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