New York, USA, May 01, 2023 (GLOBE NEWSWIRE) -- Healthcare Revenue Cycle Management Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR) Healthcare Revenue Cycle Management Market Information By Type, By Component, By Deployment and By End-user - Global Forecast till 2027, the market is touted to exhibit a healthy 12.2% CAGR over the assessment period and reach a market valuation of USD 175.16 Billion by 2027.
Market Scope:
Medical billing software is used by healthcare facilities to track patient care episodes from registration and appointment scheduling to the final payment of a balance. This process is known as revenue cycle management (CRM). By combining administrative data, such as a patient's name, insurance company, and other personal information, with the treatment a patient receives and their healthcare data, RCM integrates the business and clinical sides of healthcare.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | 175.16 Billion |
| CAGR | 12.2% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Component, Deployment and End-user |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Availability of Advanced Technological Innovations to Drive the Market Growth |
| Government measures to boost the adoption of healthcare revenue cycle management products |
Healthcare Revenue Cycle Management Market Competitive Outlook:
For a more effective collecting strategy, several healthcare firms use robotic process control, intelligent EDI integration, insurance discovery, and patient solutions. The need for RCM apps has significantly expanded as a result of the convergence of the healthcare sector, which has boosted benefit. The market is anticipated to experience expansion from new players who adopt a variety of strategies. Examples include the introduction, purchase, and joint venture of new products and services. The key players of the market are:
- General Electric Company (U.S.)
- Epic Systems (U.S.)
- Cerner Corporation (U.S.)
- McKesson Corporation (U.S.)
- Quest Diagnostics (U.S.)
- Allscripts (U.S.)
- Siemens Healthcare (Germany)
Healthcare Revenue Cycle Management Market Trends:
Market Drivers
Decreasing reimbursements in the healthcare sector, regulatory demands for the use of EHR EMR, government measures to boost the adoption of healthcare revenue cycle management products, loss of revenue due to billing mistakes, and workflow changes in healthcare organizations are the key factors driving the growth of the global healthcare revenue cycle management market. Technical advancements in HRCM applications have had a significant impact on the growth of the sector over the course of the research timeframe. The recently created program is quite successful and seeks to provide improved patient care. In contrast, many hospitals and healthcare providers now have lower outstanding receivable records because to the improved HRCM program. Medical billing and coding solutions that are standardized have also reduced errors and improved clinical performance. The growth of the healthcare revenue cycle management sector has also been accelerated by the accessibility of such cutting-edge technical systems.
In the upcoming years, segmental development would be further favored by the expanding use of numerous autonomous digital databases and applications across a strong network. Together with a rise in the number of patients being treated, medical reports produced at healthcare facilities have multiplied. Healthcare organizations must efficiently manage their personnel, inventory, and patient data while making sure cost optimization has grown. This gives RCM manufacturers more opportunity to enter the growing global healthcare market.
Market Restraints
The shortage of trained professionals to oversee healthcare revenue cycle management systems has an impact on the industry's growth to some extent. Due to the lack of qualified practitioners, this feature would have a considerable impact on developing economies. It would have a short-term impact on the sector's expansion before fading as the health care system in underdeveloped nations changed.
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COVID-19 Analysis:
Many healthcare providers were grounded, leaving them sitting on the runway in March 2020 as a result of decreases in patient volume brought on by factors such as social distancing actions, COVID-19 public policy interventions limiting the provision of elective patient care facilities by hospitals and other healthcare providers, widespread concerns of contracting COVID-19, and other aspects of the COVID-19 pandemic.
A provider should examine and improve the operational procedures that make up their sales cycle management strategy. Enhancing sales cycle management procedures may be the most effective way for a healthcare provider to produce the lift necessary to recover altitude when it pulls out of the COVID-19 turbulence, even though initiatives to diversify and strengthen healthcare services, improve the experience of patient care, and increase operational efficiencies can also result in the development of the desired economic lift.
Healthcare Revenue Cycle Management Market Segmentation:
By Type
The Standalone software/solution segment would show significant growth during the projection period. Standalone solutions assist in enhancing the bill payment and dispute resolution processes. It seeks to reduce total costs and simplifies sales, assisting in effectively navigating the revenue cycle.
By Components
The software industry is dominating the worldwide economy due to its usability, and in 2016 it held the highest proportion of the healthcare revenue cycle management market. Hospitals strive to increase income by utilizing business-developed, high-tech HRCM software that provide dependable and effective control of patient clinical data and financial data.
By Deployment
The on-site component of the healthcare revenue cycle management market will grow significantly over the next few years. On the customer's computer or workstation, platforms for on-premise applications are mounted. Moreover, apps for on-site sales cycle management offer better data protection and can be safeguarded by preventing unauthorized access.
By End Use
It is anticipated that the hospital segment would experience significant sales cycle management industry expansion as a result of the increase in hospitals' cash flows. Patients are more numerous as a result of ailments becoming more prevalent, necessitating the adoption of an efficient sales cycle management technique by healthcare providers in order to collect patient data.
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Healthcare Revenue Cycle Management Market Regional Analysis:
The Americas are in charge of generating the largest earnings because they tend to rely largely on cutting-edge technologies. A widespread RCM software deployment that supports everyone is supported by modern architecture. Also, the business reaps enormous revenues from the participation of numerous major firms and the anticipated high level of yearly healthcare spending. One of the key factors influencing the market for healthcare revenue cycle management in the region is the rising prevalence of chronic diseases there. The increased demand for healthcare services, such as operations, caused by chronic conditions ultimately drives up healthcare costs. In some cases, the US uses technologically advanced data processing technologies while being a developing nation. The software currently developed ensures data protection and safety that will positively affect the market for HRCM software, increasing the growth of the industry.
The fact that Europe is in second place is due to greater governmental investment for research and development. The influence of other factors, such as a well developed healthcare system and large healthcare budget, is remarkably similar to that of the Americas. A rising elderly population in Europe is another factor contributing to its exponential expansion. Chronic infections that benefit business expansion are more likely to affect the elderly population. Also, enhancing the regulatory environment would ensure the availability of HRCM software of the highest caliber, enhancing the market growth for healthcare revenue cycle management.
The fastest development is anticipated to occur in the APAC region. The region's rising economies' healthcare systems are undergoing significant change, and several of them are becoming centers for medical tourism. This has a significant impact on the global market for healthcare revenue cycle management.
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