The huge volume of patients in hospitals has led to long waiting times creating a conundrum for hospital chains. Healthcare revenue cycle management (RCM) is a software designed to overcome this problem and offer quality care to patients. The software can expedite the billing process of patients and save expenses in the healthcare sector.
The healthcare RCM market size can reach USD 175,163.5 million by 2027 owing to the inclination towards an integrated healthcare system to alleviate the burden of patient load at hospitals. The rise in number of hospital chains and healthcare services, adoption of RCM, and favorable federal measures can drive the market growth from 2017 to 2027 (forecast period). The lack of trained personnel and high deployment costs may act as growth deterrents. But the dearth of cloud solutions and consolidation of vendors can offer new growth opportunities for the market till the end of the forecast period.
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Simplification of the financial status made possible by the RCM software of various hospitals is spurring the growth of the global RCM software market. By easing the process of managing, identification, and collection of data, it has substantially assisted the healthcare sector in benefitting much. And the increasing fund allotment to the healthcare segment can vouch for its growing adoption. This is evident from the reports, published by the U.S. Census Bureau, where it had been highlighted that the hospital care expenditure in 2015 in the U.S. alone had touched USD 831.5 billion.
Various institutions are showing signs of an inclination towards integrated healthcare system where the all-inclusive service depends majorly on access, quality, user satisfaction, and efficiency. Its structure is founded upon services related to diagnosis, treatment, care, rehabilitation, and health promotion. The trend is gaining momentum in the U.S. and Europe, where it has become popular with the massive patient pool. E-healthcare is also getting enough foothold to substantially assist the market. These developments have only led to a better implementation of quality research, treatment, and management. At the same time, individual healthcare spending is witnessing an increase in figures which is bolstering the RCM software market’s growth.
However, RCM software’s efficient implementation requires adept professionals in-charge of its operation. But, a dearth in their number can impede the market growth as slight errors could lead to an altogether different result. This works like a supply chain and a faulty figure on one end can trigger a landslide on the other.
Based on the product type, the market can be segmented into advanced integrated software and standalone software. The advanced integrated software accrues almost 81.4% of the total revenue generated in the market and is blessed with the fastest CAGR of 12.3% during the forecast period.
Component-based segmentation of the market includes software and services. The software segment is gaining precedence considerably in the global market owing to its applicational ease, and it commanded the largest market share in 2016.
Deployment-wise segmentation comprises on-premise and on-cloud/web-based. On-cloud section is gaining much traction. However, on-premise application held the largest share of the market in 2016 as many still find complete cloud solution a bit difficult to operate.
Based on end-users, the market can be segmented into hospitals and ambulatory services. Hospitals hold the major share, and many rely heavily on its assistance in cases of emergency.
The geographical analysis of the market covers namely the Americas, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA).
The Americas take the onus of generating the maximum revenue as the region has this tendency to rely heavily on advanced technology. Advanced infrastructure accommodates such a wide-spread implementation of RCM software which benefits all. In addition, the market is profiting much from several major players presence in the segment, along with a scheduled substantial healthcare expenditure every year.
Europe is holding the second position, and it can be attributed to increasing government support in research and development. Other features such as well-developed healthcare infrastructure and considerable healthcare funding are quite similar in their impact to that of the Americas.
The APAC is all set to register the fastest growth. Emerging economies of the region are changing the healthcare sector remarkable, and many of them are evolving as a medical tourism hub which as a consequence, is assertively impacting the global RCM market. However, the MEA is still lagging much behind as the region has quite a few poor and slow developing countries.
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Detailed Table of Contents:
2.1 Scope Of Study
2.2 Research Objective
2.3 Assumptions & Limitations
2.4 Market Structure
3. Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.3.1 Market Share Analysis
3.4 Market Pricing Approach
4. Market Dynamics
4.1.1 Increasing Adoption Of RCM Software
4.1.2 Inclination Towards Integrated Healthcare System
4.1.3 Increase In Recovery Audits
4.1.4 Increasing Number Of Hospitals And Healthcare Services
4.2.1 Need Of Well Trained Professionals
4.2.2 High Cost Of RCM Systems
4.3.1 Developing Healthcare Infrastructure And Supporting IT Infrastructure
4.4 Mega Trends
4.4.1 Adoption Of The Advanced Technology In Healthcare
4.5 Macroeconomic Indicators
5. Market Factor Analysis
5.1 Value Chain Analysis
5.1.2 Software Development Processes
5.1.4 Marketing & Distribution
5.1.5 Post Selling Services
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