Global HRCM Market size to exceed $114bn by 2025

HRCM Market size is set to exceed USD 114 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

Rising healthcare expenditures globally will positively influence the industry growth during forecast period. Developed economies such as the U.S. and Germany are well aware regarding diagnosis as well as treatment of various diseases and therefore, usually have high healthcare expenditures. Moreover, there is also an increase in the prevalence of chronic diseases such as diabetes in emerging economies such as India and China. These chronic conditions elevate the number of hospital admissions and contributes significantly to healthcare expenditure. Advanced software and platforms are utilized by the hospitals, healthcare service providers as well as the medical policy providers such as Medicare and Medicaid to analyze and process the large patient data. Hence, increasing availability of integrated and standalone software that enables efficient management of healthcare revenues fosters the industry growth in foreseeable future.

 

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Advancements in the healthcare revenue cycle management software has surged the industry growth

Global Healthcare Revenue Cycle Management Market, 2018 & 2025 (USD Million)
Global Healthcare Revenue Cycle Management Market, 2018 & 2025 (USD Million)

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Technological advancements in HRCM software will escalate industry growth during the forecast period. Clinics, healthcare organizations and hospitals have started relying on the technologically advanced software to improve revenue cycle management that increases profitability and efficiency. Recently developed HRCM software are strategically used by healthcare organizations as well as service providers for handling the administrative tasks efficiently. Currently supplied software reduces the risks of human error. The integrated and standalone software also offers automation. Also, the new systems allow automatic submission and review of medical claims. Moreover, many companies develop software that monitors each patient’s account helping in proper time management. Thus, technological advancements integrated within the software will escalate its adoption thereby, boosting the industry growth.
 

Browse key industry insights spread across 130 pages with 242 market data tables & 9 figures & charts from the report, Healthcare Revenue Cycle Management Market Size By Product (Integrated, Standalone), By Function (Claims & Denial Management, Medical Coding & Billing, Eligibility Verification, Payment Remittance), By Deployment (On-Premise, Cloud Based), By End-use (Hospitals, Physicians, Diagnostic & Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/healthcare-revenue-cycle-management-market
 

Growing demand for health insurance will positively impact the HCRM market growth

Products of HRCM market are categorized into integrated and standalone. Integrated  segment of healthcare revenue cycle management market was valued over USD 45 billion in 2018 and will experience substantial growth throughout the analysis period. Increasing focus of industry players on developing advanced integrated revenue cycle management solutions is a contributing factor for segmental growth. For instance, Streamline Health, offers a fully integrated system of revenue cycle management solutions including accounts receivable management, denials management and business analytics. Accounts Receivable (AR) management includes an exclusive reimbursement algorithm to help stratify high priority accounts. AR management offers the tools and reporting to deliver superior results. Denials management solution includes powerful analysis tools to successfully appeal denials and recover lost revenue. Thus, benefits provided by HRCM software will foster the business growth.
 

Based on function, HRCM market is bifurcated into claims & denial management, medical coding & billing, eligibility verification, payment remittance and others. Claims & denial management segment is projected to foresee around 13% growth during the analysis period owing to the advantages associated with it. Claims & denial management is an important component for an efficient revenue cycle management and a healthy cash flow. According to an American Academy of Family Physicians report, the average claim denial rate across the healthcare industry is between 5%-10%. The increasing claim denial rate will result in need of revenue management systems thereby, fostering healthcare revenue cycle management industry growth in foreseeable future. Availability of upgraded claim management software assures efficiency in processing the data. Above mentioned factors will spur the segment growth.
 

Deployment segment of HRCM market includes on-premise and cloud based. Cloud-based segment accounted for around 75% revenue share in 2018. Cloud-based services provide ease of accessibility of data that help in providing better patient care. The development of various cloud-base software including MedeAnalytics that enables better optimization of revenue cycle will favour segmental growth. Cloud analytics enables better insights for data collection and help in better optimization of revenue collection than traditional on-premise systems. However, technical outrage and security issues regarding cloud-based services are some of the factors restraining industry growth.
 

End-users of HRCM software includes hospitals, physicians, diagnostic laboratories and ambulatory surgical centers and others. Diagnostic laboratories and ambulatory surgical centers segment was valued around USD 11 billion in 2018 and is forecasted to experience significant growth. Growing demand for reducing diagnostic costs and improving patient care are some of the factors accelerating the usage rate of HRCM in diagnostic laboratories. Moreover, increasing patient inflow as well as rising number of surgeries in ASCs will also foster segmental growth. Ambulatory surgical centers revenue cycle management is driven by a variety of factors including technological advancements in software providing accurate electronic health records (EHRs). Development of reimbursement policies for outpatient surgeries results in considerable revenue generation stimulating the need of revenue cycle management system.
 

Favorable government initiatives for HRCM software in Asian countries will positively impact the industry growth

Japan HRCM market is projected to witness over 14% growth during analysis timeframe. As per WHO Global Health Expenditure database 2015, the healthcare expenditure in Japan was 10.9% of GDP that is comparatively higher than other countries. In addition, major government policies support the development and funding support for healthcare IT in Japan that drives the healthcare revenue cycle management market growth. Emerging technologies in Healthcare IT like mobility, cloud, analytics/ big data and social business to create efficiency and sustainability in healthcare sector is a contributing factor for industry growth. Aforementioned factors along with rapidly increasing awareness regarding the software & services available, increasing patient inflow will augment healthcare revenue cycle management business growth in upcoming years.
 

Adoption of several strategic initiatives will render the players with competitive advantage

Some of the key industry players operating in the HRCM market include Allscripts Healthcare Solutions, AGS Health, Athenahealth, Accretive Health, Cognizant Technology Solutions, Cerner, CareCloud, Conifer Health Solutions, Dell, Emdeon, Etransmedia and Experian. Industry players are implementing various strategic initiatives such as mergers, acquisitions, product launches, geographical expansions and collaborations. These strategic initiatives will render the players with competitive advantage. For instance, in February 2017, AthenaHealth announced partnership with CoverMymeds to automate ePA process for providing the electronic health record services. The partnership has enabled company to expand its product portfolio.
 

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