Revenue Cycle Management Market Subscription Trends: Exploring SaaS Solutions for Providers

The global revenue cycle management market size is anticipated to reach at USD 656.7 billion by 2030 and is projected to grow at a CAGR of 11.39% from 2024 to 2030, according to a new report by Grand View Research, Inc. The healthcare industry is experiencing a significant shift towards digitization, which has led to the adoption of healthcare IT solutions such as RCM systems. The use of multiple healthcare functionalities often results in unorganized data silos, which can hinder productivity and efficiency. To overcome these challenges, healthcare organizations are turning to RCM software and services, driving market growth.

The healthcare industry in developing countries is now transitioning from traditional paper-based processes to electronic processes for coding, reimbursements, and claims management. This shift is being driven by the growing digital literacy across the globe, increasing healthcare IT spending, and technological advancements in healthcare infrastructure. In addition, favorable regulatory support from government bodies is further boosting the market growth.

The demand for workflow optimization is on the rise, and this is driving key players in the healthcare industry to focus on innovative product development strategies. The goal is to enhance the patient-provider relationship in healthcare facilities. As healthcare systems continue to transform and technological advancements continue to be made, the adoption of RCM systems is expected to increase.

Gather more insights about the market drivers, restrains and growth of the Global Revenue Cycle Management Market

 

Market players are focusing on acquisition, partnerships, and technological collaborations with other players to expand their product portfolio and regional presence. For instance, in October 2023, Waystar and Humata Health acquired all of the assets of Olive AI, a healthcare RCM company. With Olive AI’s solutions, they can now automate high-volume repetitive administrative workflows in the revenue cycle, including coverage identification and eligibility verification, end-to-end prior authorization, and claims and remittance processing. This acquisition has strengthened their position in the market and will help them provide better services to their clients.

Revenue Cycle Management Market Report Highlights

  • Based on type, the services segment accounted for the largest market share in 2023, owing to growing number of providers outsourcing RCM services
  • Based on product, the integrated segment led the market with the largest revenue share of 70.45% in 2023, owing to the growing demand for a coordinated format to manage various financial activities through a single platform
  • Based on delivery mode, the web-based segment held the market with the largest revenue share of 52.87% in 2023, owing to numerous benefits offered by web-based solutions over on-premises deployed systems
  • Based on end use, the physician back-office segment led the market with the largest revenue share of 37.7% in 2023, owing to the growing number of physician offices in developed countries such as the U.S.
  • North America dominated the market with the revenue share of 55.1% in 2023, owing to the presence of well-established, large healthcare facilities and an increasing number of physician offices

List of Key Players in the Revenue Cycle Management Market

  • The SSI Group, Inc.
  • Veradigm LLC (AllScripts Healthcare, LLC)
  • Experian Health
  • R1 RCM Inc
  • McKesson Corporation
  • athenahealth, Inc.
  • Epic Systems Corporation
  • NXGN Management, LLC
  • CareCloud Corporation
  • Quest Diagnostics, Inc.
  • Oracle

Order a free sample PDF of the Revenue Cycle Management Market Intelligence Study, published by Grand View Research.

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