Healthcare Revenue Cycle Management Market Size By Product (Integrated, Standalone), By Function (Claims & Denial Management, Medical Coding & Billing, Eligibility Verification, Payment Remittance), By Deployment (On-premise, Cloud Based), By End-use (Hos

Healthcare Revenue Cycle Management Market Size By Product (Integrated, Standalone), By Function (Claims & Denial Management, Medical Coding & Billing, Eligibility Verification, Payment Remittance), By Deployment (On-premise, Cloud Based), By End-use (Hospitals, Physician Office, Diagnostic Labs & Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2022 - 2028

The healthcare revenue cycle management market is speculated to witness exponential growth by 2028 on account of rising healthcare expenditure across the world. In addition, increasing preference for big data analytics is likely to propel market development over the forecast timeline.

Mounting demand for health insurance across key regions and the rapidly expanding healthcare sector have augmented industry uptake in recent years. Moreover, recent advancements in healthcare revenue cycle management solutions technology worldwide have accelerated market expansion.

Notably, to monetize emerging trends in the market, industry players have been employing profitable strategies, thereby enhancing the global business outlook. For instance, in January 2022, R1RCM, Inc., a U.S.-based revenue cycle management company serving the healthcare industry, announced the acquisition of Cloudmed, a leading provider of automated revenue intelligence solutions. The deal enabled R1 RCM to advance its goal of creating the most flexible, integrated, and scalable revenue cycle and customer engagement platform in healthcare.

The healthcare revenue cycle management market has been segregated on the basis of end-use, product, deployment, function, and region. In terms of product, the market has further been differentiated into standalone and integrated. The integrated sub-segment held a significant market share of more than 81% in 2021 and is anticipated to showcase optimistic progress over the assessment period. This growth is attributed to burgeoning demand for integrated systems.

From the viewpoint of function, the healthcare revenue cycle management market has been classified into medical coding & billing, claims & denial management, eligibility verification, payment remittance, and others. In 2021, the payment remittance sub-segment was worth around USD 13.9 billion and is slated to garner sizable gains by the end of 2028. Growing need for easier, quicker, and more reliable monetary transactions is likely to bolster industry expansion in the coming time period.

With respect to deployment, the market has been divided into cloud-based and on-premise. The healthcare revenue cycle management market share from the on-premise sub-segment is projected to expand at a CAGR of approximately 12.1% through the study timeline. Surging product demand from business owners owing to increasing product affordability and ease of access is set to fuel segmental development over the following years.

From the end-use perspective, the healthcare revenue cycle management industry has been segmented into diagnostic labs and ASCs, hospitals, physician office, and others. The others sub-segment is poised to progress at about 11.4% CAGR over the review timeframe.

On the regional front, the Latin America healthcare revenue cycle management market accounted for nearly 3.2% of the overall industry revenue in 2021 and is estimated to reach a substantial valuation by the end of 2028.