The Revenue Cycle Management Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Revenue Cycle Management Software Global Market Report 2024, The revenue cycle management software market size has grown rapidly in recent years. It will grow from $51.04 billion in 2023 to $56.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to growing demand for healthcare services, growing popularity of cloud-based solutions, increased healthcare spending, industry consolidation.
The revenue cycle management software market size is expected to see rapid growth in the next few years. It will grow to $86.88 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to continued growth of the healthcare industry, increasing adoption of value-based care, healthcare digitization, complex billing procedures, increasing patient financial responsibility, global expansion. Major trends in the forecast period include ai and automation, patient engagement and self-service, machine learning and predictive analytics, blockchain for billing and claims, advancements in technology.
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. For instance, in November 2022, according to a report published by the Canadian Institute for Health Information (CIHI), a Canada-based health company, in 2021, Canada’s healthcare expenditure was $328 billion, and it increased to $331 billion in 2022.Total health expenditure in 2022 is projected to increase by 0.8%, subsequent to substantial growth of 13.2% in 2020 and 7.6% in 2021. 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.
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The revenue cycle management software market covered in this report is segmented –
1) By Product: Integrated; Standalone
2) By Function: Claim And Denial; Medical Biling And Coding; Patient Insurance Eligibility Check; Payment Remittance; Electronic Health Record (EHR); Clinical Documentation Improvement (CDI); Other Functions
3) By Deployment: Web based; On premise; Cloud based
The revenue cycle management software market report table of contents includes:
1. Executive Summary
2. Revenue Cycle Management Market Characteristics
3. Revenue Cycle Management Market Trends And Strategies
4. Revenue Cycle Management Market – Macro Economic Scenario
5. Revenue Cycle Management Market Size And Growth
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26. Africa Revenue Cycle Management Market
27. Revenue Cycle Management Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Revenue Cycle Management Market
29. Revenue Cycle Management Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
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