GITNUX MARKETDATA REPORT 2024

Revenue Cycle Management Industry Statistics [Fresh Research]

With sources from: athenahealth.com, grandviewresearch.com, beckershospitalreview.com, gminsights.com and many more

In this post, we will explore key statistics in the revenue cycle management industry, shedding light on market size, growth projections, outsourcing trends, patient preferences, and healthcare cost dynamics. From the dominance of North America to the rising demand for cloud-based solutions, these statistics offer valuable insights into the evolving landscape of revenue cycle management.

Statistic 1

"The global revenue cycle management market size was valued at USD 65.81 billion in 2020."

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Statistic 2

"The market is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2021 to 2028."

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Statistic 3

"Healthcare revenue cycle management outsourcing market is predicted to surpass USD 23.1 billion by 2027."

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Statistic 4

"North America dominated the revenue cycle management market in 2020 and accounted for the largest revenue share of over 48.5%."

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Statistic 5

"55% of patients want to discuss financing options before treatment."

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Statistic 6

"The rate of claim denials in hospitals has increased by nearly 100% over the last decade."

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Statistic 7

"Healthcare providers spend an average of $20 to $30 per claim during the revenue cycle management process."

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Statistic 8

"Patient financial responsibility for healthcare services increased 11% in 2017."

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Statistic 9

"About 65% of patients would consider switching healthcare providers for a better healthcare payment experience."

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Statistic 10

"The demand for cloud-based RCM solutions will increase by 20% by 2024."

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Statistic 11

"More than 30% of healthcare providers reported that claims management was the most cumbersome RCM process."

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Statistic 12

"Hospitals marked up prices more than 20 times the costs, fueling a healthcare cost crisis affecting consumers and benefits."

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Statistic 13

"25% of hospital revenue is predicted to come from outpatient services by 2022."

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Statistic 14

"The Healthcare RCM outsourcing Market is projected to reach USD 23.81 billion by 2026, at a CAGR of 12%."

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Statistic 15

"The RCM services segment dominated revenue cycle management market share in 2019 due to its increasing demand."

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Statistic 16

"The integrated segment of the Revenue Cycle Management industry was valued at USD 41.34 billion in 2019."

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Statistic 17

"The Asia Pacific region is expected to show the highest CAGR in revenue cycle management market during the forecast period."

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Interpretation

In conclusion, the revenue cycle management industry is experiencing significant growth and transformation driven by various factors such as increasing patient financial responsibility, rising demand for outsourcing services, and the shift towards cloud-based solutions. The statistics reveal a landscape where healthcare providers are grappling with challenges such as claim denials, high operational costs, and the need to improve patient payment experiences. As the industry strives to adapt to these changes, there is a clear opportunity for innovation and efficiency enhancements to meet the evolving needs of both providers and patients. The projected market trends indicate a promising future for revenue cycle management, with regions like Asia Pacific poised for substantial growth and advancements in the coming years.

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