The revenue cycle includes administrative and clinical functions, which capture, management and collection of patient service revenue, according to the Healthcare Financial Management Association (HFMA). Revenue Cycle Management (RCM) is the financial method of utilizing medical billing software, which are used by healthcare facilities to track patient care episodes from registration and appointment scheduling to the final payment of a balance. RCM unifies the business and clinical sides of healthcare by collecting administrative data such as a patient's name, insurance provider and other personal information, with the treatment a patient receives and their healthcare data. RCM communicates with health insurance companies.

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Increasing prevalence of diseases such as cancer, diabetes, and cardiovascular diseases are resulting into large patient data generation in clinics and hospitals, which is propelling demand for effective management of data using healthcare revenue cycle management software, this in turn is a major factor driving growth of the healthcare revenue cycle management software market. Furthermore, these software offer various advantages such as charge capture, claim submission, coding, patient collections, preregistration, third-party follow up, and utilization review, which help in effective management of medical data, in turn fueling growth of the healthcare revenue cycle management software market. However, influencing external factors, such as patient payments and the claim reviews from insurance companies are the key factors restraining growth of the healthcare revenue cycle management software market.

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Key Developments of Healthcare Revenue Cycle Management Software Market

Market players are focused on developing effective revenue cycle management systems to store and manage patients' billing records by reducing the amount of time between providing a service and receiving payment by interacting with other health IT systems such as electronic health record (EHR) and medical billing systems. Furthermore, market players are integrating advanced technologies such as cognitive computing to ensure the correct medical codes are assigned to the correct patient, and robotic process automation to help speed up the process. In April 2018, Cognizant, IT service provider acquired Bolder Healthcare Solutions, to widen RCM solutions offerings. Major players operating in healthcare revenue cycle management software market include Cerner Corp, McKesson Corp, Quest Diagnostics, Inc., athenahealth, Inc., Epic Systems Corporation, EMC Corp., CareCloud Corporation, Greenway Health LLC, Allscripts Healthcare Solutions, Inc., and Qsi Management Llc.

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