The revenue cycle management market is expected to attract considerable growth across the assessment period of 2020-2030. The growing demand for organizational workflow optimization will serve as a vital growth prospect for the revenue cycle management market. Furthermore, initiatives of various governments to accelerate the adoption of revenue cycle management solutions will bring great growth opportunities for the revenue cycle management market.
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Revenue cycle management is a process that healthcare facilities adopt for tracking a patient right from his/her appointment to the final payment. This management software is significant in today’s healthcare scenario where a large footfall is observed. Keeping track of the patients’ records is a tedious task for healthcare professionals. Thus, these factors will bring tremendous growth opportunities for the revenue cycle management market.
Revenue cycle management software is delivered in the form of web-based, on-premise, and cloud-based infrastructure. They are further segmented into integrated and standalone. Hospitals, diagnostic laboratories, physicians’ offices, and others are prominent end-users of the revenue cycle management market.
Revenue Cycle Management Market: COVID-19 Impact
The COVID-19 pandemic has led to tremendous losses across various sectors and businesses. The growing prevalence of active cases led to strict enforcement of lockdowns across numerous countries. This factor disrupted the revenue cycle management market to a considerable extent.
However, the increasing load on the healthcare infrastructure due to the rising number of cases is expected to boost the demand for efficient revenue cycle management systems. Keeping a count of the number of patients admitted and tracking their information can be tedious. The workload of healthcare professionals can be reduced substantially with the help of efficient revenue cycle management software. The emergence of makeshift COVID care centers and small facilities will play a crucial role in the growth of the revenue cycle management market.
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