The Worldwide Healthcare Revenue Cycle Management Market research report explores the market by major key players as Epic Systems Corporation (US), McKesson Corporation (US), Cerner Corporation (US), General Electric Company (US), Allscripts (US), Quest Diagnostic (US), Siemens Healthcare (Germany), AdvantEdge Healthcare Solutions (US), CareCloud (US), Acelerartech (US) and 3M (US).
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The Healthcare Revenue Cycle Management (HRCM) is software, which manages organization claims processing, payment and revenue generation. The major role of the software is managing patient revenue cycle of hospital or other healthcare organizations. During the last decade, RCM has got huge attention. Increasing recovery audits, changing government regulations, increasing healthcare revenue and increasing adoption of the RCM software by healthcare organization and growing number of hospital & healthcare services drive the market growth. According to the U.S. Census Bureau, in 2015, total hospital care expenditure was USD 831.5 billion. In addition to this, according to the Centers for Medicare & Medicaid Services, in 2014, recovery auditors identified and corrected USD 2.39 billion as overpayment and USD 173.1 million as underpayment. Integrated care or integrated health is a concept of bringing inputs, delivery, management and organization of services related to diagnosis, treatment, care, rehabilitation and health promotion. Rising healthcare spending has led to an increase in the use of the software, ultimately driving the market’s growth. Moreover, increasing pressure to curb the surmounting healthcare cost, developing healthcare technology and inclination towards integrated healthcare system will also fuel the market’s growth over the forecasted period. However, to operate the RCM software, the staff of the hospital/organization has to coordinate properly. RCM is like a supply chain, if one person does incorrect work, it affects the total outcome. Dearth of well-trained professionals to handle RCM processes, infrastructural loop holes in emerging markets and high cost of deployment may slow the growth of the market.
The Healthcare Revenue Cycle Management Market Segmentation:
The global healthcare RCM market is segmented on the basis of deployment, component, product types and end users.
On the basis of deployment, the market is segmented into on-premises and cloud-based.
On the basis of component, the market is categorized into services and software.
On the basis of product types, the market is divided into integrated software and standalone software.
On the basis of end users, the market is shared into hospitals, ambulatory services and others.
Regional Analysis: Considering the global scenario of the market, America dominates the global healthcare revenue cycle management (HRCM) market owing to the high healthcare revenue, developed technology, adoption of the better management services and the presence of the leading players. North America holds the largest market share in the American healthcare revenue cycle management (HRCM) market. Europe is the second largest market of the healthcare revenue cycle management (HRCM), which is followed by Asia Pacific. The presence of well-developed healthcare sector and high healthcare revenue, the healthcare revenue cycle management (HRCM) market in Europe is growing at a CAGR of 12.4%. Asia Pacific is also witnessing a rapid growth in this market due to rapidly increasing awareness regarding the software & services available, increasing patient inflow and rising healthcare expenditure. The Middle East & Africa is expected to experience limited growth. The Middle East is dominating this market by holding the major share of the Middle East & African market owing to the well-developed technology and healthcare sector.
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Major TOC Healthcare Revenue Cycle Management Market:
Market factor analysis
Global Healthcare Revenue Cycle Management market, by types
Global Healthcare Revenue Cycle Management market, by segments
Global Healthcare Revenue Cycle Management market, by application
Global Healthcare Revenue Cycle Management market, by region
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