The revenue cycle management software market consists of sales of revenue cycle management software services by entities (organizations, sole traders and partnerships) that provide revenue cycle management, which is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance. Only goods and services traded between entities or sold to end consumers are included.
The global revenue cycle management software market is expected to decline from $64.26 billion in 2019 to $63.39 billion in 2020 at a compound annual growth rate (CAGR) of -1.35%. The decline is mainly due to the COVID-19 outbreak that has led to deferred care in order to avoid visiting hospitals, which resulted in reduced patient volume. Elective procedures have been canceled increasing the financial stress of healthcare service providers, thereby affecting the RCM software market. The market is then expected to recover and reach $95.02 billion in 2023 at a CAGR of 14.44%.