The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Revenue Cycle Management Software Global Market Report 2024, the revenue cycle management software market is expected to show promising growth in the forecast period.

The revenue cycle management software market has witnessed rapid growth, soaring from $51.04 billion in 2023 to $56.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. Forecasts indicate continued acceleration, reaching $86.88 billion in 2028, with a CAGR of 11.3%. This blog delves into the factors fueling the current and anticipated growth, key market trends, and strategic maneuvers by major industry players.

Surge In Hospital And Outpatient Visits

Increase in Healthcare Expenditure

• The surge in hospital and outpatient visits contributes to the growth of the revenue cycle management software market.
• Canada, for example, witnessed a rise in healthcare expenditure from $328 billion in 2021 to $331 billion in 2022, with a projected 0.8% increase in 2022.

Adoption of Revenue Cycle Management Software

• Healthcare service providers adopt revenue cycle management software to streamline payment processes and maintain accurate patient payment records.
• Facilitates faster and more accurate claims transmission, enhancing flexibility in patient care arrangements.

Key Market Players

• Major companies driving this market include Accretive Health Inc., 3M Health Information Systems, Epic Systems, GE Healthcare, Cerner Corporation, Waystar, and many more.
• These players play a pivotal role in providing solutions that address the evolving needs of healthcare revenue management.

Strategic Partnerships for Competitive Edge

Collaboration for Advantages

• Major companies in the revenue cycle management software market are entering into strategic partnerships to gain a competitive edge.
• Collaboration offers advantages like access to new technology, increased customer choice, global servicing capabilities, and integration of services.

Accenture’s Partnership with Conga

• Accenture PLC partnered with Conga, a provider of revenue lifecycle management solutions, in April 2023.
• The collaboration focuses on transforming revenue lifecycle management processes, especially in healthcare, life sciences, financial services, high-tech, and industrial industries.

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Ventra Health Inc. Acquisition of Deras Global Services

Strategic Acquisition

• In February 2023, Ventra Health Inc., a US-based healthcare revenue cycle management company, acquired Deras Global Services.
• The acquisition aimed to expand global footprint and enhance capabilities in revenue cycle management, practice management, and advisory services for hospital-based physician specialties.

Deras Global Services

• Deras Global Services, based in the Philippines, specializes in providing revenue cycle management services for hospital-based physician specialties.
• The acquisition reflects Ventra Health Inc.’s commitment to strengthening its position in the revenue cycle management sector.

Market Segmentation and Forecast

Key Segments

1. Product Types:
   • Integrated
   • Standalone
2. Functions:
   • Claim and Denial
   • Medical Billing and Coding
   • Patient Insurance Eligibility Check
   • Payment Remittance
   • Electronic Health Record (EHR)
   • Clinical Documentation Improvement (CDI)
   • Other Functions
3. Deployment:
   • Web-based
   • On-premise
   • Cloud-based

Anticipated Growth

• The revenue cycle management software market is expected to witness robust growth, reaching $86.88 billion in 2028.
• Key drivers include the continued growth of the healthcare industry, increasing adoption of value-based care, healthcare digitization, complex billing procedures, rising patient financial responsibility, and global expansion.

Conclusion

In conclusion, the revenue cycle management software market is on an upward trajectory, fueled by factors like the surge in hospital and outpatient visits, strategic partnerships among major players, and strategic acquisitions to enhance capabilities. The market’s segmentation, including product types, functions, and deployment, showcases its dynamic nature. As the industry continues to evolve, major trends like AI and automation, patient engagement and self-service, machine learning and predictive analytics, and blockchain for billing and claims are anticipated to shape the future landscape of revenue cycle management software.

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