Healthcare Revenue Cycle Management (RCM) Market Highlights
As mentioned in the reports of Market Research Future, the global healthcare revenue cycle management market 2020 will be surging at a healthy growth rate of 12.2% CAGR during the forecast period 2017–2027. Over this period, the market will also be valuating at a high level with the growth rate.
Top Market Trends & Drivers
The intensifying costs of surgeries and inclusive healthcare have induced the need for hospitals to slender towards technology to reduce the burden. Healthcare revenue cycle management is termed to be a financial process that employs billing software for tracking every patients’ details. It works on electronic health records (EHRs) and automation to accelerate outpatient billing and reduce the waiting time for the patients. These factors have been considered prime ones that have pushed the market towards growth avenues in the forecast period.
At the same time, the mounting numbers of hospitals and clinics, the growing adoption rate of RCM software, recovery audits, and inclination towards integrated healthcare systems are also essential factors likely to drive market demand during the forecast period. The study further mentions that nowadays, with an increasing number of hospital admissions, healthcare professionals shifting towards relying on advanced revenue cycle management. Thus, this software assists with unifying the administrative and clinical data that benefits in providing a holistic view regarding patient information regarding name, treatment and insurance. Due to these factors also, the global market for healthcare revenue cycle management has got a significant push that has helped in attaining valuation.
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On the other side, the availability of upgraded software for reducing manual errors, duplication of work, and curtailing confusion while handling extensive data are yet thriving factors capitalizing the market at a double-digit. Furthermore, the industry giants are trying to focus on developing innovative HRCM software for serving as one of the imperative components in the healthcare system for further enhancing patient engagement and simplifying the workflow. These factors would therefore, take the healthcare revenue cycle management market towards new growth parameters in the forecast period.
Healthcare Revenue Cycle Management (RCM) Market Players
The prominent key players in the healthcare revenue cycle management market, thus include
- Epic Systems (U.S.)
- General Electric Company (U.S.)
- McKesson Corporation (U.S.)
- Cerner Corporation (U.S.)
- Allscripts (U.S.)
- Quest Diagnostics (U.S.)
Healthcare Revenue Cycle Management (RCM) Market Segmentation
With dynamic changes occurring in the healthcare revenue cycle management market, it has been further studied based on segmentation. The segments included are type, key components, deployment and end-user.
In terms of type, the market includes integrated and standalone software as segments.
In terms of critical components, the market includes software and services as segments.
In terms of deployment, the market includes on-premise and cloud/web-based as segments.
In terms of end-user, the market includes hospitals and ambulatory services as segments.
Healthcare Revenue Cycle Management (RCM) Market Regional Outlook
The regional analysis in the report is analyzed over four main regions of the Americas, Europe, the Middle East, and Africa (MEA), Asia Pacific (APAC), according to country-level market sizing.
Among these regions, North America led the global healthcare revenue cycle management market in the year 2018, and now it is also leading to high CAGR. The development of the IT framework for the care business is the main reason behind the market’s growth in this region. The market within the US presents positive growth opportunities as the presence of many large hospitals and health systems, favorable rules, growing geriatric population, and also the swelling that has compelled to curtail care prices. The colossal number of key market players is based mostly in the US.
Europe, on the other hand, is likely to record the highest CAGR in the assessment period as well as is the second-largest RCM market. It is the government initiatives for eHealth and to improve entire potency in care organizations are the key drivers of the market growth in Europe.
In the last, the RCM markets in the Asia Pacific region are also portraying a substantial growth part. The factors such as rising government initiatives for eHealth, intensifying medical business, and growing demand for quality care are motivating the expansion of the RCM market in these regions.
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