The key driver impacting the Healthcare Revenue Cycle Management market is the decreasing reimbursements in the healthcare sector; regulatory demands lead to high adoption of EHR/EMR. For instance, WHO in the year 2016, released a report showing steady growth in the adoption of national electronic health record (EHR) systems over the last 15 years. Globally, approximately a 46% boost in the last five years. There were more high-income and upper-middle nations that have adopted national EHR systems. Moreover, elevated preference for big data analytics and technological advancements in HRCM solutions contribute to Healthcare Revenue Cycle Management market demand in the later years.
Value Market Research estimates the global Healthcare Revenue Cycle Management market size to be close to USD 98.5 BN in 2022 and is estimated to grow at a CAGR of about 13 % during the forecast period 2023 to 2030.
The increasing healthcare expenditure in developed as well as developing economies are likely to augment the need for Healthcare Revenue Cycle Management in the forecast period. The growing demand for health insurance across the globe is positively impacting the market growth. However, the high cost of healthcare revenue cycle management system hampers the market in the long run. In addition, the dearth of skilled professionals acts as a challenge to the market. Nevertheless, the market trends, such as the growing use of various standalone digital databases and applications, is anticipated to provide opportunities to the market's leading players.
The Healthcare Revenue Cycle Management market is widespread, with many local and international players. The market leaders follow different strategies to improve their market position, such as extending product portfolio, amalgamation, acquisitions, research and development, awareness programs, and product upgrades. The key players in the report are AGS Health Inc., AllScripts, Accretive Health (R1 RCM), Cerner Corporation, Athenahealth CareCloud Corporation, Change Healthcare (Emdeon), Conifer Health Solutions, Gebbs Healthcare Solutions, Experian Information Solutions, Inc., Optum (The Advisory Board Company), and McKesson Corporation and SSI group.
In this research report, the Healthcare Revenue Cycle Management Market is segmented by product, function, deployment, end-user, and region.
Analysis by Product:
By Product, the report is segmented into integrated and standalone. The ceramic water filter segment dominates with the highest market share of 80% in the forecast period. It is due to the growing preference for Integrated healthcare revenue cycle management systems by large healthcare service providers that find it difficult to process large databases. Moreover, the rising interest of customers in integrated healthcare revenue cycle management solutions consisting of patient scheduling, medical billing, and electronic health records applications is adding growth to the integrated segment in the forecast period.
Analysis by Function:
By function, the report is divided into claims & denial management, medical coding & billing, eligibility verification, payment remittance, and others. The claims & denial management segment dominates with a significant market share of 29% in 2020. It is due to the increasing awareness amongst the population residing in developed countries regarding available reimbursement scenarios. Moreover, the mounting interest in reimbursement policies will raise the demand for claim and denial management systems expanding the industry progression.
Analysis by Deployment:
By deployment, the report is segmented into cloud and on-premise. The cloud-based segment dominates the deployment segment with the highest share of 75% in 2020. It is due to the Cloud-based software has comparatively high fondness than the on-premise software systems as these systems are cost-effective. Also, several players operating in the market offer cloud-based solutions which provide ease of operations and are rationalized timely for an enhanced user experience thus contributes to the growth of cloud based segment.
Analysis by End User:
By end-user, the report is segmented into Hospitals, Physician offices, Diagnostic Labs & Ambulatory Surgical Centers, and Others. The hospital's segment dominates the end-user segment, with the highest share of 38% in 2020. It is due to the high acceptance of healthcare revenue cycle management software in hospitals to optimize revenue by improving the management of coding, claims processing, accounts receivable, insurance follow-ups, and self-pay collections. Also, the utilization of HRCM software help hospitals with the increased cash flow that helps them in achieving sustainable financial performance, thus stimulating market demand from the hospital's sector.
Analysis by Region:
In the regional overview of the global Healthcare Revenue Cycle Management market, the North America region dominates with over 48% market share in 2020. It is due to the high prevalence of chronic diseases such as diabetes, cancer, and others that shoot up the demand for healthcare services such as surgeries that consequently boost healthcare expenditures. The increasing number of hospitalizations in the region will, in turn, fuel therequire for healthcare revenue cycle management solutions in the region. Moreover, the high adoption of technologically upgraded software in developed nations like the US and Canada with the implementation of various policies by Medicaid and medicare providers that assure affordable healthcare services contribute to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Product
By Function
- Claims & Denial Management
- Medical Coding & Billing
- Eligibility Verification
- Payment Remittance
- Others
By Deployment
By End-user
- Hospitals
- Physician Office
- Diagnostic Labs & Ambulatory Surgical Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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