The New Report “Revenue Cycle Management Software Market” published by Premium Market Insights, covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The global revenue cycle management software market is expected to decline from $64.26 billion in 2019 to $63.39 billion in 2020 at a compound annual growth rate (CAGR) of -1.35%. The decline is mainly due to the COVID-19 outbreak that has led to deferred care in order to avoid visiting hospitals, which resulted in reduced patient volume. Elective procedures have been canceled increasing the financial stress of healthcare service providers, thereby affecting the RCM software market. The market is then expected to recover and reach $95.02 billion in 2023 at a CAGR of 14.44%.
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.
Top Companies Covered in this Report:
Accretive Health, Billing Blues, 3M Health Information Systems, QWay Health, MedSecretery, Medserv, Medical Accounting Services, Patient Billing, R1 RCM and Australian Medical Billing Service.
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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.
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 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.
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Fundamentals of Table of Content:
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Global Growth Trends
2.1 Revenue Cycle Management Software Market Size
2.2 Revenue Cycle Management Software Growth Trends by Regions
2.3 Industry Trends
3 Market Share by Key Players
3.1 Revenue Cycle Management Software Market Size by Manufacturers
3.2 Revenue Cycle Management Software Key Players Head office and Area Served
3.3 Key Players Revenue Cycle Management Software Product/Solution/Service
3.4 Date of Enter into Revenue Cycle Management Software Market
3.5 Mergers & Acquisitions, Expansion Plans
4 Breakdown Data by Product
4.1 Global Revenue Cycle Management Software Sales by Product
4.2 Global Revenue Cycle Management Software Revenue by Product
4.3 Revenue Cycle Management Software Price by Product
5 Breakdown Data by End User
5.2 Global Revenue Cycle Management Software Breakdown Data by End User
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