Healthcare Revenue Cycle Management Market Overview
Healthcare revenue cycle management (HRCM) market is growing leaps and bounds. Considerable advancements in healthcare IT and the proliferating medical sector drive the market growth, predominantly. The aggressively increasing population years by years is prompting the demand for the highest quality, coordinated care. Besides, rising administrative & operational expenses required to keep the show running in healthcare set-ups are demanding cost-effective alternatives.
The pressure to curtail these expenses in healthcare organizations is increasing continually. As a commutative result of these, the adoption of healthcare RCM solutions has increased dramatically, over the recent years and so is rising the healthcare RCM market. According to Market Research Future (MRFR), the global healthcare revenue cycle management market is expected to generate a valuation of USD 175,163.5 MN by 2024.
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In its recently published study, MRFR also asserts that the market would register over 12 % CAGR throughout the assessment period (2017-2024). The emergence of automated revenue cycle management is a major driving force behind the enormous growth of healthcare RCM market. The viable solutions offered by RCM are widening its uptake across the globe.
With the increasing accuracy & efficiency and access to healthcare IT systems, RCM solution further allows increased revenue generation, which acts as a tailwind pushing up the market growth. Additional factors such as the rapidly developing healthcare infrastructures, growing digitization, and the augmenting demand for data integration, data quality, management, and data governance substantiate market growth.
Strong clinical network connectivity with medical practitioners is the latest trend observed in the market, which is projected to continue throughout the review period fostering the market growth.
Healthcare Revenue Cycle Management Market – Segments
The report is segmented into five market dynamics to widen the scope of understanding,
By Deployment: On-cloud, On-premises, and Web-based, others.
By Component: Software and Service, among others.
By Product Type: Standalone and Integrated, among others
By End-users: Hospitals and Ambulatory Services, among others.
By Regions: Asia Pacific, Europe, North America, and Rest-of-the-World.
Healthcare Revenue Cycle Management Market – Geographical Analysis
North America leads the global Healthcare Revenue Cycle Management Market with the largest market share. High per capita healthcare expenditures and well-established healthcare sectors in the region drive the growth of the regional market. Moreover, the rapid adoption of RCM solutions in increasing numbers of healthcare set-ups impacts the market growth in the region, positively.
Favorable government policies and enhanced incentives foster the growth of the regional market. Canada and the US account for the key contributors to the regional market growth due to the successful implementations of IT solutions in their healthcare systems. The presence of well-developed healthcare infrastructures and IT sector and regulatory framework would further boost the market growth in the region.
Europe takes the second lead in the global healthcare RCM market. Factors such as the rapid technological advancements in well-developed healthcare sectors in the region substantiate the regional market growth. Additionally, increased digitization and increasing focus on data integration, data quality, management, and data governance drive the growth in the regional market, predominantly.
The Asia Pacific healthcare revenue cycle management market is growing briskly. Rapid technological advancements and the increasing adoption of RCM tools in healthcare facilities is leading the growth of the regional market. APAC countries such as Japan, China, and India account for the major contributors to the regional market growth due to the wide adoption of HRCM products and services.
Healthcare Revenue Cycle Management Market – Competitive Landscape
The highly competitive Healthcare RCM market appears fragmented due to the several large and small key players along with the new entrants forming a competitive landscape. Key players through strategic partnership, acquisition, expansion, collaboration, product & technology launch try to gain competitive advantage. They make substantial investments in R&D to develop a technology that is unrivaled and is entirely on a different level compared to their competition.
Healthcare Revenue Cycle Management Market Major Players:
Players leading the global HRCM market include Epic Systems (US), General Electric Company (US), Cerner Corporation (US), Quest Diagnostics (US), McKesson Corporation (US), Allscripts (US), and Siemens Healthcare (Germany) among others.
Healthcare Revenue Cycle Management Industry/Innovation/Related News:
September 23, 2019 — Cerner Corporation (the US), a leading global provider of health information technology solutions, services, devices, and hardware announced its partnership with Simplee (the US), a software-as-a-service company that develops payment software for the health care industry.
The aim is to help improve patient experience through a more consumer-centric experience that lets care recipients better understand the billing process. The partnership would enable Cerner to add Simplee’s financial engagement platform to its revenue cycle portfolio and incorporate its billing tools into its consumer-facing technology.
September 19, 2019 — Zotec Partners LLC (the US), one of the largest revenue cycle management (RCM) providers announced that it has been selected to Transform the healthcare financial experience in the recently launched Walmart Health Center, a largest in-store clinic in Dallas (the US). Zotec with its end-to-end RCM technology and services, would simplify its healthcare processes and provide its customers with more access & control over their healthcare experiences, including primary care, dental, vision, and mental health services.
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