Artificial Intelligence is The Future of Healthcare
The global revenue cycle management software market is expected to grow from $41.72 billion USD in 2021 to $46.14 billion USD in 2022 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activates that resulted in operational challenges. The market is expected to reach $69.16 billion USD in 2026 at a CAGR of 10.6%
Revenue cycle management software market consists of sales of revenue cycle management software services by entities that provide revenue cycle management which is a financial process that healthcare facilities use to track patient care registration & appointment scheduling to the final payment of a balance.
Revenue cycle management software is categorized as integrated and standalone. Integrated revenue cycle management refers to the coordination of leadership, operational teams, and business support systems across many business divisions that enable the continuum of care.
Different functions include claim and denial, medial billing and coding, patient insurance eligibility check, payment remittance, electronic health record (EHR), clinical documentation improvement (CDI), others. The different functions may be deployed in various types of environments such as Web-based, on-premises and cloud-based.
The market for revenue cycle management software is growing rapidly due to the introduction of Artificial Intelligence (AI) in revenue cycle management software. Healthcare analytics leaders are actively implementing or planning to execute an Artificial Intelligence (AI) strategy that will help make decisions faster and reduce operational expenses. Revenue cycle management functions require substantial time, financial, and personnel resources. The use of artificial intelligence (AI) offers a promising means to reduce the costs associated with revenue cycle management and other activities. In fact, payers and providers spend $496 billion USD on billing and insurance related costs each year.