Technology Spending on Revenue Cycle Management Market: By Software Type (Integrated Software, Standalone Software), By Deployment (Cloud-Based, On-Premise), By Component (Software, Services), By End-User (Hospitals, Ambulatory Surgical Centers, Others) and By Geography.

Technology Spending on Revenue Cycle Management Market size was valued at USD 38.09 billion in 2022 and is expected to reach USD 55.40 billion by 2029, at a CAGR of 5.5% from 2023-2029. Revenue cycle management is the management of all clinical and administrative functions that contribute the revenues directly or indirectly through the patient service to optimize the final profits. The process for the revenue cycle management includes patient registration, eligibility, verification for insurance, medical coding, claim processing, and payments. The process can be done by using the software. Major prominent elements in revenue cycle management include patients, healthcare providers, billing companies, and insurance providers. An increase in demand for cloud-based solutions coupled with technological advancements in workflow optimization is anticipated to drive the growth of the market. Moreover, improvements in the efficiency in healthcare services, rise in revenue generation, presence of a huge number of insurance providers, easier access to healthcare IT systems, and rise in preference for outsourced revenue cycle management solutions are anticipated to propel the technology spending on revenue cycle management market over the forecast years. Moreover, high costs for the RCM deployment, the dearth of skilled professionals, the inability to handle uninsured patients, and infrastructure loopholes are expected to restrain the growth of global technology spending on the revenue cycle management market over the forecast timeframe.