Healthcare Revenue Cycle Management (HRCM) a software managing claims process, payment and revenue generation is increasingly enabling healthcare providers to optimize (increase) their revenue by proper claim management. In a nutshell, Healthcare Revenue Cycle Management is a bilateral process between patients, healthcare providers, billing company and insurance provider.
Global Healthcare Revenue Cycle Management Market is predicted to grow at a healthy CAGR of 12.2% during the forecast period and is estimated to reach USD 43,500.0 million by 2027.
Over the past few years, Healthcare Sector has witnessed multitudes of technological advancements. Growing population has fuelled the demand for the highest quality of coordinated care. With the growing administrative & operational expenses of the healthcare organizations, managements needed cost-effective alternatives in order to keep the show running. Revenue cycle management offers viable solutions by replacing the traditional paper-based systems to optimize cost. This is resultantly driving the market growth globally. HRCM solution further allows increased revenue generation, access of healthcare IT systems increasing accuracy & efficiency. This is the key factor that escalates the HRCM market furthering it pervasively.
Acknowledging the exponential growth the market of HRCM is perceiving currently and the growth prospects the market is demonstrating globally; Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insights up till 2023. Emergence of Automated Revenue Cycle Management is considered as one of the prominent factor driving the market growth to an extent.
In addition, predominant factors driving the market growth include; rapidly developing healthcare infrastructures coupled with the augmented uptake of HRCM software in healthcare facilities worldwide. Moreover technological advancement and improving economic conditions is fostering the market growth of HRCM.
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Growing digitization along with the augmenting demand for data integration, data quality, management and data governance would contribute immensely in escalating the market credentials. Strong clinical network connectivity with medical practitioners is the latest trend observed in the market. The same trend is likely to continue throughout the anticipated period fostering the market growth.
McKesson Corporation (US), Epic Systems Corporation (US), Cerner Corporation (US), Allscripts (US), General Electric Company (US), Quest Diagnostic (US), AdvantEdge Healthcare Solutions (US), Siemens Healthcare (Germany), CareCloud (US), 3M (US) and Acelerartech (US) are some of the leaders driving the Global Healthcare Revenue Cycle Management Market. Profiling those in its analysis MRFR finds out their strategies placing them at the forefront of completion.
The market of HRCM appears to be fiercely competitive & fragmented owing to the presence of numerous matured & small key players accounting for a substantial market share. These market players try to gain competitive advantage through strategic partnership, acquisition, expansion, collaboration, product & technology launch. They invest heavily in the R&D to develop a technology that is completely on a different level compared to their competition.
February 26, 2018 – R1 RCM Inc. (US) a leading global provider of HRCM services and Ascension, a faith-based healthcare organization jointly announced the extension of their partnership for next 10 long years. As per this agreement, R1 will to be the primary RCM partner for AMG sites in 22 states & the Columbia District. While on the revenue grounds, the agreement is expected to generate 2.5 billion USD against the net patient revenue under R1 management, including the 500 million USD from the current Wisconsin Ascension pilot.
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For the convenience of the report and enhanced understanding; the report is segmented in to 5 key dynamics
- By Deployments: Comprises on Cloud and On Premises and Web Based.
- By Components: Software & Service
- By Product Types: Standalone, Integrated among other
- By Data: Billings, Documents, Financials, Contacts, and other.
- By Regions: Europe, North America, APAC and Rest of the World.
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