HRCM is recognized as the most important system in a healthcare technology infrastructure. Healthcare providers employ certified Electronic Health Records (EHR) and automated practice management to save cost by reducing the number of denied claims and enabling patients to pay bills online.
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Introduction of advanced automated solutions have helped clinical and front desk staff, providers, and coders & billers to increase performance level and save time. With increasing business, patients are using multiple channels to make payments for the services received at clinic or hospitals.
Increasing number of benefits will stimulate the healthcare revenue cycle management market growth over the forecast timeline.
Healthcare Revenue Cycle Management (HRCM) Market size is set to exceed USD 100 billion by 2024; according to a new research study published by Market Study Report
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The growing government and private insurance shift from volume to value-based healthcare, demand to reduce billing errors and implementation of big data analytics should drive the healthcare revenue cycle management market. A steady stream of government compliance requirements such as ICD-10 transition and HIPAA v5010; and increased fraudulence screening are generating demand for more robust solutions.
Integrated solutions should be the major revenue generating segment in 2015 due to enhanced operational capabilities and streamlined financial and clinical systems with greater insights into costs, treatments, and outcomes. Healthcare revenue cycle management market services are forecast to be the leading component segment owing to stability provided over frequently updating software.
Cloud based solutions held over 75% of the 2015 healthcare revenue cycle management market share due to adoption of electronic health records for efficient data mining and accurate assessment of the health information. Increased demand for accountable care participation, reimbursement and payment reforms, ICD-10 coding challenges, and declining revenue will drive the industry by 2024.
Some of the major companies operating in the industry include Cerner, Athenahealth, Allscripts, Siemens, CareCloud, GE Healthcare, McKesson, Experian and Quest Diagnostics.
U.S. healthcare revenue cycle management market is forecast to rise significantly over the coming years. Increased funding and insurance coverage has expanded Medicaid coverage and introduced mandatory health insurance under the Affordable Care Act.
This is set to boost the demand for these solutions in the region.
Germany healthcare revenue cycle management market share accounted for more than 20% of overall European revenue in 2015 owing to increasing healthcare spending. Emergence of big data analytics, business digitalization, and favorable government regulations are some of the factors driving business growth.
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China healthcare revenue cycle management market size will witness robust growth of over 15% from 2016 to 2024, due to increase in the IT skills, sustainable economic growth and increasing health insurance demand. Japan healthcare revenue cycle management market is expected to surpass USD 6 billion by 2024 due to increasing use of cloud systems among small hospitals and clinics and increased acceptance of these solutions among the medical fraternity.
Brazil healthcare revenue cycle management market was valued over USD 650 million in 2015, growing at 13% CAGR from 2016 to 2024. Increasing government and private investment in healthcare information technology coupled with rising life expectancy is expected to witness promising growth over the forecast period.
The industry is primarily driven by strategic acquisitions coupled with new product launches and frequent upgrades in existing platforms. Major industry players are targeting niche services to gain access and strengthen position in high growth verticals and high profitable areas.
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