Revenue Cycle Management Statistics 2024 – Everything You Need to Know

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Are you looking to add Revenue Cycle Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Revenue Cycle Management statistics of 2024.

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Best Revenue Cycle Management Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 119 Revenue Cycle Management Statistics on this page 🙂

Revenue Cycle Management Market Statistics

  • The revenue cycle management market size was valued at $ 97.29 billion in 2020, and is projected to reach $329.71 billion by 2030, registering a CAGR of 12.7%. [0]
  • The global revenue cycle management market size was valued at USD 243.1 billion in 2021 and is projected to expand at a compound annual growth rate of 11.6% from 2024 to 2030. [1]
  • COVID19 revenue cycle management market impact an increase of 18.4% market growth between 2019 and 2020 Pandemic Impact Post COVID Outlook. [1]
  • The revenue cycle management market grew at a rate of 18.4% from 2019 to 2020. [1]
  • The software segment dominated the revenue cycle management market and accounted for the largest revenue share of 66.4% in 2021. [1]
  • The integrated type segment dominated the market for revenue cycle management and accounted for the largest revenue share of 69.8% in 2021 owing to the growing preference for volumebased payments over value. [1]
  • The webbased delivery mode segment dominated the market for revenue cycle managementand accounted for the largest revenue share of 53.0% in 2021 owing to the growing implementation of web. [1]
  • The physician back office segment dominated the market for revenue cycle managementand accounted for the largest revenue share of 38.0% in 2021. [1]
  • Regional Insights North America dominated the market for revenue cycle management and accounted for the largest revenue share of 56.2% in 2021. [1]
  • The software segment dominated the revenue cycle management market with a share of 66.4% in 2021. [1]
  • The global revenue cycle management market size was estimated at USD 243.1 billion in 2021 and is expected to reach USD 273.9 billion in 2024. [1]
  • The global revenue cycle management market is expected to grow at a compound annual growth rate of 11.6% from 2024 to 2030 to reach USD 658.7 billion by 2030. [1]
  • With 13% CAGR, Network Security Market Size Worth USD 53.11 Billion in 2029 Pune, India, April 28, 2024 The global network security market size was valued at USD 20.30 billion in 2021 and reached. [2]

Revenue Cycle Management Software Statistics

  • The software segment dominated the revenue cycle management market and accounted for the largest revenue share of 66.4% in 2021. [1]
  • According to Health Catalyst data estimates, 90% of healthcare organizations use these software solutions to enhance quality and improve revenue cycle management. [1]
  • The software segment dominated the revenue cycle management market with a share of 66.4% in 2021. [1]
  • 80 percent of hospital CFOs consider outsourcing to be the best stop gap measure until new RCM software can be afforded and installed. [3]
  • The proper use of healthcare contract management software can make a difference of 2 3 percent net revenue. [4]

