Healthcare Revenue Cycle Management Market Outlook
The global healthcare revenue cycle management market will likely cross a market size of over USD 175.16 Billion by 2027, says Market Research Future (MRFR). The global market for healthcare revenue cycle management is anticipated to exhibit a healthy growth rate of approximately 12.2% during the analysis timeframe from 2017 to 2027.
Revenue cycle management (RCM) refers to the financial process using medical billing software, which healthcare facilities utilize to trace patient care episodes. The global market for healthcare revenue cycle management has undergone massive growth in past few years. The growth of the healthcare revenue cycle management market is being driven by the factors such as workflow changes in healthcare organizations, loss of revenue due to billing mistakes, government initiatives to promote the adoption of healthcare revenue cycle management products, regulatory demands for the use of EHR/EMR, and reducing reimbursements in the healthcare sector. On the other hand, the growth of the global market for healthcare revenue cycle management is likely to be restricted by the lack of qualified experts across several regions.
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Healthcare Revenue Cycle Management Market Segmentation
The global healthcare revenue cycle management market is split into several segments based on end-use, deployment, component, type, and region.
The global healthcare revenue cycle management market is fragmented into standalone and integrated applications based on type.
The global market for healthcare revenue cycle management is divided into services and software based on components.
The global market for healthcare revenue cycle management is bifurcated into cloud/web and on-premises-based by deployment.
The global market for healthcare revenue cycle management is split into ambulatory services and hospitals based on end-user.
Healthcare Revenue Cycle Management Market Regional Analysis
The global healthcare revenue cycle management market is studied across five major regions, including the Americas, Asia-Pacific, Europe, and the rest of the world.
The Americas region will likely contribute the maximum share in the global healthcare revenue cycle management market over the review timeframe. Advanced technologies across the region attribute the growth of the regional market. Furthermore, the factors such as a large annual healthcare spending planned, the involvement of many big players in the industry, and the growing prevalence of chronic diseases are also likely to promote the growth of the healthcare revenue cycle management market across the region.
The European regional market for healthcare revenue cycle management is likely to secure the second position globally. The regional market’s growth is mainly being driven by the increased government support for R&D. Moreover, factors such as substantial healthcare funding, well-developed healthcare infrastructure, growing geriatric population, and improving regulatory scenario are also likely to impact the regional healthcare revenue cycle management market’s growth over the forecasted era.
The Asia-Pacific region’s healthcare revenue cycle management market is likely to record the highest growth rate over the review timeframe. The upsurge in the market growth rate is attributed to the growth in medical tourism across the region.
Healthcare Revenue Cycle Management Market Competitive Outlook
The global healthcare revenue cycle management market has an intensely competitive landscape. The players in the market worldwide are adopting several growth strategies such as acquisitions, joint ventures, and product launches of new products to strengthen their market position. The list of prominent leaders in the healthcare revenue cycle management market includes Epic Systems (U.S.), Siemens Healthcare (Germany), McKesson Corporation (U.S.), Quest Diagnostics (U.S.), Allscripts (U.S.), Cerner Corporation (U.S.), General Electric Company (U.S.), and several others.
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Technology company R1 RCM has announced its plans to acquire Cloudmed in a future expansion of its reach into the revenue-cycle-management space. The transaction, anticipated to be finished in the second quarter of 2022, develops on R1’s early acquisitions of VisitPay (USD300 million in 2021), Intermedix (USD460 million in 2018), and SCI Solutions (USD190 million in 2020). R1 has over 900 clients across the country, catering to over 27,000 providers in revenue-cycle management.
nThrive, a prominent provider of healthcare revenue cycle management software, has announced the acquisition of the healthcare data and analytics business of TransUnion, TransUnion Healthcare.
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