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
Healthcare Revenue Cycle Management Market is expected to exceed USD 114 billion by 2025. Increasing healthcare expenditures will positively influence the healthcare revenue cycle management market in the near future.
Some major findings of the healthcare revenue cycle management market report include:
- Increasing number of hospital admissions will prove beneficial for the industry growth as it raises the demand for upgraded healthcare revenue management software.
- Technological advancements in the healthcare sector have improved the process of data management in hospitals and diagnostic laboratories. Healthcare facilities have now started relying on software that help in minimizing the errors and flaws that occur during data management.
- Cloud-based software have been highly preferred due to benefits such as data security and efficient data management
- Healthcare revenue cycle management industry is still in its developing phase and yet to witness numerous growth opportunities with the advent of advanced technology
- Some of the major industry players include Allscripts Healthcare Solutions, AGS Health, Athenahealth, Cognizant Technology Solutions and Cerner
Growing demand for health insurance in the U.S. and Canada will augment healthcare revenue cycle management industry growth over forthcoming years. Medicare and Medicaid medical policy providers implement various initiatives that assures affordable healthcare services and facilities, thereby increasing the demand for insurance policies. Availability of such policies proves beneficial not only for the geriatric population with comparatively low-income level but also helps the overall population in the U.S. to get access to advanced healthcare services. People residing in the U.S. have high investments in the policies offered by Medicare. Insurance providers often find difficulty in managing the financial data as huge amount is collected for healthcare services. Integrated software is preferred that manages the data right from the initiation of any healthcare services claimed by any individual till the time patient is recovered with complete billing. These processes are carried out for a huge number of people and hence, efficient as well as accurate data management becomes necessary that stimulates the industry growth.
Product segment of healthcare revenue cycle management market includes integrated and standalone software. Integrated software segment will experience around 12% growth throughout the analysis timeframe. Considerable segmental growth can be attributed to the rising demand for HRCM software that helps in simplifying the billing and coding process. Integrated software bridges the gap between business and clinical sides of healthcare completely. Furthermore, it helps the healthcare professionals to perform all the administrative tasks efficiently as the information is processed accurately. Aforementioned factors will stimulate the segmental growth.
Functions of healthcare revenue cycle management include claims & denial management, medical coding & billing, eligibility verification, payment remittance and others. Medical coding and billing segment was valued around 11 billion in 2018 and is projected to foresee enormous growth during the analysis timeframe. Medical billing and coding involves handling and managing claims. Recently developed software possess improved efficiency that helps in effective time management. Moreover, currently utilized billing and coding software have reduced the paperwork to a greater extent that has boosted its preference thereby, positively influencing the segmental growth.
By deployment, healthcare revenue cycle management market can be segmented into cloud-based and on-premise. Cloud-based segment held around 76% revenue share in 2018 and significant segmental revenue share can be attributed to its rising demand. Cloud-based HRCM software have reduced labor costs and increased the process efficiency. Moreover, advanced HRCM software have facilitated automation that has enhanced the relationship with clients. Above mentioned factors coupled with data security provided by cloud-based models will foster the business growth.
End-user of healthcare revenue cycle management include hospitals, physicians, diagnostics as well as ambulatory surgical centers and others. Hospitals segment was valued over 16 billion in 2018. Considerable revenue size can be attributed to the increasing number of hospital admissions globally. Doctors and administrative staff often rely on integrated HRCM software for data management. Advanced HRCM software allow amalgamation of clinical as well as financial data enabling patient satisfaction. Moreover, government hospitals in rural areas receive funds that further increases the adoption of upgraded HRCM software, thereby stimulating the segmental growth.
Japan HRCM market will experience around 14% growth throughout the forecast timeframe. Japan is a developed economy with improved healthcare infrastructure. This scenario proves beneficial for the country growth as it increases demand for HRCM software. Moreover, favorable demographic trends have also fostered the industry growth. According to a survey, around 26% of the total population in Japan accounted for individuals in the age group of 65 years and above. Majority of the elderly population suffers from chronic diseases that will increase the number of hospital admissions, thereby surging the industry growth
Few major players in the healthcare revenue cycle management market include Allscripts Healthcare Solutions, AGS Health, Athenahealth, Accretive Health, Cognizant Technology Solutions, Cerner, CareCloud, Conifer Health Solutions, Dell, Emdeon, Etransmedia and Experian and SSI Group. These players implement several strategic initiatives such as mergers, acquisitions and new product launches. For instance, in January 2018, SSI group announced acquisition of Informatics Corporation of America to develop new solutions for revenue cycle management. This acquisition will help the company to enhance product portfolio.