Selbyville, DE -- (SBWIRE) -- 05/16/2019 -- Healthcare revenue cycle management (HRCM) will exceed USD 100 billion by 2024; as per a new research report.
Increase in healthcare expenditure and rapidly growing geriatric population are the major impact rendering factors for healthcare revenue management industry growth. As per World Bank Data 2015, the estimated healthcare expenditure in U.S. was 16.9% of GDP that is comparatively higher than other countries. Increasing healthcare expenditure ultimately increases the need of revenue management systems to manage these expenditures thereby stimulating HRCM business growth.
Integrated revenue cycle management system segment was valued at USD 40,843.4 million in 2017 and is projected to grow significantly over the forecast timeframe. Integrated systems provide efficient tracking management capabilities that helps to reduce cost of auditing. The integrated systems comprising of AR management Denials management and business analytics technology helps to identify and address the key issues driving denials. These integrated software help in optimizing operational performance and subsequent financial results that will help in favoring growth of healthcare revenue management industry over the coming years.
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Rising demand for health insurance will drive the healthcare revenue management market growth in upcoming years. Healthcare providers typically carry large balances and struggle to receive timely and accurate reimbursement from government programs such as Medicare and Medicaid as well as commercial insurance payors. As per Centers for Medicare & Medicaid Services (CDC) Actuary Releases 2017, the private health insurance spending is projected to average 4.7% over 2017-2026. Increase in demand for healthcare insurance is set to drive the adoption of HRCM solutions.
The report presenting a comprehensive exploration of the global Healthcare Revenue Cycle Management encloses the rate of growth of the market over the projected duration. Providing a concise synopsis, the report determines the valuation and size of the Healthcare Revenue Cycle Management in the near future. It also includes the major contributing factors to the growth of the global Healthcare Revenue Cycle Management as well as the dominating players in the market coupled with their market share.
Medical coding and billing segments are anticipated to show lucrative market growth of 11.3% during the forecast timeframe. The growth of the segment is attributed to rising incidence of insurance issues related with misinterpretation of medical documents. In addition, rising adoption of coding and billing procedures in hospitals, is expected to generate growth opportunities during the projected timeframe.
On premise deployment segment accounted for 23.6% revenue share in 2017 due to its wide applicability and several advantages. On premise revenue cycle management solutions offers better security compared to cloud based as servers installed on premise and can be protected by preventing unauthorized access. Increasing use of these on-premise revenue cycle management solutions thereby, stimulating HRCM business growth.
Hospital end-user segment will witness 11.6% CAGR during the forecast timeframe and is expected to witness robust growth during the projected timeframe. The growth of the segment is attributed to increasing patient base as well as cash flow in hospitals. The number of patients that are unwilling or unable to pay is growing, that again compels healthcare providers to implement efficient revenue cycle management system to collect from patient at all points of service. Hospital revenue cycle management consists of generation, management and collection of patient care revenue.
U.S. healthcare revenue management market contributed 90.7% of total North America industry revenue in 2017. U.S. healthcare has experienced significant changes in regulations that have largely affected the finances, organization, and delivery of healthcare services. Various changes in laws and regulations including introduction of the Affordable Care Act (ACA) and a transition in coding system will augment country growth in forthcoming years.
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China healthcare revenue management market was valued at USD 2,490.6 million in 2017 owing to rapidly increasing healthcare spending, increased government initiatives on healthcare sector and developments in healthcare IT. Moreover, emerging technologies in Healthcare IT like mobility, cloud, analytics/ big data and social business create efficiency and sustainability in healthcare sector thereby contributing healthcare revenue management business expansion.
Some of the prominent competitors operating in healthcare revenue management business include Allscripts Healthcare Solutions, AGS health, Athenahealth, Accretive Health, Cognizant Technology Solutions, Cerner, Carecloud Corporation, Conifer Health Solutions, Dell, Emdeon, Etransmedia and Experian. Industry competitors are mainly focusing on inorganic strategies such as partnership, merger and acquisitions to garner higher revenue share in the industry.
There are 14 Chapters to deeply display the Healthcare Revenue Cycle Management market
Chapter 1: To describe Healthcare Revenue Cycle Management Market Overview, Introduction, product scope, market opportunities, Application.
Chapter 2: To analyze the Top Manufacturers of Healthcare Revenue Cycle Management, with sales, capacity, production, revenue, and price of Healthcare Revenue Cycle Management, in 2014 and 2019.
Chapter 3: Healthcare Revenue Cycle Management, to display the competitive situation among the top manufacturers with capacity, production, share by region, sales, revenue, gross margin and market share in 2014 and 2019.
Chapter 4: To show the market by regions, supply, consumption, with sales, export-import, revenue and market share of Healthcare Revenue Cycle Management, for each region, from 2014 Healthcare Revenue Cycle Management to 2019.
Chapter 5, 6, 7, 8 and 9 To analyze the market by countries, by type, by application and by manufacturers, with sales, analysis by application, revenue and market share by key countries in these regions.
Chapter 10 and 11 To show the market by type and application, with sales market share and growth rate by type, strategy analysis and factor analysis from 2016 Healthcare Revenue Cycle Management to 2019.
Chapter 12 Healthcare Revenue Cycle Management market forecast, by regions, type, with sales and revenue, growth rate, price Forecast from 2019 to 2025 Healthcare Revenue Cycle Management.
Chapter 13: Connected Healthcare Revenue Cycle Management market.
Chapter 14: To describe Healthcare Revenue Cycle Management market sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.
Key Points Covered in The Healthcare Revenue Cycle Management Market Research Reports:
- Industry Overview: Definition, Brief Introduction of Major Classifications, Applications, Major Regions.
- Production Market Analysis: Healthcare Revenue Cycle Management Market Capacity, Production, Capacity Utilization Rate, Ex-Factory Price, Revenue, Cost, Gross and Gross Margin Analysis, Major Manufacturers Performance and Market Share, Regional Market Performance and Market Share.
- Sales Market Analysis: Sales Volume, Sales Price and Sales Revenue Analysis, Regional Sales Market Analysis.
- Consumption Market Analysis: Consumption Volume Analysis, Regional Consumption Market Analysis, Regional Market Performance and Market Share.
- Production, Sales and Consumption Market Comparison Analysis: By Regional Healthcare Revenue Cycle Management Market Performance and Market Share.
- Major Manufacturers Production and Sales Market Comparison Analysis: and Regional Major Manufacturers Production and Sales Market Comparison Analysis.
Complete report titled at https://www.marketstudyreport.com/reports/healthcare-revenue-cycle-management-market-size-by-product-integrated-standalone-by-deployment-on-premise-cloud-based-by-component-services-software-by-end-user-hospitals-physicians-diagnostic-ambulatory-care-centers-industry-analysis-report-regional-outlook-u-s-canada-germany-uk-france-spain-italy-china-india-japan-brazil-mexico-south-africa-saudi-arabia-growth-potential-competitive-market-share-forecast-2016-2024
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