December 17, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Healthcare Revenue Cycle Management Market Size By Product (Integrated, Standalone), By Function (Claims & Denial Management, Medical Coding & Billing, Eligibility Verification, Payment Remittance), By Deployment (On-Premise, Cloud-Based), By End-use (Hospitals, Physicians, Diagnostic & Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, the global healthcare revenue cycle management market is anticipated to surpass USD 114 billion by the year 2025.
The growth of healthcare revenue cycle management (HRCM) market is propelled by factors such as increasing number of hospital admissions, rising healthcare expenditures, and technical advancement in the healthcare sector that have improved the process of data management in hospitals and diagnostic laboratories.
Based on product type, HRCM market from integrated software segment is anticipated to expand with a growth rate of 12% over the forecast period, owing to the ability of software to simplify the billing and coding process. Integrated software helps in bridging the gap between business and clinical side of healthcare industry. It enables the medical professionals to perform administrative tasks efficiently and accurately.
As per functionality, medical coding and billing segment of healthcare revenue cycle management market was worth USD 11 billion in 2018 and is presumed to witness decent growth in the upcoming years. The rising preference for software system is attributed to its extensive application in handling & managing claims and reduced paperwork.
Speaking of deployment, cloud based HRCM market registered a revenue share of 76% in 2018 and is anticipated to grow momentously over the forecasted time period. Factors such as reduced labor costs, increased efficiency, and process automation, coupled with enhanced data security are aiding the segmental growth.
In terms of end-user spectrum, HRCM market from hospital segment was worth more than USD 16 billion in 2018, pertaining to considerable number of hospital admissions worldwide. Inflow of funding for upgrading HRCM software in rural government hospitals, as it combines clinical & financial data and manages the overall data efficiently, will augment the market outlook.
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Considering regional landscape, Japan healthcare revenue cycle management market is estimated to experience over 14% growth during 2019-2025, on account of advanced healthcare infrastructure. The regional growth is further accounted to increasing number of hospital admissions and high geriatric population suffering from chronic diseases.
Some of the vendors that operate in healthcare revenue cycle management market are AGS Health, Allscripts Healthcare Solutions, Accretive Health, Athenahealth, Cerner, Cognizant Technology Solutions, Conifer Health Solutions, CareCloud, Emdeon, Dell, SSI Group, Etransmedia, and Experian.
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