Healthcare Revenue Cycle Management Market worth over $230.2bn by 2027
Published Date: July 21, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Healthcare Revenue Cycle Management Market size is set to surpass USD 230.2 billion by 2027, according to a new research report by Global Market Insights Inc.
Rapidly growing adoption of advance healthcare services and innovative technological development will increase the market growth opportunities during the forecast timeframe. Moreover, increasing healthcare expenditure, growing demand for health insurance in developed countries and rising application of big data analytics in healthcare revenue cycle management (HRCM) software will propel the market expansion over the coming years.
Technological advancements will spur the healthcare revenue cycle management market progression over the forecast period. Increasing geriatric population and prevalence of chronic diseases are fueling the patient population base across the world. This in turn, has increased the demand for healthcare revenue cycle management solutions. In the last few years, many technology advancements have been made in HRCM space. Through mobile applications now patients can book appointments and are also able to access their test results. Healthcare providers using HRCM solutions can also access patient’s medical records to provide better assistance. This also help the market leaders to collaborate with healthcare organizations to create useful tools for their patients.
Availability of innovative standalone product will upsurge the market revenue
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The standalone segment accounted for 20% of revenue share in 2020. Standalone software is usually preferred by the healthcare providers as they can be run without any requirement of installation procedure. This reduces the installation costs that fosters the standalone software’s demand. Implementation of standalone systems in hospitals will generate more productivity that will benefit the industry growth.
Browse key industry insights spread across 171 pages with 242 market data tables & 09 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, Physician Office, Diagnostic Labs & Ambulatory Surgical Centers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027” in detail along with the table of contents:
Improving medical coding & billing will ramp up the market value
The medical coding & billing is a crucial segment in healthcare revenue cycle management market captured USD 22.7 billion in 2020 owing to it has been extensively used by healthcare service providers to resolve issues pertaining to misinterpretation of data.
Rising demand of on-premise software platforms will augment the overall industry expansion
The on-premise segment in the healthcare revenue cycle management market exceeded USD 23.6 billion in 2020. Most of the market players are investing in on-premise segment due to affordability & ease of access. Rising population & acceptance of new technology in healthcare systems will propel the market opportunities. On-premise software platforms enable access to data from anyplace. Industry leaders improve their services to increase customer demand in market.
Increasing usage of healthcare revenue cycle management solutions in diagnostic centers & ASCs will stimulate the market demand
Diagnostic labs & ASCs segment is projected to witness 12% growth rate through 2027. ASCs provide good services & excellent facilities to their patient. Rapidly growing demand, cost effectiveness, and improving healthcare systems in diagnostic centers and ASCs will accelerate the segment growth.
Highly competitive market in European region will contribute to the industry progression
Europe healthcare revenue cycle management market is expected to grow at 12.5% CAGR by 2027 on account of the increasing geriatric population. Geriatric population is susceptible to chronic infections that will positively influence the demand for surgical procedures. High revenue is generated through surgeries and treatment of rare genetic diseases and thus, the healthcare professionals usually rely on the HRCM software.
Major key participants are focusing on strategies & launch of innovative products to capture higher market share
Some of the prominent companies operating in the market include Allscripts Healthcare, AGS Health, Athenahealth, Accretive Health, Cerner, CareCloud Corporation, Conifer Health Solutions, Emdeon, McKesson Corporation, Medical Information Technology Inc., and SSI group among others. These market leaders are involved in various strategic collaborations, mergers and acquisitions to strengthen their industry value.