The U.S. Revenue Cycle Management Market size is projected to reach USD 286.7 billion by 2028, according to a new report by Grand View Research, Inc. This market is expected to expand at a CAGR of 11.2% over the forecast period. An increase in pressure on healthcare providers to implement revenue cycle management (RCM) solutions, the rise in adoption of Consumer-driven Healthcare (CDH) accounts, and growth in the number of collaborations in the market are the major factors driving the industry growth.
The integrated product type segment
accounted for the largest revenue share of over 70% in 2020 and is expected to
grow at the fastest CAGR over the forecast period. These systems provide
seamless access to clinical data from Electronic Health Records (EHRs)
and similar databases. For instance, according to a news article published by
Cerner Corp. in 2020, fully integrated EHR systems provided by the company are
proving to be beneficial and providing improvements in the RCM systems at the
San Juan Regional Medical Center. Hence, the rising adoption of integrated
systems is likely to fuel the segment growth during the forecast period.
On the basis of delivery mode, the
web-based segment accounted for the highest revenue share in 2020. Key factors
responsible for this growth included affordability, rapid Return on Investment
(RoI), and ease of deployment of these systems. On the other hand, the
cloud-based segment is expected to grow at the fastest CAGR over the forecast
period. Based on sourcing, the outsourcing segment is expected to register the
fastest growth rate over the forecast period. There is a rise in the demand for
services outsourcing during the Covid-19 pandemic owing to the rapidly
increasing inpatient volume, claim fluctuations and staff productivity.
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U.S.
Revenue Cycle Management Market Report Highlights
- The market was valued at USD 120.7 billion in 2020
and is anticipated to grow at a CAGR of 11.2% over the forecast period
- In 2020, the services segment is predicted to
account for the largest market share growing at the fastest CAGR from 2021
to 2028
- This growth is credited to the increased demand for
service outsourcing due to the dearth of skilled labor, shortage of
resources, and rising healthcare costs in the U.S.
- The software segment is also projected to witness
significant growth over the forecast period owing to the rising adoption
and penetration of software-based solutions in the market
- In 2020, the integrated systems product type segment
accounted for the largest revenue share owing to the increasing demand for
these systems to eliminate human errors and speeding up the administrative
functions
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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