U.S. Revenue Cycle Management Market Growth & Trends
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.
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