Revenue Cycle Management Market: U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Revenue Cycle Management Market: U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : May, 2021 | Consumer Goods

Report Digest

U.S. Revenue Cycle Management Market: Overview

The US revenue cycle management market is expected to expand as the demand for organizational workflow optimization grows, as does advancement in synchronized management software and systems. In addition, the formation of regulatory reform teams by federal agencies may contribute to the restructuring of different healthcare products inside the medical sector.  The healthcare industry should take advantage of the effectiveness and cost-effectiveness of third-party revenue cycle management service providers and concentrate on what matters most: patient care. Value addition, market opportunities, finances are expected to drive the evolving facets of service outsourcing in healthcare revenue cycle management.

The “U.S. Revenue Cycle Management market” research includes main market segments such as functions, sourcing, delivery mode, component, product type, and end user. It also entails an overview of the current competitiveness in the U.S. revenue cycle management market over the assessment period, which runs from 2020 to 2030.

U.S. Revenue Cycle Management Market: Key Trends

The supply of experienced, trained and competent staff, compliance with laws and regulations, and cost-effective and reliable facilities are all significant benefits of outsourcing revenue cycle management activities. As a result, the market is increasing due to a rise in outsourcing of the services, as many of healthcare services need skill sets and resources for the application of revenue cycle management solutions. The Covid-19 pandemic has had a major impact on almost every industry in the world, especially the healthcare industry. A substantial increase in patient volume has been recorded by healthcare providers across the world, which has had an effect on medical billing complexities and healthcare costs. As a result, there is an increase in revenue cycle management outsourcing in the US, as providers are expected to partner with service-level agreement-driven and outcome-based revenue cycle management services. These factors are likely to drive growth of the U.S. revenue cycle management market in the years to come.

Due to fluctuations in claim volumes, the pandemic has also produced precarious staffing needs for back-, middle-, and front-office revenue cycle management roles. The new hospital staffing models are designed to accommodate routine operations. Remote operations are not possible with manual revenue cycle management workflows. As a result, during the pandemic, the market for outsourced revenue cycle management services skyrocketed in the US.

U.S. Revenue Cycle Management Market: Competitive Assessment

To acquire a larger share of the U.S. revenue cycle management market , leading businesses are following different strategic methods such as diversifying their product range, acquisitions and mergers, and regional expansion. To offer patient-centric support, market players are also focused on launch of novel product and expansion of network.

Some of the well-known players in the U.S. revenue cycle management market are listed below

  • AllScripts Healthcare, LLC
  • NXGN Management, LLC
  • The SSI Group, Inc
  • Epic Systems Corp.
  • Oncospark, Inc.
  • Athenahealth, Inc.

U.S. Revenue Cycle Management Market: Regional Assessment

The presence of multiple practitioner offices throughout the US is one of the factors driving the growth of the revenue cycle management market in the US. In addition to that, various regulatory changes such as the inclusion of ICD-10 in 2015 increased demand for HIT systems, comprising revenue cycle management systems, to boost healthcare delivery performance. Besides that, the market in the US has attractive growth opportunities due to the existence of large existing  healthcare and hospitals infrastructures, favorable legislation, and an augmented need to reduce healthcare costs.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?