Revenue Cycle Management Market – An Increase in Patient Volume and Rising Health Insurance are Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 11.2% from 2022 to 2028

Revenue Cycle Management
  • Revenue Cycle Management Market

As stated in our extensive report; the Global Revenue Cycle Management Market accounted forUSD 238.1 Billionin 2021.

Revenue Cycle Management is a process used to track patient revenue generated from their first appointment to their final bill payment in the health care system. With an increasing number of patients in the healthcare system, the adaption of the Revenue Cycle Management process and growing healthcare system are expected to propel the Revenue Cycle Management Market growth.

Apart from the covid infected patients, other patients with chronic disorders, dementia, and diabetes are prevalent in the geriatric population. According to a study report, WHO (world health organization) has stated that chronic disorder is one of the most diagnosed diseases in the past few years. Therefore, an increasing number of patients with chronic disorders, diabetes, dementia, and respiratory disorders are putting much pressure on the healthcare system. This leads to the demand for Revenue Cycle Management solutions and is expected to lead the growth in the post-covid period.

The growing demand to optimize the workflow with a proper management system is propelling the Revenue Cycle Management Market growth. The growing healthcare insurances are demanding the adaption of Revenue Cycle Management solutions. Increasing adaption of Revenue Cycle Management is expected to lead Revenue Cycle Management Market growth. Several key market players constantly strive to introduce innovative Revenue Cycle Management solutions with upgraded AI software to increase their value.

The COVID-19 outbreak resulted in a large volume of patients in the healthcare systems, which was very overwhelming for healthcare systems. Nearly every hospital requires healthcare IT solutions like HER. During the covid-19 period, each hospital had to adapt Revenue Cycle Management, EHR, and patient registry platforms to manage a large volume of patients. Key players such as McKesson and Optum have introduced Revenue Cycle Management solutions with AI (artificial intelligence) upgrades to handle the large volume of patients. The covid-19 has supported the adaption of Revenue Cycle Management solutions on a large scale and showed the growth in the revenue of the Revenue Cycle Management Market during its outbreak.

The regions such asNorth Americahave shown significant market growth over the past few years.North Americahas dominated the Revenue Cycle Management Market due to the growth factors such as increasing adaption of Revenue Cycle Management solutions, optimized workflow, and well-managed healthcare systems.

Notable and prominent key players in the Global Revenue Cycle Management Market include- The SSI Group Inc., AllScripts Healthcare LLC, Experian Health, R1 RCM Inc, McKesson Corporation, Athena Health Inc, Epic Systems Corporation, NXGN Management LLC, CareCloud Corporation, Quest Diagnostics Inc., and others.