Revenue Cycle Management Software Global Market Report 2021: COVID 19 Growth And Change to 2030

Revenue Cycle Management Software Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071092 •
  • Format: PDF
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.

The global revenue cycle management software market is expected to grow from $63.392 billion in 2020 to $71.77 billion in 2021 at a compound annual growth rate (CAGR) of 13.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $130.258 billion in 2025 at a CAGR of 16%.

The revenue cycle management software market consists of sales of revenue cycle management software services by entities (organizations, sole traders and partnerships) that provide revenue cycle management, which 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. Only goods and services traded between entities or sold to end consumers are included.

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 revenue cycle management software market covered in this report is segmented by product into integrated; standalone. It is also segmented by function into claim and denial; medical billing and coding; patient insurance eligibility check; payment remittance; electronic health record (EHR); clinical documentation improvement (CDI); others and by deployment into web based; on premise; cloud based.

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 April 2019, VisiQuate, Inc., a leader in healthcare business analytics, has announced a formal partnership with Etyon Health to integrate the business analytics platform and deep machine-learning algorithms to improve performance continuously through enhanced operational insights and automate the claim decisions based on complex data science. Etyon Health is a developer of AI-driven RCM solutions.

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.