The global healthcare revenue cycle management market is predicted to outspread at a balanced CAGR during the forecast period (2017 to 2022), finds a report available on Radiant Insights, Inc. Growing entanglement in medical coding for bill remunerations and increasing rate of claim denials are likely to impel demand for healthcare revenue cycle management practices in the coming years.
High prevalence of chronic diseases owing to increasing number of elderly population is likely to drive growth of the market. Regulatory compliance investigating the use of revenue cycle management (RCM) solutions can further augment market. Increasing necessity of healthcare insurance coupled with process optimization owing to the use of RCMis expected to propel growth of the market. Rising government support to adopt RCM solutions in healthcare organizations can fuel market growth during the forecast period.
Revenue cycle management can improve claim process, revenue generation, and payment in healthcare organizations. Growing necessity for real time access to claim management, proper scheduling, and payment process management in hospitals and healthcare companies can impel demand for RCM solutions. Considering the rising demand, most companies are implementing RCM solutions to improve operations.
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For instance, Humana Inc., recently unveiled that it is planning to acquire Kindred Healthcare Inc. based in Kentucky. The acquisition value is expected to reach USD 4 billion, which can place this deal at the top of the list of recent deals in healthcare revenue cycle management market. In addition, the two private equity companies involved in a discussion with Humana over this acquisition are predicted to lead and manage Kindred’s facility operations. This may include the company’s acute care hospitals and rehabilitation centers. According to insurance experts, this deal is poised to stimulate demand for medical coding for bill reimbursements and health insurance.
Lack of experienced software professionals to manage RCM processes is likely to hinder growth of the market. In addition, infrastructural loopholes coupled with high cost of deployment can also create obstructions for market growth in the coming years.
However, growing necessity for modernized revenue cycle management solutions is expected to generate lucrative opportunities for the market over the forecast period.
The healthcare revenue cycle management market can be segregated on the basis of type, application, and region. Based on type, the market can be divided into product, deployment, and component. Based on application, the market can be split into physicians, hospitals, and diagnostic & ambulatory care centers.
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Regional segmentation includes Europe, Untied States, Japan, China, India, and Southeast Asia. In United States, the healthcare RCM market is anticipated to grow at a steady rate in the coming years owing to high adoption of revenue cycle management, increasing incentives, and favorable government policies. In addition, existence of advanced healthcare infrastructure coupled with continuous innovations in the region is likely to impel market growth.
In India, Japan, and China, the market is expected to expand at substantial rate during the forecast period owing to improvement in healthcare infrastructure and technological advancements in the region.
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In Europe, the healthcare revenue cycle management market is poised to propel during the forecast period owing to reducing overall healthcare costs, diminishing reimbursement in healthcare industry, and supportive government initiatives to implement RCM solutions in the region. In addition, rising expenditure by healthcare industry on information technology can propel regional market growth.
Some of the prominent players operating in the healthcare revenue cycle management market are GE Healthcare, Meditech, Allscripts Healthcare Solutions, Cerner, and Carecloud.
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