Revenue Cycle Management Latest Statistics

  • More than 7 million Americans may have been COVID positive in March 2020, the first month of the U.S. pandemic – and an estimated 80% of these cases likely went undiagnosed. [5]
  • A recent Advisory Board estimate indicates a typical 1,000bed hospital system with a moderate surge in COVID 19 patients will lose 50% of its quarterly revenue. [5]
  • Only 11% of Americans used telehealth in 2019 but 76% of Americans want to use it moving forward. [5]
  • According to McKinsey & Company , 76% of Americans are likely or highly likely to use telehealth moving forward and 74% say they’re highly satisfied with telehealth. [5]
  • 20% of all office, outpatient and home health spend across Medicare, Medicaid and commercially insured populations. [5]
  • According to Health Affairs, a study leveraging a simulation model that represents the U.S. population shows the potential downstream financial impact of COVID 19, indicating it may cost up to $654 billion in direct medical expenses and resources. [5]
  • An estimated 27 million Americans may lose their employer sponsored health insurance due to job loss. [5]
  • According to Pew Research, our unemployment rate shot up from 3.8% in February 2020 – among the lowest on record since World War II – to 13.0%, the era’s second highest rate. [5]
  • For care scheduled but not yet received, 74 to 79% of patients expect to receive treatment in person. [5]
  • Consumers everywhere are concerned about COVID 19’s impact “on their health and their wallets,” according to a PWC survey, and are behaving accordingly. [5]
  • For instance, 78% of these consumers said they’d cut down on spending by skipping at least one physician visit, elective procedure or recommended lab test or screening. [5]
  • According to the Centers for Medicare & Medicaid Services , there are more than 10,000 Medicare certified home health organization in the United States, and in 2019, there were more than 5 million beneficiaries. [6]
  • At the same time, the demand for home health and personal care aides is anticipated to increase by about more than one third through 2026, according to the Bureau of Labor Statistics. [6]
  • According to the CAQH Index report in 2018, there was an increase of 18% between 2017 and 2018 in the overall size of healthcare businesses across the U.S. Physical transactions declined by 6%. [1]
  • According to a Med USA article published in 2020, approximately two thirds of healthcare organizations outsource their revenue cycle management solutions and services. [1]
  • According to a Healthcare Financial Management Association article, the average timeline of reimbursement of payment by public insurers such as Medicare was approximately 28 days whereas private insurers’ timeline was twice than that. [1]
  • ** 75% of patients are looking up the cost of medical procedures online. [7]
  • 62% of patients said knowing their outof pocket expenses in advance of service impacts the likelihood of pursuing care. [7]
  • 49% of patients said having clear information on expected outof pocket costs before receiving treatment impacts their decision to use a healthcare provider. [7]
  • A new TransUnion Healthcare analysis revealed that patients experienced an 11% increase in average outof pocket costs during 2017, rising from $1,630 in Q4 2016 to $1,813 in Q4 2017. [7]
  • The analysis also revealed that in 2017, on average, 49% of patient outofpocket costs per healthcare visit were below $500; 39% were $501 $1,000; and 12% were more than $1,000. [7]
  • Total hospital revenue attributable to patient financial responsibility after insurance increased 88 percent between 2012 and 2017 Source. [7]
  • 69% have a budget process that takes more than three months from initial rollout to board presentation (the process takes more than six months for 9% of these organizations). [7]
  • 41% use rolling forecasts to complement or to replace an annual budgeting process (31% have to plans to implement rolling forecasts). [7]
  • The administrative costs associated with billing and insurance related activities as estimated to be up to 25.2% for emergency department visits. [7]
  • Associated With Physician Billing and InsuranceRelated Activities at an Academic Health Care System Patient healthcare costs – including both deductibles and outof pocket maximum payments – have increased by almost 30% percent since 2015. [7]
  • 83% of Physician Practices under five practitioners said the slow payment of high deductible plan patients are their top collection challenge, followed by the difficulties that practice staff have at communicating patient payment accountability (81%). [7]
  • 16% have a deductible under $500 19% have a deductible between $500 and $999. [7]
  • 46% have a deductible between $1,000 and $2,999 6% have a deductible between $3,000 and $3,999 6% have a deductible that is $4,000 or higher. [7]
  • 3% have a deductible under $500. [7]
  • 11% have a deductible between $500 and $999. [7]
  • 29% have a deductible between $1,000 and $2,999. [7]
  • 26% have a deductible between $3,000 and $4,999. [7]
  • 23% have a deductible of $5,000 or higher. [7]
  • 68% of patients failed to fully pay off medical bill balances in 2016, up from 53 percent in 2015, and 49 percent in 2014. [7]
  • This number is expected to climb to 95% by 2020. [7]
  • 67% of Americans are either very worried or somewhat worried about unexpected medical bills (compared to 41% who are very or somewhat worried about paying their rent or mortgage). [7]
  • Consumers are demanding more from healthcare92% of consumers want to know payment responsibility prior to a provider visit74% of consumers are confused by Explanation of Benefits and. [7]
  • medical bills73% of providers report that it takes one month or longer to collect from patients. [7]
  • The Rise of Self Pay Accounts , The Association of Credit and Collection Professionals, Collector Magazine , February 2015 30% of the average healthcare bill now comes from the patient’s pocket. [7]
  • 74 percent of healthcare providers reported an increase in patient financial responsibility in 2015 90% of patients felt it was important to know their payment responsibility upfront. [7]
  • 2015 U.S. health care spending increased 4.6 percent to reach $3.6 trillion, or $11,172 per person in 2018. [7]
  • The growth in 2018 was faster than in 2017 when health care spending increased 4.2 percent. [7]
  • The faster growth in 2018 was associated with faster growth in the net cost of health insurance, which increased 13.2 percent following growth of 4.3 percent in 2017, due primarily to the reinstatement of the health insurance tax in 2018. [7]
  • The overall share of gross domestic product related to health care spending was 17.7 percent in 2018, down from 17.9 percent in 2017. [7]
