordination of management, operational teams and business support systems across the many business divisions that enable the continuum of care is referred to as the integrated revenue cycle.
Various functions include claim and denial, medical billing and coding, patient insurance eligibility verification, payment disbursement, electronic health record (EHR), clinical documentation enhancement (CDI), others and involve various types of deployment such as web, on-premises, cloud based.
Rising inpatient and outpatient visits are expected to drive the revenue cycle management software market. patient payments.
According to the 2018-2027 National Health Expenditure Projections, national health expenditure in the United States is projected to reach nearly $6 trillion by 2027, growing at an average rate of 5.5% per year, over of the period. The increase in the number of patient visits is pushing healthcare service providers to adopt revenue cycle management software in healthcare facilities that will provide faster and more accurate referral of complaints allowing flexibility in the organization of patient care.
Lower adoption rate of automated systems due to shortage of skilled professionals is limiting the growth of the revenue cycle management software market. An ineffective revenue cycle management system results in lost revenue and productivity.
Providers struggle to leverage technology to improve long-term processes. For example, it has been estimated that only 14% of healthcare providers use advanced modeling tools to predict patients’ ability to pay.
This limits the ability of reception staff to have financial discussions at the point of service. Many service providers have failed to upgrade their technology due to a lack of technical knowledge, awareness, and resources limiting the revenue cycle management software market.
The integration of artificial intelligence (AI) in revenue cycle management software is shaping the revenue cycle management software market. Top leaders in healthcare analytics are actively implementing or planning to execute an AI strategy that will help drive faster decisions and reduce operational expenses.
For example, in April 2019, VisiQuate, Inc., a leader in healthcare business analytics, announced a formal partnership with Etyon Health to integrate the business analytics platform and deep machine learning algorithms to continuously improve performance through improved operational insights and automate claim decisions based on complex data science. Etyon Health is a developer of AI-based RCM solutions.
In June 2020, R1 RCM, a Chicago-based healthcare revenue management cycle company serving hospitals and physician groups, agreed to acquire Cerner RevWorks for $30 million. The acquisition is expected to expand R1’s full-cycle revenue capabilities and help drive sustainable financial improvements for healthcare providers and improve their patients’ overall experience.
RevWorks is a revenue cycle management outsourcing division of Cerner.
Regions covered in this 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, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States. Read the full report: https://www.reportlinker.com/p06229192/?utm_source=GNW
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