Healthcare Revenue Cycle Management Market size is set to exceed USD 257.5 billion by 2028, according to a new research report by Global Market Insights Inc.
Increasing government initiatives to encourage the adoption of HRCM solutions, rising cases of revenue losses owing to billing errors, and process improvements in healthcare companies will drive the HRCM market growth. Rising healthcare expenditure, need for health insurance in developed nations as well as growing application of big data analytics in healthcare revenue cycle management software will foster the market progression.
Increasing technological advancement in HRCM solutions will propel the market progress
Increasing technological advancements will propel the market statistics, as clinics, healthcare organizations, and hospitals are adopting technologically advanced HRCM software that surges the profitability and efficiency by streamlining the workflow. Additionally, in recent times, many technology advancements are being done in HRCM space. For instance, patients can book appointments and are also able to access their test results through mobile applications. Similarly, healthcare providers also rely on HRCM solutions to access patient’s medical records to provide them with better assistance and care. This further helps the market players to collaborate with healthcare organizations to create useful tools and services for their patients.
For instance, in March 2020, CareCloud launched the CareCloud Live, a telehealth solution. This new solution can connect the patient & doctor virtually. It stores patient health records and provides better solutions. Such scenario is expected to prove beneficial for the healthcare revenue cycle management market expansion.
Availability of innovative standalone product will upsurge the HRCM industry size
On the basis of product, the market is classified into integrated & standalone systems. Out of these two, standalone segment held around 18.5% market share in 2021. Standalone systems will have notable growth over the coming years as these systems are preferred more by ambulatory surgical centers. Standalone software is usually preferred by healthcare providers as it often offers more in-depth reporting capabilities and advanced functions. Also, these are used in streamlining the process flow and possess considerable amount of operational efficiency that increases its adoption thereby, enhancing the overall market statistics.
Browse key industry insights spread across 174 pages with 241 market data tables & 17 figures & charts from the report, “Healthcare Revenue Cycle Management Market Statistics By Product (Integrated, Standalone), Function (Claims & Denial Management, Medical Coding & Billing, Eligibility Verification, Payment Remittance), Deployment (On-premise, Cloud Based), End-use (Hospitals, Physician Office, Diagnostic Labs & Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022-2028” in detail along with the table of contents:
Increasing need to collect accurate data will ramp up market growth over the forecast period
Based on function, the healthcare revenue cycle management market is classified into claims & denial management, medical coding & billing, payment remittance, eligibility verification and others. Among them, medical coding & billing segment accounted for around USD 25.5 billion in 2021. Key industry players develop solutions and software for efficient medical coding and billing that will augment the segmental expansion. Demand for medical coding & billing has increased as it is widely used by healthcare providers for collecting accurate data regarding diseases, symptoms, and diagnosis that are required while reimbursing a particular medical procedure.
For instance, according to Flatworld Solutions Pvt. Ltd., in 2020, USD 46 billion were spent on national healthcare in the U.S., of that majority of the bills were submitted through medical code. Such scenarios will boost the demand for medical billing & coding over the forecast years.
Technological advancements integrated within the on-premises software will augment the overall HRCM business
Healthcare revenue cycle management market, based on deployment, is bifurcated into on-premise and cloud-based. The on-premise segment accounted for over USD 26.6 billion revenue size in 2021. Technological advancements integrated within the on-premises software will prove beneficial for its growth. Additionally, most of the market players are investing in on-premises segment due to its affordability and ease of access. On-premise software is reliable and provide security features that makes them worth it for many business owners in the long run.
Once purchased, the systems typically do not require to be renewed like cloud systems do, thus making them quite affordable. On-premise software platforms enables access to data from anyplace. Such advantages of on-premises software will propel the overall market demand.
Increasing adoption of healthcare revenue cycle management solutions in diagnostic centers & ASCs will augment the market demand
Healthcare revenue cycle management market based on end-use, is segmented into hospitals, diagnostics labs & ambulatory surgical centers, physician’s office and others. Diagnostic labs & ASCs segment is projected to witness over 11.7% CAGR from 2022 to 2028. The use of revenue cycle management services in diagnostic labs help them to achieve sustainable financial performance that secures the segmental business. Similarly, rising preferences for ASCs as reimbursement are higher than hospitals for similar surgical procedures further favors the business expansion. Therefore, these centers have equipped themselves with software solutions that integrate administrative, clinical and financial functions and maximize their revenue cycle.
Moreover, high adoption of HRCM software in ASCs to optimize revenue by enhancing management of coding, claims processing, self-pay collections as well as others will augment the market statistics. The use of revenue cycle management services in ASCs help them in achieving sustainable financial performance and improved quality of care by having more time for patient care issues that will propel the segment demand.
Increasing penetration of HRCM solutions in several countries of Europe will contribute to industry progression
Europe healthcare revenue cycle management industry is expected to grow at 12% CAGR over the forecast period. Europe HRCM market will have exponential growth over the coming years owing to surging penetration of HRCM in countries such as Germany due to the huge growth in the healthcare industry. Moreover, rising geriatric population in the region is also one of the major factors promoting the regional market growth, as elderly is susceptible to various chronic infections and surgical procedures. Therefore, the healthcare professionals usually depend upon the HRCM software, thereby promoting European HRCM industry expansion.
Major key leaders are focusing on strategies & launch of innovative products to capture higher market share
Some of the prominent market players operating in the healthcare revenue cycle management market include Allscripts Healthcare, AGS Health, Athenahealth, Accretive Health, Cerner, CareCloud Corporation, Conifer Health Solutions, McKesson Corporation, Medical Information Technology Inc., and SSI group among others.
These industry players are involved in various strategic collaborations, mergers, and acquisitions to strengthen their market value. For instance, in June 2018, Experian Health announced that its application has received HITRUST CSF certification for information security. This certification helped company to launch advanced revenue cycle management solutions thereby, increasing the company’s revenue. This strategic move of the company strengthened the company’s product portfolio.
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