  • The insured share of the population was 90.6 percent in 2018 and 90.8 percent in 2017, as the number of uninsured increased by 1 million to 30.7 million in 2018. [7]
  • 75% of patients say that understanding their outof pocket costs improves their ability to pay for healthcare. [7]
  • 62% reported being either sometimes or always surprised by outof. [7]
  • Medicaid DSH Payments Cover 51% of Uncompensated Care Costs, RevCycle Intelligence, August 6, 2019. [7]
  • The average single premium increased 4% and the average family premium increased 5% over the past year. [7]
  • Workers’ wages increased 3.4% and inflation increased 2%. [7]
  • U.S. hospitals provided $45.9 billion in uncompensated care in 2012, representing 6.1 percent of annual hospital expenses. [7]
  • In 2018, 30.4 million persons of all ages (9.4%). [7]
  • National Health Interview Survey Early Release Program, CDC PPOs continue to be the most common plan type, enrolling 44% of covered workers in 2019. [7]
  • Thirty percent of covered workers are enrolled in a high deductible plan with a savings option , 19% in an HMO, 7% in a POS plan, and 1% in a conventional plan. [7]
  • 2019 Employer Health Benefits Survey, Kaiser Family Foundation, September 25, 2019 28% of uninsured adults either delayed or did not receive care because of cost Source. [7]
  • Patients’ outof pocket costs averaged $1,109 for an outpatient visit in 2018, up 12% compared with $990 in 2017. [7]
  • 68% of Consumers Did Not Pay Patient Financial Responsibility, RevCycle Intelligence, June 27, 2017. [7]
  • 80 percent of patients say they would prefer to pay for their care online. [7]
  • The percentage of persons under age 65 with private health insurance enrolled in a high deductible health plan increased from 43.7% in 2017 to 45.8% in 2018. [7]
  • National Health Interview Survey Early Release Program, CDC 68% of hospital bills under $500 were not paid in full Source. [7]
  • In 2020, 32% of American workers had medical debt Source. [7]
  • 32% of American workers have medical debt—and over half have defaulted on it. [7]
  • A 2013 study found that 26% of bankruptcies were due to medical debt Source. [7]
  • 11% of people surveyed with medical debt in 2017 were 27 years old Source. [7]
  • An estimated 48 million people were paying off medical debt in 2012, up from 44 million in 2010 and 37 million in 2006. [7]
  • In 2012, 41 percent of adults reported that they had medical debt or trouble paying medical bills. [7]
  • Of those who reported difficulties paying medical bills or paying off medical debt, 42 percent said they received a lower credit rating as result of unpaid medical bills. [7]
  • In 2012, 43 percent of adults, or 80 million people, said they had skipped or delayed getting needed health care or filling prescriptions because of the cost. [7]
  • More than a quarter of adults with a chronic health condition said they had skipped doses or not filled a prescription for their health condition because of the cost. [7]
  • 62% of ablebodied adults enrolled in Medicaid are either working parttime or full. [7]
  • Understanding the Intersection of Medicaid, Work, and COVID 19 Medicaid spending grew 2.9% to $613.5 billion in 2019. [7]
  • Like your typical consumer of goods, over 92% of patients want to know outof. [7]
  • In fact, 74% of patients are confused by their medical bills. [7]
  • According to studies, patients prefer this 62% of patients said knowing their outof pocket expenses in advance of service impacts the likelihood of pursuing […]. [7]
  • According to 2018 data compiled by MedData, 83 percent of physician practices reported that their top collection challenge was slow payment along with […]. [7]
  • Increase telehealth 29% Extend patient payment options while watching collections 14%. [8]
  • Increase AI use 11% Increase technology & decrease human processes 11% Eliminate waste/decrease workforce 7% Improve reporting & analytics. [8]
  • 7% Cut capital expenditures 7% Accelerate processes to gather clinical information 4% Speed up revenue cycle 4% Increase outsourcing 4% Increase price transparency. [8]
  • 54 percent of health organization CFOs believe outsourcing RCM processes will increase efficiency and improve their organization’s financial health. [3]
  • 73 percent of medical practices working with consultants on ACO reimbursement strategies are considering outsourcing RCM in 2016. [3]
  • Of CFOs surveyed, 79 percent report the need to eliminate financial and coding technology vendors unable to produce a return on investment in 2016. [3]
  • 83 percent of hospitals now outsource some accounts receivable and collections. [3]
  • Of physician groups with 10 or more practitioners, 68 percent now outsource some combination of collections and claims management. [3]
  • 58 percent of CFOs in hospitals under 100 beds expect their RCM strategy will be selected solely on their CIS vendor relationship. [3]
  • 72 percent of hospital CFOs consider endtoend RCM outsourcing to be the best option until value based payment models are better established. [3]
  • IU Health reports $358M net loss as labor expenses climb 25%. [3]
  • According to the Kaufman Hall study of CFOs from more than 350 hospitals in 2018, the priority of the physicians was to reduce the cost of care delivery. [9]
  • When the AR is less than 10%, it represents an ideal situation. [9]
  • If it is more than 25%, drastic changes in the revenue cycle management or a medical billing audit may be the ultimate remedy. [9]
  • Medical billing practices aim for 95% of revenue collection to progress in the healthcare industry. [9]
  • Most recently, Healthcare Financial Management Association revealed in a survey that around 75% of leaders in the healthcare industry are focusing on employing Artificial intelligence in RCM. [2]
  • With 12.1% CAGR, Talent Management Software Market Size Worth USD 17.66 Billion in 2029 Pune, India, April 28, 2024. [2]
  • A majority (48%). [10]
  • Nearly two in 10 (18%). [10]
  • Here’s a frightening statistic Only 2.5% of companies successfully complete 100% of their projects. [4]
  • Using advanced, user friendly artificial intelligence solutions can save clinics $7 billion each year, according to data from Accenture Analytics. [11]
  • The American Academy of Family Physicians reported that practices experience a rejection rate between 510%, and each denial costs the clinic an additional $25 to re. [11]
  • Patient outof pocket costs have increased four times over the last 12 years, and the average inpatient bill totals nearly $5,000, according to research from TransUnion Healthcare. [11]
  • According to the CAQH index, the lack of automation for claims processing costs the health care industry more than $11 billion each year. [11]
  • Black Book Research discovered that 86 percent of hospital networks with one EHR and RCM vendor stated they were confidently prepared to provide value. [11]

