Healthcare Revenue Cycle Management Market is projected to grow up to 13.1% CAGR during the forecasti...


Revenue Cycle Management Market is projected to grow up to 13.1% CAGR during the forecasting period 2021-2027.

Revenue cycle management is a financial system that uses billing software to monitor patient details. If the number of hospital admissions increases, healthcare providers are increasingly relying on advanced revenue cycle management. Revenue cycle management is the financial practise of medical bills used by healthcare systems, mostly in developed countries such as Europe, the United States, Asia Pacific, and the rest of the world. Through documenting all payment processes on the revenue cycle management network, this procedure aids in tracing the revenue created by healthcare services. Since revenue cycle management is a complex method, healthcare providers should outsource their revenue cycle management to other companies to handle the complex process with the assistance of expert agents. This revenue cycle management market report details new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size and  category market growth. 

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Key Driving Factors: Cloud-based is the deployment segment that is expected to grow the fastest over the forecast period.

The web-based section had the highest share since it is built off-site and overseen by a third party. It is accessed via the internet and a web browser, and no additional storage or hardware is needed. As a result, data from various geographical locations can be accessed by various healthcare providers. Because of the versatility and scalability provided by these solutions, the cloud-based segment is expected to expand significantly during the forecast period. Because of the cloud-based delivery model, the platform is highly scalable. It simplifies and consolidates storage services to minimise costs and improve workflow by removing clinical information departmental silos. The organization's storage and server power was hosted off-site. All off-premise device support services are provided by the cloud provider. This aspect of cloud technology is a major market driver.


Big data analytics advancements aided in the management of complex healthcare data.

Throughout the study period, technological advances in HRCM software have had a positive impact on industry development. Recently developed software is highly effective and aids in the provision of better patient care. Furthermore, upgraded HRCM software has eliminated many hospitals' and healthcare facilities' pending accounts receivable. In addition, the use of centralised software for medical billing and coding has eliminated errors and improved clinical results. As a result, the availability of such technologically advanced systems has accelerated the growth of the healthcare revenue cycle management industry.



This report offers the major market player’s profiles, such as Cerner, Mckesson, Quest Diagnostics, Allscripts Healthcare Solutions, Athenahealth, Ge Healthcare, ECLINICALWORKS, Conifer Health Solutions, Epic Systems, Gebbs Healthcare Solutions, Experian, Agilent Technologies, Inc, Constellation Software, The Ssi Group, and Nthrive.

 

Based on End User: The market is divided into end users such as physicians, hospitals, labs, and others. The physicians segment is expected to hold the largest share of the global market in 2020 and to grow at the fastest CAGR during the forecast period. The increasing adoption of integrated practise management systems among physicians is the primary driver of this market's development.

The Revenue Cycle Management Market report has been categorized as below

By Function

  • Claims & Denial Management
  • Medical Coding & Billing
  • Patient Insurance Eligibility Verification
  • Payment Remittance
  • Electronic Health Record
  • Clinical Documentation Improvement
  • Other Functions

By Offering

  • Software
  • Services

By Product

  • Integrated Solutions
  • Standalone Solutions

Based on End User:

  • Physicians
  • Hospitals
  • Laboratories
  • Other End Users

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

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Published Date : March-2021