Healthcare Revenue Cycle Management Market Growing at Impressive 12.2% CAGR Expected by 2027 | MarketResearchFuture.com
Market Research Future has published a premium market report on the Global Healthcare Revenue Cycle Management Market which comprehensively analyzes various market segments so as to reliably project relevant market trends and insights.
Pune, India – May 1, 2018 /MarketersMedia/ —
Healthcare Revenue Cycle Management Market Insights
In the last decade, healthcare revenue cycle management (RCM) has received a significant amount of attention for its ability to make the financial process behind generating healthcare revenue more efficient. Revenue cycle includes administrative and clinical functions that identify with management and collection of patient service revenue.
The report also contains an in-depth regional analysis and the key strategies used by prominent market players. The report has identified rising recover audits, evolving government regulations, increasing healthcare expenditure and a rising adoption of RCM software as key drivers of the global healthcare RCM market.
There is an increasing pressure to constrain rising healthcare costs which helps to fuel growth for this market during the forecast period. Moreover, continuously developing healthcare technology and a growing proclivity for integrated are also expected to facilitate growth of this market. It should be noted that, due to a lack of well-trained professionals, infrastructural obstacles in developing markets and high cost associated with deployment could restrain growth during the forecast period. However, with an expected CAGR of 12.2% and an estimated evaluation of the market reaching 43,500 million by 2027 indicates that restraints on the market will not greatly affect growth of the global healthcare revenue cycle management market during the forecast period of 2018 to 2027.
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Healthcare Revenue Cycle Management Market Segmentation
Segmentation of the global healthcare revenue cycle management market is broadly on the basis of deployment, component, product type and end user.
Based on deployment, the market is segmented into cloud based and on-premises. The on-premises segment presently holds the largest market share. The cloud based segment, however, is predicted to grow at the fastest CAGR during the forecast period.
Based on component, the market is segmented into services and software. The software segments currently leads the market with a market share of 59.3%.
Based on product type the market is segmented into integrated software and standalone software.
Based on end users, the market is segmented into hospitals, ambulatory services and others.
Healthcare Revenue Cycle Management Market Regional Analysis:
MRFR’s report further analyses the market on the basis of region, including, the Americas, Europe, Asia Pacific and the Middle East & Africa.
The Americas which includes North America and South America, currently possesses the market lead. This is largely attributable to the availability of developed and current technology, a strong adoption of efficient management services, a high revenue in healthcare and the existence of several eminent market players in the region. North America, because of the presence of countries such as U.S and Canada, is the largest contributor to this regional market segment.
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Europe closely follows the Americas lead and is the second largest regional market segment in the global healthcare RCM market. Europe is expected to grow at a CAGR of 12.4 owing to similar growth patterns as North America as well as the presence of a well-developed healthcare sector.
Asia Pacific is a rapidly growing market that carries a lot of scope for growth. The region is witnessing an increase in healthcare expenditure as well as patient inflow. Additionally, there is a rising awareness of available software and relevant services which is facilitating swift growth for this region during the forecast period.
The Middle East and Africa is projected to grow at a limited pace, largely because this region is divided and some countries are expected to grow rapidly while growth is restricted in others. Many Middle Eastern countries have a developed healthcare sector which is a key driver for growth in the market. However, there are also many poverty stricken and under developed countries in Africa that restrict market growth in this region.
Key Players
Prominent players in the global healthcare RCM market include McKesson Corporation, Allscripts, Epic Systems Corporation, General Electric Company, Cerner Corporation, Quest Diagnostic, AdvantEdge Healthcare Solutions, CareCloud, Siemens Healthcare, Acelerartech and 3M.
Latest Industry News
CareCloud has announced that the provider of RCM solutions will host a summit in the coming months. The summit will focus on healthcare practices that use the company’s technology and services
The University of Missouri Health Care has chosen Cerner to integrate RCM services across its five hospitals and over 50 primary and specialty care clinics. Integrated services will include registration, scheduling, patient accounting and practice management solutions. MU Healthcare is implementing Cerner’s RCM solution so as to achieve its goal of one integreated healthcare system for all patients.
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