Healthcare Revenue Cycle Management Market size to exceed $100 Bn by 2024

Healthcare Revenue Cycle Management Market size is set to exceed USD 100 billion by 2024; according to a new research report by Global Market Insights.
 

Increasing healthcare expenditures in developed as well as developing countries will escalate the industry growth during forecast period. Healthcare expenditures includes expenditures for physician’s services, retail prescription drugs, private healthcare insurance and other services. People residing in developed economies such as U.S. and Germany are well aware regarding the reimbursement available for treatment of various diseases. This scenario proves beneficial for the industry growth as it increases revenue generation in healthcare policies. Enhancement in HRCM solutions has enabled efficient data management of large revenue generated from healthcare services that will augment the industry growth.

 

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Technological advancements in healthcare revenue cycle management solutions will foster the demand thereby, escalating the HRCM industry growth. Increasing geriatric population in developing countries such as India are susceptible to chronic diseases that will surge the number of hospital admissions. Hospitals and ASC’s largely rely on technologically upgraded healthcare revenue cycle management solutions that will trigger the industry growth in foreseeable future. However, lack of trained professionals may restrain HRCM market growth during forecast timeframe.

Healthcare Revenue Cycle Management Market

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Browse key industry insights spread across 160 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 User (Hospitals, Physicians, Diagnostic & Ambulatory Care Centers) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/healthcare-revenue-cycle-management-market
 

Standalone product segment was valued at USD 6.1 billion in 2017 and is expected to have considerable revenue size during the forecast timeframe. Healthcare revenue cycle consists of standalone software that are utilized in streamlining the process flow and possesses considerable amount of operational efficiency that increases its adoption. Also, hospitals and clinics adopt standalone software as it is a type of portable application that can be run without any requirement of installation procedure that will stimulate the segmental growth.
 

Medical coding and billing segment will experience 11.3% CAGR during the forecast timeframe. Segmental growth is attributed to the availability of upgraded software that enable reduction in errors in data interpretation during the medical coding process. Medical coding essentially requires accurate data collection and translating the codes that are required while reimbursing a particular medical procedure. Key industry players have developed solutions for efficient medical coding and billing that should augment the segment growth.
 

Cloud based segment accounted for 76.4% revenue share in 2017. High revenue shares are due to increasing usage of cloud-based software for efficient data processing. Cloud based software are typically utilized in analyzing revenue cycle data such as transactions, charges and accounts receivables. Cloud-based software resolve problems and reduces errors. Also, recently developed cloud-based software provides data security that will boost the segmental growth.
 

Hospitals segment accounted for 31.3% revenue share in 2017 owing to the increasing adoption of upgraded cloud-based software for storing revenue data. Increasing prevalence of chronic diseases will surge the demand for data analytic software in hospitals for efficient data management stimulating the segmental growth during forecast timeframe. Availability of upgraded solutions utilized by hospitals enable management of patient data such as patient history and payment details should positively influence the segmental growth.
 

Germany healthcare revenue cycle management market witnessed 11.3% CAGR in 2017 and is anticipated to witness robust growth over forecast timeframe. Germany is an economically developed nation and has high healthcare expenditures that proves beneficial for the industry growth. Additionally, growing geriatric population susceptible to chronic infections will increase the number of hospital admissions. Development of upgraded software for processing large patient databases and its high adoption in Germany will propel the country growth in upcoming years.
 

Prominent industry players in healthcare revenue cycle management market includes Allscripts Healthcare Solutions, AGS health, Athena health, Accretive Health, Cognizant Technology Solutions       , Cerner, Carecloud, Conifer Health Solutions, Dell, Emdeon, Etransmedia and Experian. Eminent industry players adopt strategies such as geographic expansions, acquisitions, mergers, and new product launch to sustain market competition. For instance, in April 2015 CareCloud entered into a partnership with Marshfield Clinic. CareCloud merged its medical billing software and Concierge practice management with Marshfield Clinic’s clinical solutions such as electronic health record, population health management tool and patient portal. The strategic partnership enables to expand its business operations.
 

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Healthcare revenue cycle management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:

Healthcare Revenue Cycle Management Market, By Product (USD Million)

  • Integrated
  • Standalone

Healthcare Revenue Cycle Management Market, By Function (USD million)

  • Claims & Denial Management 
  • Medical Coding & Billing
  • Eligibility Verification
  • Payment Remittance
  • Others

Healthcare Revenue Cycle Management Market, By Deployment (USD million)

  • On Premise
  • Cloud Based

Healthcare Revenue Cycle Management Market, By End-use (USD million)

  • Hospitals
  • Physicians
  • Diagnostic and ASCs
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East Asia & Africa
    • South Africa
    • Saudi Arabia
    • UAE

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