The growth of Revenue Cycle Management Market is majorly attributed to the need for increasing patient volumes, and the growing need to manage unstructured healthcare data. Also, growing regulatory requirements & government initiatives are expected to drive demand growth in the revenue cycle management market during the forecast period.
The global Revenue cycle management market is projected to reach USD 67.8 billion by 2026 from USD 40.9 billion in 2021, at a CAGR of 10.6% during the forecast period
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The revenue cycle management market has been segmented on the basis of product & services, delivery mode, end user, and region. Based on product & services, the revenue cycle management market has been segmented into solutions, and outsourcing services. The outsourcing services segment accounted for the largest share in the revenue cycle management market. The large share and high growth of this segment can be attributed to the lack of IT infrastructure and the shortage of skilled HCIT personnel.
On the basis of delivery mode, the global revenue cycle management market is segmented into on-premise and cloud-based. On-premise accounted for the largest share in the revenue cycle management market. The large share of this segment is attributed to the increasing demand for mobile support systems for better customer (patient) engagement platforms.
On the basis of end user, the global revenue cycle management market is segmented into healthcare providers and healthcare payers. The healthcare providers segment accounted for the largest share in the Revenue cycle management market. The large share of this segment can be attributed to the growing need to automate the process from patient registration to billing and claims processing and provide better transparency that improves the overall financial health of the provider organization.
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North America accounted for the largest share of the revenue cycle management market in 2020. The large shares of North America in the global revenue cycle management market can be attributed to factors such as stringent regulations, increasing volume of claims denials, the presence of a high number of private healthcare payers and well-established government payers, and a large number of healthcare IT companies are some of the factors driving the growth of the revenue cycle management market in this region.