Market Synopsis: —
The healthcare sector is witnessing constant developments. With the increase in the demand for medical services, the need for efficient management of the financial growth of the healthcare centers has been on the rise. It has opened new avenues of growth for the revenue cycle management software and services in the industry. It is a relatively newer technology and is gaining momentum gradually. Market Research Future (MRFR)’s analysis has revealed that the global healthcare revenue cycle management market is expected to expand at 12.2% CAGR across the assessment period 2017 to 2027. The report further highlights that the market is poised to exceed USD 175000 Mn mark by 2027.
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The demand for enhanced efficiency in the healthcare sector is likely to generate demand for effective management of profits and losses. It ensures the smooth functioning of the organization with a focus on core business. Thus, the technology is expected to gain traction in the forthcoming years. Furthermore, the increasing shift towards insurance reimbursements is projected to catalyze the growth of healthcare revenue cycle management market in the years to come.
Based on the product type, the global healthcare revenue cycle management market has been bifurcated into integrated software and standalone software. The integrated software segment held 81.4% share of the market in 2016 and is projected to grow substantially in the foreseeable future. It is expected to strike a higher CAGR of 12.3% CAGR during the assessment period owing to the adoption of a suite of programs in integrated software.
By component, the healthcare revenue cycle management market has been divided into software and services. Among these, the software segment has been prognosticated to reach a valuation of USD 105,146.2 Mn towards the end of the forecast period. The rising adoption of electronic health records (EHRs) by healthcare providers is poised to boost the growth of the segment in the forthcoming years.
On the basis of development, the global healthcare revenue cycle management market has been bifurcated into on-premise and on-cloud/web-based. The on-premise segment is anticipated to grow from USD 29,207.7 Mn in 2016 to USD 115,013.8 Mn by 2027.
The healthcare revenue cycle management market, by end user, has been divided into hospitals and ambulatory services. Among these, the hospitals segment is prognosticated to exhibit a steeper rise in the growth curve.
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The global healthcare revenue cycle management market, by region, has been segmented into four regions - Americas, Europe, Asia Pacific, and the Middle East and Africa (MEA). Americas is leading the expansion of the global market and is poised to mark a healthy CAGR across the review period. The technological developments in the healthcare sector have paved the way for the adoption of revenue cycle management technology in the healthcare sector. In addition, the industry is growing by leaps and bounds which is also poised to propel the expansion of the healthcare revenue cycle management market over the next couple of years.
Europe is projected to maintain its second position in the global market place through the projection period. Availability of funds for developments in the healthcare industry, in conjunction with the support extended by the governments, is projected to catapult the healthcare revenue cycle management market in the region on upward trajectory.
Asia Pacific is projected to strike the higher CAGR over the forecast period. The rapid developments in the economy of the region are likely to favor the expansion of the market over the next few years. In addition, factors such as rising healthcare expenditure, flourishing healthcare sector, etc. are projected to accelerate revenue creation for the participants of the healthcare revenue cycle management market in the foreseeable future.
The noted players in the global healthcare revenue cycle management market profiled in this MRFR report are General Electric Company (U.S.), Cerner Corporation (U.S.), Epic Systems (U.S.), McKesson Corporation (U.S.), Allscripts (U.S.), Siemens Healthcare (Germany), and Quest Diagnostics (U.S.).
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