Global Healthcare Revenue Cycle Management (RCM) Software Market 2017-2021
About Healthcare Revenue Cycle Management (RCM) Software
Healthcare service providers deploy automated systems to address the RCM processes and to fill the payment gap that arises from the processes of medical billing and collections. The IT applications, such as hospital information system and EHR, have outdated technology platforms that lack advanced functionalities needed to address RCM issues. Hospitals and health systems prefer to outsource the RCM services due to the issues pertaining to revenue cycle processes and workflows.
Technavio’s analysts forecast the global Healthcare Revenue Cycle Management (RCM) Software market to grow at a CAGR of 4.50% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global Healthcare Revenue Cycle Management (RCM) Software market for 2017-2021. To calculate the market size, the report considers the revenues generated from the sale of RCM solutions that include software suits, which are standalone and integrated solutions across the globe.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Healthcare Revenue Cycle Management (RCM) Software Market 2017-2021
Technavio recognizes the following companies as the key players in the global healthcare revenue cycle management (RCM) software market: Allscripts, Cerner, GE Healthcare, and McKesson.
Other Prominent Vendors in the market are: Alleviant, Athenahealth, Avadyne Health, MedData, MediRevv, Navigant Cymetrix, nThrive, OPTUM, SourceMed, and ZirMed.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is strong clinical network connectivity with medical practitioners. Clinical integration is the coordination in the healthcare network across functions, people, and activities. Clinical integration with physicians enables the healthcare companies to enhance the efficiency and quality of the healthcare system. Successful clinical integration between physicians and hospitals helps build a payment model as it takes both quality and cost into consideration. Clinical information can be completely integrated with EHR for the transition to new payment models.”
According to the report, one of the major drivers for this market is increase in recovery audits due to changing healthcare regulations. Healthcare service providers are under constant pressure caused by the change in government regulations in the healthcare sector. They are experiencing a rise in the cost of operations and a reduction in revenues. In addition, the revenue of the provider is under continuous scrutiny and audit by recovery audit contractors.
Further, the report states that one of the major factors hindering the growth of this market is selection of vendors to meet specific needs. The availability of RCM software vendors that are not solely focused on the healthcare sector makes the selection of the right vendor difficult. For optimizing RCM, prior experience in the healthcare sector is mandatory. Often, vendors with broad insurance experiences that are not specific to the healthcare sector take up hospital contracts. These service providers are unlikely to grasp the healthcare functions, placing the hospitals at a risk of underperforming or even regulatory compliance violations."
Allscripts, Cerner, GE Healthcare, McKesson
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