- Report ID: BMRC 323 | Number of pages: 203 | Publish Date: Jan 2020
Status: Published | Category: Healthcare | Delivery Timeline:
Healthcare Revenue Cycle Management Market is valued at USD 50,283 Million in 2018 and expected to reach USD 104,396 Million by 2025 with CAGR of 11% over the forecast period. Increasing Technological Advancement Coupled with Rising Healthcare Spending is the Key Factors Driving for the Growth of Healthcare Revenue Cycle Management Market
The growth of the revenue cycle management market is driven by increasing government spending and initiatives to encourage the adoption of healthcare revenue cycle management solutions. Revenue management for healthcare providers is largely influenced by precisely medical claims processing. Healthcare organization required to uphold a quality insurance billing and revenue cycle for the improvement in the financial outcome. The team of revenue cycle management needs to well-versed with the accounts receivable management and denial management. With continuous rising pressure on the hospitals and healthcare providers to reduce cost due to continue losing revenue because of claim failure and denials. This factor has increased the market opportunity for specialty firms to provide revenue cycle management service to the hospital's settings and thus increasing the market growth for healthcare revenue cycle management market.
From the past few years, many hospitals are co-dependent on 3rd party service providers for the management of denial service. As the industry, lack expertise and knowledge about the field and lack the skills to manage time for the reimbursement process. The most common billing errors faced by the hospitals are filing of an incomplete claim, failure to verify insurance, lack of specificity, missing filing deadlines, and errors in coding. Because of the 3rd party service providers, healthcare providers are now able to manage the medical billing and increase the client cash flow. It has been estimated that more than 90% of the claim denials are prevented with the help of support from service providers. This factor is expected to drive the healthcare revenue cycle management market over the forecast years.
Healthcare revenue cycle management market report is segmented on the basis of delivery mode, function, end-user, and region & country level. Based upon delivery mode, healthcare revenue cycle management market is classified into on-premise, web based, and cloud based. On the basis function, the market is classified into insurance management, electronic health record, denial and claims management, billing and medical coding, clinical documentation improvement, and others. On the basis of end-user, the market is classified into hospitals, diagnostic laboratories, office-based stetting, and others.
The regions covered in this healthcare revenue cycle management market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Healthcare Revenue Cycle Management is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
The major players operating in the healthcare revenue cycle management market are General Electric Company, Siemens Healthcare, Epic Systems, Allscripts, Cerner Corporation, Quest Diagnostics, McKesson Corporation, 4medica, Abeo, Accenture, Access Healthcare, AccessOne, ACI Worldwide, and Others.
Increasing Demand for Health Insurance and Growing Adoption Rate are expected drive the Growth of this Market
Increasing healthcare spending in developed as well as emerging regions will positively impact the growth of the healthcare revenue cycle management market over the forecast period. The growing prevalence rate of chronic diseases will raise hospital admissions and significantly increase healthcare expenditure. Moreover, increasing awareness among the population of developed region regarding the availability of treatment and diagnosis of various diseases will grow the healthcare expenditures. This factor will increase the need for the management of payment in the hospital's settings and will indirectly contribute to the growth of the healthcare revenue cycle management market. Additionally, the growing health insurance demand, especially in developed countries, will propel the growth of the healthcare revenue cycle management market. Various initiatives by the Medicare and Medicaid policy providers to assure reasonable healthcare facilities and services will result in growing the demand for insurance policies. Such large population processes required accurate and efficient management of the data. The growing demand for integrated software for data management will fuel the market growth in forecast years.
North America is the most Prominent Market for the Healthcare Revenue Cycle Management
Geographically, healthcare revenue cycle management market report is segmented into North America, Europe, Asia-Pacific and Rest of the World. The healthcare revenue cycle management market in the North America region dominates the global market, followed by Europe. This is because of the factors such as favorable regulations, and advanced facilities on delivering healthcare services. Most healthcare providers in the US are organizing revenue cycle management systems which have reduced the time required for payment receiving after service. The Asia-Pacific market is expected to show the fastest market growth due to developing healthcare infrastructure and rising medical tourism in the region due to the low cost of treatment.
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Healthcare Revenue Cycle Management Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025