The global Hospital Revenue Cycle Management Market size is anticipated to reach USD 184.35 billion by 2030, growing at a CAGR of 12.17% from 2024 to 2030, according to a new report by Grand View Research, Inc. Healthcare providers are increasingly prioritizing financial performance and operational efficiency, leading to a surge in the adoption of advanced revenue cycle management (RCM) solutions within hospitals. These solutions are designed to effectively navigate billing complexities, guarantee precise reimbursements, and leverage artificial intelligence, automation, and cloud computing to optimize workflows and improve patient care. This trend is expected to drive the expansion of the hospital revenue cycle market during the forecast period.
The
market for hospital revenue cycle management is expected to experience
significant growth due to the shift towards value-based care. This shift, which
focuses on improving patient outcomes and reducing costs, is driving healthcare
providers to invest in robust RCM solutions. As providers focus on aligning
financial incentives with patient outcomes, the demand for advanced RCM systems
that support value-based care initiatives is increasing. This trend is fueling
innovation and adoption in the RCM market, creating opportunities for growth
and development.
Key
participants are engaged in different strategies to expand their global
footprint through innovations, partnership collaborations, and product
launches. For instance, in July 2023, State of Franklin Healthcare Associates
(SOFHA), a physician-owned multispecialty and primary care healthcare system in
Southwest Virginia and upper East Tennessee, extended its partnership with
Veradigm LLC by signing a 2-year agreement to use Veradigm Revenue Cycle
Services.
List
of Key Players in the Hospital Revenue Cycle Management Market
- Athenahealth,
Inc.
- CareCloud
Corporation
- Epic Systems
Corporation
- Evident
- NXGN
Management, LLC
- OncoSpark,
Inc.
- Oracle
- R1 RCM, Inc.
- The SSI
Group, LLC
- Veradigm LLC
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summary: Hospital Revenue Cycle Management Market Report
Hospital
Revenue Cycle Management Market Report Highlights:
- Based on
product, the services segment dominated the market with largest revenue
share in 2023. This is attributed to the rise in outsourcing services
offered to hospitals by a growing number of companies. Additionally,
established market players are contributing to this growth through
undertaking various strategic initiatives.
- Based on
type, the integrated segment dominated the market in 2023 owing to the
growing demand among healthcare providers to improve operational
efficiency, lower administrative costs, and enhance patient satisfaction.
- Based on
delivery mode, the web-based segment dominated the market with a in 2023,
owing to an increasing need for scalable and cost-effective solutions that
provide real-time access to financial data and streamline billing
processes, with web-based RCM systems.
- North America
region held the largest market share in 2023. This is attributed to the
rising healthcare expenses, expanding government initiatives aimed at RCM
system implementation, and the rising adoption of healthcare information
technology (HIT) systems.
Hospital
Revenue Cycle Management Market Segmentation
Grand
View Research has segmented the global hospital revenue cycle management market
based on product, type, delivery mode, and region:
Hospital
Revenue Cycle Management Product Outlook (Revenue, USD Million, 2018 - 2030)
- Software
- Services
Hospital
Revenue Cycle Management Type Outlook (Revenue, USD Million, 2018 - 2030)
- Integrated
- Standalone
Hospital
Revenue Cycle Management Delivery Mode Outlook (Revenue, USD Million, 2018 -
2030)
- On-Premises
- Web-Based
- Cloud-Based
Hospital
Revenue Cycle Management Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Denmark
- Sweden
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Latin America
- Brazil
- Argentina
- Middle East
and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Kuwait
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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