I know you want to use Revenue Cycle Management Software, thus we made this list of best Revenue Cycle Management Software. We also wrote about how to learn Revenue Cycle Management Software and how to install Revenue Cycle Management Software. Recently we wrote how to uninstall Revenue Cycle Management Software for newbie users. Don’t forgot to check latest Revenue Cycle Management statistics of 2024.

Reference

  1. alliedmarketresearch – https://www.alliedmarketresearch.com/revenue-cycle-management-market.
  2. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/revenue-cycle-management-rcm-market.
  3. globenewswire – https://www.globenewswire.com/news-release/2021/05/10/2226049/0/en/Revenue-Cycle-Management-Market-Size-2021-Is-Expected-to-Reach-USD-258-16-Billion-Registering-a-CAGR-of-13-0.html.
  4. beckershospitalreview – https://www.beckershospitalreview.com/finance/hospitals-physicians-poll-in-on-rcm-outsourcing-10-statistics-to-know-for-2016.html.
  5. pmmconline – https://blog.pmmconline.com/blog/8-implementation-best-practices-for-revenue-cycle-contract-management.
  6. r1rcm – https://www.r1rcm.com/news/10-statistics-that-show-how-covid-19-has-changed-the-revenue-cycle.
  7. homecaremag – https://www.homecaremag.com/telehealth-operations-accounting/september-2021/metrics-matter-your-revenue-cycle.
  8. meddata – https://www.meddata.com/blog/2017/10/26/medical-billing-statistics/.
  9. statista – https://www.statista.com/statistics/1215249/expected-changes-in-us-health-care-revenue-cycle-management-covid/.
  10. p3care – https://www.p3care.com/blog/4-statistical-reports-to-access-revenue-cycle-management/.
  11. mgma – https://www.mgma.com/data/data-stories/healthcare-leaders-point-to-their-biggest-revenue.
  12. physicianspractice – https://www.physicianspractice.com/view/the-ai-difference-in-revenue-cycle-management.

How Useful is Revenue Cycle Management

One of the main benefits of RCM is increased efficiency. By implementing efficient RCM processes, healthcare organizations can streamline their billing and payment collections, reducing the amount of time and resources spent on administrative tasks. This, in turn, can lead to improved cash flow and a more stable financial position for the organization. Additionally, RCM can help reduce errors and inaccuracies in the billing process, which can result in quicker reimbursements and fewer denied claims.

Another important benefit of RCM is improved patient satisfaction. By implementing effective revenue cycle management practices, healthcare organizations can ensure that patients are billed accurately and in a timely manner. This can help prevent billing disputes and confusion, leading to a more positive overall experience for patients. In today’s highly competitive healthcare landscape, patient satisfaction is more important than ever, and RCM can play a key role in ensuring that patients feel valued and well cared for.

Furthermore, RCM can help healthcare organizations stay compliant with changing regulations and billing requirements. The healthcare industry is constantly evolving, with new regulations and guidelines being introduced on a regular basis. By implementing strong RCM processes, organizations can ensure that they are staying up to date with the latest regulatory changes and avoiding costly penalties or fines for non-compliance. This can help protect the organization’s reputation and financial stability in the long run.

In addition to these benefits, RCM can also help healthcare organizations identify areas for improvement and develop strategies for growth. By analyzing revenue cycle data and trends, organizations can identify potential inefficiencies or gaps in their processes and make targeted improvements to drive better financial performance. This can help organizations adapt to changes in the market and position themselves for long-term success.

Overall, revenue cycle management is a critical component of a successful healthcare organization. By implementing effective RCM processes, organizations can improve efficiency, enhance patient satisfaction, stay compliant with regulations, and drive overall financial performance. In today’s rapidly changing healthcare landscape, RCM is more important than ever, and organizations that prioritize it are likely to see significant benefits in the long run.

In Conclusion

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