Market Analysis
The global Healthcare Revenue Cycle Management market is predicted to have a robust growth at a favorable 12.2% CAGR over the assessment period (2017-2027). Healthcare Revenue Cycle Management or HRCM is a vital architecture in the healthcare infrastructure. The healthcare organizations employ Electronic Health Records (EHR) as well as computerized performance management for saving costs associated to maintaining their books. The healthcare RCM helps in assessing, optimizing and managing every component to obtain patient information and at the same time create a workflow that is simplified to ensure claims approval that is absolutely hassle-free. Besides it also helps to manage the organizations’ financials along with managing the revenue cycle of patients in hospitals or any other healthcare organization.
There are various factors that is propelling the Healthcare Revenue Cycle Management market growth. These factors according to the MRFR (Market Research Future) report include increasing healthcare expenditure, increasing geriatric population, increasing need for health insurance, consistently increasing healthcare centers (primary, secondary, tertiary), growing number of hospitals, increasing acceptance of RCM software, rapidly growing patient inflow and demand for better and improved management software. On the contrary, factors such as dearth of well-trained professionals and employees coupled with soaring price of software is anticipated to impede the Healthcare Revenue Cycle Management market growth.
Market Segmentation
MRFR report offers a comprehensive segmental analysis of the Healthcare Revenue Cycle Management market on the basis of component, type, end-user and deployment.
Based on components, it is segmented into services and software. Of these, software is predicted to dominate the Healthcare Revenue Cycle Management market over the assessment period. The factor that can be attributed for the growth of the market in this region include increasing healthcare provider turning to EHRs (electronic health records) for prompt management and data storage.
Based on type, the Healthcare Revenue Cycle Management market is segmented into standalone and integrated software. Of these, integrated software is predicted to have highest growth rate compared to its counterpart owing to a suite or batch of programs in the integrated software.
Based on end-user, it is segmented into ambulatory services and hospitals. Amid these, hospitals are predicted to have the largest share in the Healthcare Revenue Cycle Management market due to the need for offering patients with accurate bills.
Based on deployment, the Healthcare Revenue Cycle Management market is segmented into cloud/web based and on-premise. Of these, on-premise will lead the market over the assessment period.
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Regional Analysis
Based on region, the Healthcare Revenue Cycle Management market covers growth opportunities and latest trends across Americas, Europe, Asia Pacific and the Middle East and Africa. Of these, the Americas will stay head and shoulders above others in the Healthcare Revenue Cycle Management market owing to the existence of key hospital chains, upgraded software versions and high healthcare costs due to the occurrence of numerous chronic diseases. In Europe, the Healthcare Revenue Cycle Management market will have the second largest share due to sophisticated healthcare infrastructure, increasing funds to expediate research and development and supportive measures from the government for R&D. In Asia Pacific, the Healthcare Revenue Cycle Management market will have the highest potential due to the mushrooming of different hospital chains that offer quality patient care, ample growth opportunities and changing health policies. On the other hand, the Healthcare Revenue Cycle Management market in the Middle East and Africa is predicted to have a sluggish growth over the assessment period due to the existence of economies that are slow-growing in the African region.
Competitive Analysis
The Healthcare Revenue Cycle Management market is competitive and fragmented. Acquisitions, mergers and strategic partnerships are having control in this competitive market. Key players are launching products that prioritize patient care. New product launches, acquisitions, partnerships and collaborations are strategies that the players are employing for gaining higher share in the market.
Key Players
Leading players profiled in the Healthcare Revenue Cycle Management market include Siemens Healthcare (Germany), Allscripts (U.S.), Quest Diagnostics (U.S.), McKesson Corporation (U.S.), Cerner Corporation (U.S.), Epic Systems (U.S.), General Electric Company (U.S.), and others.
March 2019 - Recondo Technology and MedeAnalytics have recently entered into a partnership for making hospital revenue cycle transactions almost a touchless experience. This formal partnership agreement is projected to help hospitals in gaining efficiencies in revenue cycles and at the same time identifying revenues at risk and preventing lost revenue.
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