Global Revenue Cycle Management Software Market Trends And Strategies

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%. The rise in the number of hospital and outpatient visits is expected to drive the revenue cycle management software market. However, the lower adoption rate of automated systems due to the shortage of skilled professionals limits the growth of the revenue cycle management software market.

The revenue cycle management software market consists of sales of revenue cycle management software services by entities 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.

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The global revenue cycle management software market is further segmented based on type and geography.
By Product: Integrated, Standalone
By Function: Claim And Denial, Medical Billing And Coding, Patient Insurance Eligibility Check, Payment Remittance, Electronic Health Record (EHR), Clinical Documentation Improvement (CDI), Others
By Deployment: Web based, On premise, Cloud based.
By Geography: The global revenue cycle management software market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Trends In The Revenue Cycle Management Software Market
Incorporating artificial intelligence (AI) in revenue cycle management software is shaping the revenue cycle management software market. Major healthcare analytics leaders are actively implementing or planning to execute an AI strategy that will help make decisions faster and reduce operational expenses.
Revenue Cycle Management Software Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides revenue cycle management software market overviews, analyzes and forecasts revenue cycle management software market size and growth for the global revenue cycle management software market, revenue cycle management software market share, revenue cycle management software market players, revenue cycle management software market size, revenue cycle management software market segments and geographies, revenue cycle management software market trends, revenue cycle management software market drivers and revenue cycle management software market restraints, revenue cycle management software market’s leading competitors’ revenues, profiles and market shares. The revenue cycle management software market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.