The state of revenue cycle management software

A growing market for revenue cycle management software

The revenue cycle management software market is experiencing significant growth as healthcare organizations look to technology to navigate the complex healthcare system.

According to the market research company IMARC Group, the global revenue cycle management software market was valued at $148.91 billion in 2024. The market is expected to grow substantially, with a forecast reaching $364.80 billion by 2033.

This makes the compound annual growth rate 9.94% between 2025 and 2033, IMARC Group reports. North America also currently dominates the revenue cycle management software market, holding over 55.0% of market share in 2024.

The researchers attribute the growing market to organizations seeking more efficient medical billing processes. The adoption of value-based care models is also contributing to the market's rate of growth.

Healthcare organizations are also increasingly adopting revenue cycle management software solutions to leverage the power of AI and machine learning, IMARC Group says. These analytics can effectively automate recurring tasks within the revenue cycle, like billing and coding, while offering more transparency into revenue cycle performance.

Within the market, integrated revenue cycle management solutions dominate with 73.7% market share. Integrated software solutions work with other health IT systems, such as EHRs and practice management systems, supporting data-sharing and efficiency.

IMARC Group also reports that web-based deployments are the most common, with about 53.8% of market share in 2024. Web-based deployments enable access from various locations and devices compared to other deployments, including cloud and on-premises.

Top revenue cycle management software vendors

Epic Systems Corporation, Oracle Cerner and MEDITECH are among the top revenue cycle management vendors, according to installation data from Definitive Healthcare, a commercial intelligence platform.

The latest data from December 2024 shows the top revenue cycle management software vendors by hospital installation and market share are:

• Epic with 3,465 installations and 43.91% market share.
• Oracle Cerner with 2,341 installations and 28.40% market share.
• MEDITECH with 1,574 installations and 19.95% market share.
• SSI Group with 1,158 installations and 14.67% market share.
• Experian Health with 810 installations and 10.36% market share.

Many healthcare providers use their EHR vendors, like Epic and Oracle Cerner, for revenue cycle management software, the data indicates. EHR vendors commonly bundle revenue cycle or medical practice management services with their platforms, Definitive Healthcare reports. Using the same vendor for EHR and revenue cycle services can also facilitate easier data sharing between clinical and financial systems.

But there are also many other revenue cycle management software vendors that are deployed by hospitals, health systems and physician practices. Other notable revenue cycle management software vendors include, but are not limited to:

• R1 RCM.
• Athenahealth.
• eClinicalWorks.
• Change Healthcare.
• Optum.
• Veradigm.
• Conifer Health Solutions.

Key capabilities of top revenue cycle management solutions

Revenue cycle management software relies on automation and analytics to streamline medical billing and collection processes.

Nearly three-quarters of hospitals in a 2023 survey use some automation in the revenue cycle. That percentage has likely grown, as 80% of those not employing revenue cycle automation at the time said it was a priority to adopt technology by 2025.

However, top revenue cycle management solutions are now applying advanced AI and analytics capabilities. Integrating AI and automation in revenue cycle management software transforms healthcare financial operations from reactive workflows to proactive, intelligent systems that improve efficiency and outcomes while reducing administrative burden on staff.

For example, some solutions employ AI-powered self-service tools to optimize front-end revenue cycle processes and improve patient experience. Automation also supports cost estimates, price transparency and digital payment options for patients.

For denials management, predictive analytics enables root cause analysis of denials to streamline the process and prevent future revenue risks. Claim scrubbing has also become a significant use case for AI in healthcare, with technology applying logic to ensure claims are accurate based on the clinical documentation and comply with payer-specific rules.

Vendors are also now looking to natural language processing and generative AI to grow their analytics capabilities and further support revenue cycle operations. This represents a shift from more basic robotic process automation to predictive analytics and more sophisticated technology.

Regulatory compliance and health data security are also top of mind for revenue cycle management software vendors. The revenue cycle not only manages highly regulated health information but also patient financial data. Software vendors must ensure robust compliance and security protocols to protect both types of patient information, especially following the 2024 Change Healthcare cyberattack.

Revenue cycle management software is vital for healthcare providers seeking operational efficiency. The solutions are also key to improving revenue capture, increasing reimbursement accuracy and preventing errors that lead to payment delays. As such, the market for these solutions is rapidly growing, and its capabilities are expanding to include the latest in AI and analytics offerings.

Jacqueline LaPointe is a graduate of Brandeis University and King's College London. She has been writing about healthcare finance and revenue cycle management since 2016.