Healthcare RCM software market to grow by $34.8B by 2028

Increasing demand to cut revenue leakage is fueling market growth.

The global healthcare revenue cycle management (RCM) software market will grow by $34.8b by 2028 at a compound annual growth rate (CAGR) of over 10.22%, according to Technavio.

The report attributed the sector’s growth to a rising need to minimise revenue leakage within healthcare systems.

“The services segment of RCM solutions is particularly popular, addressing the lack of trained staff and complexities in billing and payment management,” the report said.

In line with this, challenges such as down coding and claims management are driving the need for advanced software capable of addressing these issues. 

Meanwhile, one trend influencing the market is increased strategic partnerships and acquisitions amongst RCM software providers, allowing companies to broaden their product portfolios and extend geographic reach.

This rise in mergers and acquisitions (M&A) activities will likely foster the development of new software solutions and platforms, contributing to the market’s expansion during the forecast period.