Global Healthcare Revenue Cycle Management Market is set to exceed USD 100 billion by 2024; according to a new research report by Global Market Insights. Increasing healthcare expenditures in developed as well as developing countries will escalate the industry growth during forecast period. Healthcare expenditures includes expenditures for physician’s services, retail prescription drugs, private healthcare insurance and other services. People residing in developed economies such as U.S. and Germany are well aware regarding the reimbursement available for treatment of various diseases. This scenario proves beneficial for the industry growth as it increases revenue generation in healthcare policies. Enhancement in HRCM solutions has enabled efficient data management of large revenue generated from healthcare services that will augment the industry growth.
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The healthcare sector has been on a continually expanding spree across the globe, which has led to a surge in the implementation of revenue cycle management services across myriad geographies, particularly advanced economies such as Germany and the U.S. Indeed, a report by Global Market Insights, Inc., claims that Germany healthcare revenue cycle management market is anticipated to witness a CAGR of 11.3% over 2018-2024. The region is a vastly developed zone with extensive healthcare expenditure that has helped augment the regional industry.
Currently, as per estimates, Germany also plays host to an expanding geriatric population that is highly susceptible to chronic infections. This would help upsurge the number of hospital admissions, consequently leading to an expansion of the regional healthcare revenue cycle management market. That said, the nation is also remnant of technological advancements – the development of upgraded software in order to processing huge patient databases and their hefty adoption in Germany will also propel the regional market over 2018-2024.
The United States is also touted to be one of chief regional growth avenues for the global healthcare revenue cycle management market. The U.S. Patient Protection and Affordable Care Act signed in 2010 has enabled several changes in the medical sector, which has ensured compulsory medical insurance and increased Medicaid coverage in the U.S. This statute is expected to significantly propel U.S. healthcare revenue cycle management industry in the years to come. Not to mention, the region is also governed by a stringent regulatory landscape, coupled with the existence of strong market players that will help augment the regional industry trends.
The surging development in cloud computing industry has increased the necessity of cloud services in practically every industry, the healthcare sector bearing no exception. In fact, as per a reliable estimate, cloud based deployment held close to 76.4% of the overall industry valuation in the year 2017. The deployment model is claimed to accrue substantial popularity, given the surging usage of cloud-based software to ensure efficient data processing. Cloud based software, in the medical industry, are essentially deployed for analyzing revenue cycle data such as charges, accounts, and transaction receivables. In addition to such software being able to resolve problems and reduce errors, they also help deliver data security, that further helps expand the commercialization potential of the cloud-based healthcare revenue cycle management market.
Prominent industry players in healthcare revenue cycle management market includes Allscripts Healthcare Solutions, AGS health, Athena health, Accretive Health, Cognizant Technology Solutions, Cerner, Carecloud, Conifer Health Solutions, Dell, Emdeon, Etransmedia and Experian. Eminent industry players adopt strategies such as geographic expansions, acquisitions, mergers, and new product launch to sustain market competition. For instance, in April 2015 CareCloud entered into a partnership with Marshfield Clinic. CareCloud merged its medical billing software and Concierge practice management with Marshfield Clinic’s clinical solutions such as electronic health record, population health management tool and patient portal. The strategic partnership enables to expand its business operations.
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Healthcare Revenue Cycle Management Market, By Product (USD Million)
Market, By Function (USD million)
Claims & Denial Management
Medical Coding & Billing