U.S. Revenue Cycle Management For Oncology And Urology Market Worth $22.3 Billion By 2030

U.S. Revenue Cycle Management For Oncology And Urology Market Growth & Trends

The U.S. revenue cycle management for oncology and urology market is expected to reach USD 22.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.7% from 2023 to 2030. The market growth can be attributed to the rising adoption of applications that would help in streamlining revenue cycles for various healthcare institutions and technological advancements undertaken by the key players in the market.

Developers and vendors of RCM platforms & solutions are supporting healthcare facilities in accommodating and getting themselves accustomed to the transitions associated with ICD-10. RCM providers are focusing on increasing staff resources & providing adequate training sources and improving customer engagement. For instance, in January 2020, OnQ launched Robotic Process Automation (RPA). The company’s accessible RPA solutions considerably helped in enhancing service quality, improving efficiencies, and shortening medical billing procedures.

According to The State of RPA in the Revenue Cycle survey conducted in 2021, 51% of the healthcare systems in the U.S. are widely adopting Robotic Process Automation (RPA) in improving their RCM platforms. RPA and automation allow to streamline and simplify various aspects of the RCM solution that is repetitive, manual, or rule-based. The survey further states that midsized and large-sized hospitals are using automation across all functions of their RCM platform. The top five RCM processes wherein automation is widely being used are Eligibility (59%), Authorization (57%), Claims/Follow-up (43%), Charge Capture (39%), and Payments/Collections (39%).

Increasing adoption of RCM outsourcing in the U.S. is expected to positively impact the growth of the market during the forecast period. The changing aspects of RCM outsourcing are mainly due to the availability of finances, value addition, and business prospects. Moreover, due to awareness regarding cost savings with respect to the adoption of RCM solutions, efficient and cost-effective services are some of the major advantages of RCM outsourcing. Despite this, the shortage of skilled professionals required for managing the revenue cycle management software is expected to restrain the growth of the market over the forecast period.

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U.S. Revenue Cycle Management For Oncology And Urology Market Report Highlights

• In 2022, in house segment held the largest share of 72.9%. Higher adoption of in-house RCM software due to flexibility in the functioning of the software is one of the significant factors contributing to segmental growth.

• In 2022, the hospital segment held the largest share of 58.6% due to the rising adoption of RCM solutions to manage the financial aspects of the hospitals. 

• The key players in the market have been involved in mergers and acquisitions to increase their share in the market and provide innovative solutions to the end-users which is anticipated to boost the market growth during the forecast period.

U.S. Revenue Cycle Management For Oncology And Urology Market Segmentation

Grand View Research, Inc. has segmented the U.S. revenue cycle management for oncology and urology market report based on sourcing and end-use.

U.S. Revenue Cycle Management For Oncology & Urology Sourcing Outlook (Revenue, USD Billion, 2016 - 2030)

• In-house

• External RCM Apps/ Software

• Outsourced RCM Services

U.S. Revenue Cycle Management For Oncology & Urology End-use Outlook (Revenue, USD Billion, 2016 - 2030)

• Physicians & Clinical Services

• Hospitals

List of key players in U.S. revenue cycle management for oncology and urology market

• United Urology Group

• Cardinal Health

• Flatiron

• Oncospark.com

• Fedora Solutions

• BillingParadise

• Gentem

• Integra Connect, LLC

• R1 RCM Inc.