Global Healthcare Revenue Management (RCM) Market is eyeing for a market valuation of USD 43,500 Mn by 2027. Hospitals are all ready to adopt an integrated system that would simplify the workflow and help in generating more revenues. It’s high time to delve in the market with better efficiency and take charge.
Pune, India, Aug. 20, 2018 (GLOBE NEWSWIRE) — Healthcare Revenue Cycle Management Market Overview:
At a Glance
Operational ease is what management desires for across industries. In healthcare, where time is of the essence, this becomes imperative. Healthcare revenue cycle management (HRCM) is one such software designed to handle and manage claims, and simplify process payments, and assist in revenue management with unprecedented dexterity. The last decade can vouch for its efficiency where HRCM when by adopting well with increasing recovery audits and changing government regulations, started generating more healthcare revenue than ever. Since then, it has become the choicest preference for the healthcare sector.
Smaller hospitals that offer a limited amount of services are more prone to financial crisis than the bigger ones, reveals research based on Altman z-score software. Market analysts suggest that a detailed healthcare revenue cycle management study to forecast is needed on a granular level to have a proper forecast if the hospitals wish to stay out of financial plummet.
Navigant and Baptist Health South Florida have collaborated in making revenue cycle management to help users with effective billing, scheduling, and improved administrative tasks. The aim is to gain leverage from machine learning and artificial intelligence (AI) that would help in better revenue generation by maintaining constant cash inflow and lowering expenditures.
Hitting the Bull’s Eye
The Global Healthcare Revenue Cycle Management Market is anticipated to grow at an impressive 12.2% CAGR from 2017 to 2027 (forecast period) to reach a valuation of USD 43,500 million by 2027. The market is witnessing constant upsurge. Advanced technologies have revolutionized the healthcare sector, and people are now relying more on this development to lead a healthier life which has been dented already with a sedentary lifestyle. Transforming economies and emerging urbanscape are to take the blame for this instillation of a mostly inactive life. But people, becoming financially independent, can be considered a plus, the result of which is their tendency to spend it on healthcare.
The pressure to curb the spiraling high healthcare cost can also be taken into consideration while discussing matters such as the factors for HRCM market growth. This development in healthcare is also spurring the need for implementation of much sounder technology that can only arise from regular investment in research and development. The entire process is getting more complicated, but in tandem, a demand for holistic management is also rising. Healthcare revenue cycle management can be the answer for all.
However, lack of proper coordination among the staff of the hospital or organization could lead to a total system failure. It works like a domino where the efficiency of all is of utmost importance, and a single fault can lead to a different outcome. The system requires well-trained professionals of which the sector has a shortage. Infrastructural loopholes can also raise eyebrows too often. High deployment costs can likewise dampen the expected outcome during the forecast period.
Competition under Scanner
To stay future ready, expanding the company portfolio is a must. Major Healthcare Revenue Cycle Management Market influencers are just doing that by executing various strategies. Mergers and acquisitions feature at the top of that list. Advantage Healthcare Solutions acquiring Professional Management Inc., a Baltimore-based company, can be considered exemplary. Their competitor Quest Diagnostics has acquired Mobile Medical Examination Service (MedXM) to increase their business portfolio. Following the same trend, McKesson Corporation announced their acquisition of Medical Specialties Distributors recently.
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Prominent names in the Healthcare Revenue Cycle Management Market include Allscripts, McKesson Corporation, Quest Diagnostic, General Electric Company, Cerner Corporation, Siemens Healthcare, Epic Systems Corporation, Advantage Healthcare Solutions, Acelerartech, CareCloud, 3M, and others.
Types of healthcare revenue cycle management software include integrated and standalone software.
By component, the market is segmented into software and services. In accord with the digitalization process that various industries are undergoing, software is spearheading the market with a considerable 59.3% share of the global market.
End-users of the market include ambulatory services, hospitals and others.
By deployment, the market is segmented into cloud-based and on-premises. On-premise is currently heading the segment with the most significant amount of market share. However, a faster growth response can be expected from the cloud-based segment during the forecast period.
Mapping the Market
Geographically, the market covers upcoming trends and investment opportunities in the Americas, the Middle East & Africa, Asia Pacific, and Europe.
The Americas are currently dominating the market owing to features such as high healthcare revenue, advanced technology, and tendency to adopt better management services. In addition, the region is densely packed with various market players, and a lot of them are major global players. North America has emerged as the main contributor, and the U.S. has increased their spending by 5.8% in the last few years as recorded by Centers for Medicare & Medicaid Services in 2015.
Europe is expecting an astounding acceleration. With an astounding 12.4% CAGR, it can give the Americas a steep competition during the forecast period. They too have a well-developed healthcare sector to boast off. Asia Pacific is also not far behind. Budding economies of the region such as India and China are showing comprehensive development in the healthcare sector and technological implementation which can increase the revenue amount comprehensibly.
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