Revenue Cycle Management Market to Reach USD 361.86 Billion by 2032; Rising Preference for Integrated EHR/RCM Software to Enhance Market Progress

The global revenue cycle management market size was valued at USD 135.92 billion in 2023. The market is projected to grow from USD 148.84 billion in 2024 to USD 361.86 billion by 2032, exhibiting a CAGR of 11.7% during the forecast period.

Fortune Business Insights™ presents this information in their report titled, “Revenue Cycle Management Market Size, Share & COVID-19 Impact Analysis, By Structure (In-house and Outsourced), By Type (Software and Services), By Function (Claims & Denial Management, Medical Coding & Billing, Clinical Documentation Improvement (CDI), Insurance, and Others), By End-user (Hospitals, Physician’s Office, and Others), and Regional Forecast, 2024-2032.”

Recently, healthcare industries have witnessed major challenges such as growing patient consumerism, increasing complexity, and rising treatment costs, among others. In order to increase patient revenue and collection speed, hospitals are designing and implementing revenue cycle management. The demand for various regulatory mandates for the application of Electronic Health Records (EHR) is anticipated to drive market growth during the forecast period.

Pandemic Outbreak Impacted Market Growth Negatively Owing to Loss in the Operating Revenue

The outbreak of the COVID-19 virus affected market growth negatively. Several key market players, including CERNER CORPORATION and TH Medical, witnessed a substantial decline in revenue from their RCM services. The delay in elective surgeries and a substantial increase in the number of non-COVID-19 patients impacted the revenue of major hospitals during the pandemic.

However, rising non-COVID-19 patients in 2021, upliftment of lockdown restrictions, and the incorporation of advanced software to manage revenue reinforced market growth in 2021. Furthermore, major players in the market witnessed a substantial increase in revenue and returned to their pre-pandemic level in 2021.

Revecore Technologies Acquired Two Companies to Propel Market Growth

In August 2022, Kemberton and Cura Revenue Cycle Management, LLC was acquired by Revecore, two specialized revenue cycle management firms. The acquisition has helped Revecore to propel improved outcomes for health systems in the U.S.

Governing Standards for Adoption of EMR/EHR to Drive Market Growth

The incorporation of Electronic Health Records (EHRs) revolutionized healthcare organizations in reporting, collecting, and analyzing patient data in order to reduce operational delay and recurrent errors while managing claim denials. Hence, to decrease manual errors and operational delays, a growing number of healthcare administrations are adopting the EMR/EHR systems.

Companies Focus on Innovations and Collaborations to Sustain Market Position

Leading players are developing and launching new products to strengthen market position and increase their revenue cycle management market share. Moreover, several companies are adopting various strategies to expand their geographical footprints.

Notable Industry Development:

• August 2021 – GeBBS Healthcare Solutions, Inc., acquired Aviacode to provide end-to-end revenue cycle management services, workflow tools, and expand geographical footprint.

List of Companies Profiled in the Report:

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  • Allscripts Healthcare, LLC (U.S.)
  
  
  • Cerner Corporation (U.S.)
  
  
  • Conifer Health Solutions, LLC (U.S.)
  
  
  • Epic Systems Corporation (U.S.)
  
  
  • GeBBS Healthcare Solutions (U.S.)
  
  
  • MEDHOST (U.S.)
  
  
  • McKesson Corporation (U.S.)
  
  
  • Medical Information Technology, Inc. (MEDITECH) (U.S)
  
  
  • Optum Inc. (U.S.)
  
  
  • R1 RCM, Inc. (U.S.)
  
  
  
  

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/revenue-cycle-management-market-100275

Further Report Findings:

• North America dominated the market, owing to the highest share in 2022. The dominance of the region’s growth is attributed to the presence of leading players and the advanced solutions provided.


• Europe holds the second position in the market in terms of valuation. The region’s revenue cycle management market growth is due to the development of effective financial technology by emerging start-ups.


• Asia Pacific is anticipated to emerge as the fastest-growing region during the projected period due to the increasing awareness about the benefits of RCM service among hospitals. The rate of rising adoption is responsible for the higher growth of the region.


• Latin America and the Middle East & Africa are estimated to witness reasonable growth due to the gradual penetration of advanced solutions in healthcare financial management systems.

Table of Segmentation: