DUBLIN, August 18, 2021--(BUSINESS WIRE)--The "Revenue Cycle Management Software Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
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 market is expected to reach $130.258 billion in 2025 at a CAGR of 16%.
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 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.
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.
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.
Key Topics Covered:
1. Executive Summary
2. Revenue Cycle Management Software Market Characteristics
3. Revenue Cycle Management Software Market Trends and Strategies
4. Impact of COVID-19 on Revenue Cycle Management Software
5. Revenue Cycle Management Software Market Size and Growth
5.1. Global Revenue Cycle Management Software Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Revenue Cycle Management Software Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Revenue Cycle Management Software Market Segmentation
6.1. Global Revenue Cycle Management Software Market, Segmentation By Product, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Revenue Cycle Management Software Market, Segmentation By Function, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Claim and Denial
Medical Billing and Coding
Patient Insurance Eligibility Check
Electronic Health Record (EHR)
Clinical Documentation Improvement (CDI)
6.3. Global Revenue Cycle Management Software Market, Segmentation By Deployment, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Revenue Cycle Management Software Market Regional and Country Analysis
7.1. Global Revenue Cycle Management Software Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Revenue Cycle Management Software Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
3M Health Information Systems
Medical Accounting Services
Australian Medical Billing Service
General Electric Company
Care Cloud Concierge
Allscripts Healthcare Solutions
For more information about this report visit https://www.researchandmarkets.com/r/xp25md
View source version on businesswire.com: https://www.businesswire.com/news/home/20210818005447/en/
Laura Wood, Senior Press Manager
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