Industry Outlook and Trend Analysis
The Healthcare Revenue Cycle Management Market was worth USD 35.25 billion in 2014 and is expected to reach approximately USD 89.66 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 10.93% during the forecast period. Increment in expenditure for healthcare is anticipated to boost the development of the market. Expanding complications in medicinal coding for reimbursements of bills is foreseen to drive the healthcare revenue cycle management market. The revenue cycle management solutions are intended to decrease billing mistakes by health care suppliers and are commonly used in nations, for example, the U.S. where medicinal coding process is tedious and complicated. Moreover, lessening in medical reimbursements by private and government bodies and rising rate of claim rejections will initiate vast number of health care suppliers to implement revenue cycle management practices.
Product Outlook and Trend Analysis
Integrated healthcare revenue cycle management market estimate was esteemed at over USD 34 billion capturing more than 85% of income share in 2015 because of the expanding switch in the healthcare industry from volume based installment to value based frameworks. Most of the doctors are inclined towards integrated software keeping in mind the end goal to adapt to declining productivity attributable to incompetent standalone billing technologies, and reducing reimbursements. Doctors foresee practice dissolution to expansive physician groups if there should arise an occurrence of not utilizing updated, and integrated revenue cycle management products.
Deployment Outlook and Trend Analysis
Cloud-based revenue cycle management solution is the biggest market shareholder and is anticipate to encounter significant development over the forecast period, because of expanding interest for enhanced consumer platforms at moderate expenses. There has been increment in the number of application service providers as of late in light of the developing pattern for income cycle management outsourcing. Cloud-based arrangements are generally more affordable in comparison with the on premise systems, and enable organizations to dodge IT equipment and bolster IT staff costs.
Component Outlook and Trend Analysis
Healthcare revenue cycle management services held over 63% industry share in 2015 and is foreseen to grow at a considerable CAGR over the forecast period, because of rapid updates in programming. The market is anticipated to develop at a stable CAGR amid the conjecture time frame. Improvement of big data analytics along with healthcare IT has substantially affected the usage of different arrangements, for example, electronic medical records, and e-prescribing systems, among others.
End User Outlook and Trend Analysis
Physicians including physician billing organizations captured over 40% of healthcare revenue cycle management market in 2015, developing at solid CAGR over the forecast period. With a viable revenue cycle management solution, physicians and organizations owned by physicians can streamline the procedures and enhance submission of claims and expand accumulations. The billing associations provide smooth and fast delivery of procedures enabling physicians to concentrate around quality patient care delivery.
Regional Outlook and Trend Analysis
U.S. healthcare revenue cycle management market is set to grow tremendously over the forecast period. Stringent administrative regulations and existence of driving industry players in this district will lift the revenue cycle management solutions demand. The country healthcare system has encountered significant changes, for the most part because of adoption of the Affordable Care Act. Coding system advancement and regulatory amendments have changed the way the U.S. human healthcare system works and have constrained the suppliers to provide maximum value to patients with lessening the costs. Germany and UK social insurance income cycle administration advertise are set to witness hearty development over the following years.
The leading players in the market are athenahealth, Experian, McKesson Corporation, Allscripts, Siemens Healthineers, Quest Diagnostics, CareCloud, GE Healthcare and Cerner. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Healthcare Revenue Cycle Management Market is segmented based on regions as follows-
- North America
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia-Pacific
- South America
- South Africa
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some of the key questions answered by the report are:
- What was the market size in 2014 and forecast from 2015 to 2023?
- What will be the industry market growth from 2015 to 2023?
- What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
- What are the major segments leading the market growth and why?
- Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?