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.
New York, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Revenue Cycle Management Software Global Market Report 2022" - https://www.reportlinker.com/p06229192/?utm_source=GNW
The global revenue cycle management software market is expected to grow from $41.72 billion in 2021 to $46.14 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $69.16 billion in 2026 at a CAGR of 10.6%.
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.
The main types of products in revenue cycle management software are integrated and standalone.The degree of coordination of leadership, operational teams, and business support systems across the many business divisions that enable the continuum of care is referred to as integrated revenue cycle.
The different functions include claim and denial, medical billing and coding, patient insurance eligibility check, payment remittance, electronic health record (EHR), clinical documentation improvement (CDI), others and involves various deployment types such as web based, on premise, cloud based.
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.
According to the National Health Expenditure Projections 2018-2027, the USA national healthcare expenditure is expected to reach nearly $6.0 trillion by 2027, growing at an average rate of 5.5% annually, during the period. 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.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.
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.
For instance, in April 2019, VisiQuate, Inc., a leader in healthcare business analytics, has announced a formal partnership with Etyon Health to integrate the business analytics platform and deep machine-learning algorithms to improve performance continuously through enhanced operational insights and automate the claim decisions based on complex data science. Etyon Health is a developer of AI-driven RCM solutions.
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 regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the revenue cycle management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06229192/?utm_source=GNW
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