PUBLISHER: Grand View Research | PRODUCT CODE: 1475001
PUBLISHER: Grand View Research | PRODUCT CODE: 1475001
The global revenue cycle management market size is anticipated to reach at USD 656.7 billion by 2030 and is projected to grow at a CAGR of 11.39% from 2024 to 2030, according to a new report by Grand View Research, Inc. The healthcare industry is experiencing a significant shift towards digitization, which has led to the adoption of healthcare IT solutions such as RCM systems. The use of multiple healthcare functionalities often results in unorganized data silos, which can hinder productivity and efficiency. To overcome these challenges, healthcare organizations are turning to RCM software and services, driving market growth.
The healthcare industry in developing countries is now transitioning from traditional paper-based processes to electronic processes for coding, reimbursements, and claims management. This shift is being driven by the growing digital literacy across the globe, increasing healthcare IT spending, and technological advancements in healthcare infrastructure. In addition, favorable regulatory support from government bodies is further boosting the market growth.
The demand for workflow optimization is on the rise, and this is driving key players in the healthcare industry to focus on innovative product development strategies. The goal is to enhance the patient-provider relationship in healthcare facilities. As healthcare systems continue to transform and technological advancements continue to be made, the adoption of RCM systems is expected to increase.
Market players are focusing on acquisition, partnerships, and technological collaborations with other players to expand their product portfolio and regional presence. For instance, in October 2023, Waystar and Humata Health acquired all of the assets of Olive AI, a healthcare RCM company. With Olive AI's solutions, they can now automate high-volume repetitive administrative workflows in the revenue cycle, including coverage identification and eligibility verification, end-to-end prior authorization, and claims and remittance processing. This acquisition has strengthened their position in the market and will help them provide better services to their clients.