Healthcare RCM Market Driven by Need to Reduce Operational Cost| Size, Share and Regional Analysis by 2027
This report studies the Healthcare RCM Market status and outlook of Global Market 2019. The report begins with the overview of Industry Chain structure, and describes industry environment, then analyses market size and…
Pune, India – February 26, 2019 /MarketersMedia/ —
Healthcare revenue cycle management (RCM) is a software that manages and simplifies all administrative and clinical functions including claims process, payment, revenue generation, patient registration, medical documentation, insurance verification, and accounts receivable & collections. Healthcare revenue cycle management software has gained profound importance in the healthcare sector in recent years. The global healthcare revenue cycle management market is anticipated to register a CAGR of 12.2% over the forecast period of 2017-2027, asserts Market Research Future (MRFR) in a detailed research report.
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Towering costs of surgeries and overall healthcare has prompted hospitals to resort to technologies to reduce burden. Simplification of financial transactions is a key growth motivator which has spurred the adoption of RCM software among hospitals. In addition, expansion of healthcare budget and increase in a number of hospital chains and healthcare services across the globe fares well for the market. RCM software allows healthcare institutions to not only increase accuracy and timeliness but also helps them adhere to continuously evolving regulatory norms. RCM software can be applied to every aspect of the revenue cycle and is gaining traction among healthcare institutions.
On the downside, the growth of the global healthcare revenue cycle management market might be deterred by a dearth of trained healthcare professionals to operate the software. The global healthcare revenue cycle management market is anticipated to reach USD 1,75,163.5 Mn by the end of 2027.
Segmentation
The global healthcare revenue cycle management market has been segmented based on type, component, deployment, and end user.
By type, the global healthcare revenue cycle management market is segmented into advanced integrated software and standalone software. The advanced integrated software segment accounts for almost 81.4% share of the global market and is expected to expand at the fastest rate of 12.3% over the forecast period.
By component, the global healthcare revenue cycle management market has been segmented into software and services. The software segment led the market in 2016 and is expected to gain precedence in the coming years due to its application ease.
By deployment, the global healthcare cycle management market has been segmented into on-premise and on-cloud/web-based. The on-premise segment dominated the market in 2-016 however, the on-cloud segment is gaining traction.
By end user, the global healthcare revenue cycle management market has been segmented into hospitals and ambulatory services. Hospitals segment is dominating the market.
Regional Analysis
By region, the global healthcare revenue cycle management market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas contribute majorly to the global healthcare revenue cycle management market. Presence of robust healthcare infrastructure and fast uptake of latest technologies works in favor of the market growth. Besides, the region is home to various key market players which gives it a leverage over other regions. Substantial healthcare expenditure also supports market growth.
Europe accounts for the second most significant share of the market. Increasing government support for research and development along with high healthcare expenditure are factors spurring the growth of the market.
APAC is slated to register the fastest growth over the forecast period. High healthcare spending by the emerging economies of the nation and evolving medical tourism scenario in the region can be credited for the growth of the market. The MEA market is lagging behind and is likely to exhibit limited growth over the forecast period.
Competitive Landscape
The notable players in the global healthcare revenue cycle management market include General Electric Company (U.S.), McKesson Corporation (U.S.), Allscripts (U.S.), Siemens Healthcare (Germany), Quest Diagnostics (U.S.), Cerner Corporation (U.S.), and Epic Systems (U.S.).
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Industry Updates
In February 2019, Providence St. Joseph Health announced the acquisition of Lumedic, a next-gen healthcare revenue cycle management platform based on blockchain technology. Through the acquisition, Lumedic’s blockchain technology would transform claims processing and interoperability between providers and payers, improve caregiver focus and reduce costs.
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