The latest market report published by Credence Research, Inc. “Global Mid-revenue Cycle Management/Clinical Documentation Improvement Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030“. The global mid-revenue cycle management/clinical documentation improvement market generated revenue of around USD 3.3 billion in 2022 and is anticipated to grow a CAGR of over 6.90% during the forecast period from 2023 to 2030 to reach around USD 4.92 billion in 2030.
The healthcare systems integrate revenue cycle management/clinical documentation improvement systems for tracking revenues and collecting cash for treating patients. These systems can be utilized from initial appointments or interactions with the healthcare system to their final payment of dues. The global id-revenue cycle management/clinical documentation improvement market is expected to be fueled by various contributing factors, such as rising demand from the COVID-19 pandemic, rising errors in billing, and increasing healthcare infrastructure. Also, improving technological upgrades to the existing systems and integrating artificial intelligence in the healthcare sector will fuel market growth during the forecast period.
The global mid-revenue cycle management/clinical documentation improvement market is bifurcated into Products & Services, End Users, and Geography. Based on products & services, the market is categorized into solutions & consulting services. Based on end users, the global market is segmented into healthcare providers & healthcare payers. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
In 2021, North America dominated the global mid-revenue cycle management/clinical documentation improvement market dominated the global market in terms of revenue. Factors such as the rising adoption rate of various mid-RCM solutions by healthcare providers for maintaining revenue integrity and increasing demand for reducing billing and coding errors fueled the market growth in the region. The United States is expected to contribute to the North American region owing to the ongoing pandemic and rising technological advancements.
The RCM/CDI market is driven by a number of factors, including the increasing adoption of electronic health records (EHRs), the implementation of value-based reimbursement models, and the need for efficient clinical documentation. In addition, the growing prevalence of chronic diseases and the aging population are expected to create significant opportunities for growth in the RCM/CDI market.
The report provides a detailed segmentation of the RCM/CDI market based on product type, delivery mode, end user, and geography. It also offers an overview of key players operating in the market and their competitive landscape.