Healthcare revenue cycle management market Overview, Demand, Size, Growth, Key Vendors and Forecast 2024
Category: #health  By Partha Ray  Date: 2019-08-13
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Healthcare revenue cycle management market Overview, Demand, Size, Growth, Key Vendors and Forecast 2024

Healthcare revenue cycle management market size was valued at USD 47 billion in 2017 and is expected to witness 11.8% CAGR from 2018 to 2024. The medical sector is undergoing a series of interminable changes over the last few years. In consequence, healthcare revenue cycle management industry is set to witness a marked ascent pertaining to the rising need for timely bill reimbursements and insurance claims. Increased complexity in the medical coding process has led to the necessity of revenue cycle management solutions that help reduce billing errors.

Healthcare spending is projected to grow rapidly over the span of the next few years, which will lead to the government implementing cost-cutting measures such as reduction in bill reimbursements, which would have a positive impact on healthcare revenue cycle management market. The rise in the number of medical care providers adopting revenue cycle management practices will further augment the revenue scale of this industry.

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The healthcare sector has been on a continually expanding spree across the globe, which has led to a surge in the implementation of revenue cycle management services across myriad geographies, particularly advanced economies such as Germany and the U.S. Indeed, a report by Global Market Insights, Inc., claims that Germany healthcare revenue cycle management market is anticipated to witness a CAGR of 11.3% over 2018-2024. The region is a vastly developed zone with extensive healthcare expenditure that has helped augment the regional industry.

Currently, as per estimates, Germany also plays host to an expanding geriatric population that is highly susceptible to chronic infections. This would help upsurge the number of hospital admissions, consequently leading to an expansion of the regional healthcare revenue cycle management market. That said, the nation is also remnant of technological advancements – the development of upgraded software in order to processing huge patient databases and their hefty adoption in Germany will also propel the regional healthcare revenue cycle management market over 2018-2024.

The United States is also touted to be one of chief regional growth avenues for the global healthcare revenue cycle management market. The U.S. Patient Protection and Affordable Care Act signed in 2010 has enabled several changes in the medical sector, which has ensured compulsory medical insurance and increased Medicaid coverage in the U.S. This statute is expected to significantly propel U.S. healthcare revenue cycle management industry in the years to come. Not to mention, the region is also governed by a stringent regulatory landscape, coupled with the existence of strong market players that will help augment the regional industry trends.

The surging development in cloud computing industry has increased the necessity of cloud services in practically every industry, the healthcare sector bearing no exception. In fact, as per a reliable estimate, cloud based deployment held close to 76.4% of the overall industry valuation in the year 2017. The deployment model is claimed to accrue substantial popularity, given the surging usage of cloud-based software to ensure efficient data processing. Cloud based software, in the medical industry, are essentially deployed for analyzing revenue cycle data such as charges, accounts, and transaction receivables. In addition to such software being able to resolve problems and reduce errors, they also help deliver data security, that further helps expand the commercialization potential of the cloud-based healthcare revenue cycle management market.

Most of the prominent players in healthcare revenue cycle management market have been striving to bring forth an array of novel products to the mainstream to sustain their position. Say for example, last year, MedTek, one of the leading providers of coding, transcription, and billing services, brought to light, the Revenue Cycle Edge, a highly comprehensive solution for revenue cycle optimization. With this HRCM solution, the company generated a seamless workflow for the overall revenue cycle process for medical care leaders working toward greater efficiency at clinics, hospitals, specialty practices, and ambulatory surgery centers. Speaking of which, some of the other players accumulating a major share in healthcare revenue cycle management market include Athenahealth, CareCloud, Allscripts Healthcare Solutions, Experian, Cerner, Siemens Healthcare, GE Healthcare, Quest Diagnostics, and McKesson.

Hospitals segment accounted for 31.3% revenue share in 2017 owing to the increasing adoption of upgraded cloud-based software for storing revenue data. Increasing prevalence of chronic diseases will surge the demand for data analytic software in hospitals for efficient data management stimulating the segmental growth during forecast timeframe. Availability of upgraded solutions utilized by hospitals enable management of patient data such as patient history and payment details should positively influence the segmental growth.

Germany healthcare revenue cycle management market witnessed 11.3% CAGR in 2017 and is anticipated to witness robust growth over forecast timeframe. Germany is an economically developed nation and has high healthcare expenditures that proves beneficial for the industry growth. Additionally, growing geriatric population susceptible to chronic infections will increase the number of hospital admissions. Development of upgraded software for processing large patient databases and its high adoption in Germany will propel the country growth in upcoming years.

More info about Healthcare revenue cycle management [email protected] https://www.marketwatch.com/press-release/healthcare-revenue-cycle-management-market-is-booming-in-2019-global-market-insights-inc-2019-07-10

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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