Hospital Revenue Cycle Management Market Size, Share & Trends Analysis Report By Product (Software, Services), By Type (Integrated, Standalone), By Delivery Mode, By Region, And Segment Forecasts, 2024 - 2030

Hospital Revenue Cycle Management Market Size, Share & Trends Analysis Report By Product (Software, Services), By Type (Integrated, Standalone), By Delivery Mode, By Region, And Segment Forecasts, 2024 - 2030

Hospital Revenue Cycle Management Market Growth & Trends

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.

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.

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