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 : December, 2022 | 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.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?