Top trends in Healthcare Revenue Cycle Management Market by 2019
[ClickPress, Wed Nov 06 2019] Healthcare revenue cycle management (RCM) is a software that manages and simplifies all administrative and clinical functions including claims process, payment, revenue generation, patient registration, medical documentation, insurance verification, and accounts receivable & collections. Healthcare revenue cycle management software has gained profound importance in the healthcare sector in recent years. The global healthcare revenue cycle management market is anticipated to register a CAGR of 12.2% over the forecast period of 2017-2027, asserts Market Research Future (MRFR) in a detailed research report.
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Towering costs of surgeries and overall healthcare has prompted hospitals to resort to technologies to reduce burden. Simplification of financial transactions is a key growth motivator which has spurred the adoption of RCM software among hospitals. In addition, expansion of healthcare budget and increase in a number of hospital chains and healthcare services across the globe fares well for the market. RCM software allows healthcare institutions to not only increase accuracy and timeliness but also helps them adhere to continuously evolving regulatory norms. RCM software can be applied to every aspect of the revenue cycle and is gaining traction among healthcare institutions.
On the downside, the growth of the global healthcare revenue cycle management market might be deterred by a dearth of trained healthcare professionals to operate the software. The global healthcare revenue cycle management market is anticipated to reach USD 1,75,163.5 Mn by the end of 2027.
The global healthcare RCM market is segmented on the basis of deployment, component, product types, and end users.
On the basis of deployment, the market is segmented into on-premises, and cloud-based.
On the basis of component, the market is categorized into services, and software.
On the basis of product types, the market is divided into integrated software, and standalone software.
On the basis of end users, the market is shared into hospitals, ambulatory services and others.
By region, the global healthcare revenue cycle management market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas contribute majorly to the global healthcare revenue cycle management market. Presence of robust healthcare infrastructure and fast uptake of latest technologies works in favor of the market growth. Besides, the region is home to various key market players which gives it a leverage over other regions. Substantial healthcare expenditure also supports market growth.
Europe accounts for the second most significant share of the market. Increasing government support for research and development along with high healthcare expenditure are factors spurring the growth of the market.
APAC is slated to register the fastest growth over the forecast period. High healthcare spending by the emerging economies of the nation and evolving medical tourism scenario in the region can be credited for the growth of the market. The MEA market is lagging behind and is likely to exhibit limited growth over the forecast period.
Browse the market data and information spread across 122 pages with 114 data tables and 15 figures of the report “Healthcare Revenue Cycle Management Market Segmented by Product Type (Integrated, Standalone Software) Component (Software, Services) Deployment (On Premise, Cloud Based) End-user (Hospital, Ambulatory Service)” @ https://www.marketresearchfuture.com/reports/healthcare-revenue-cycle-management-market-878
Strategic partnerships, mergers, and acquisitions are having control over this competitive market. Some of the key players in the healthcare revenue cycle management market General Electric Company (U.S.), Epic Systems (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Quest Diagnostics (U.S.), Allscripts (U.S.), Siemens Healthcare (Germany), and others. The players are focusing on launching products which prioritize patient care. Collaborations, partnerships, acquisitions, and new product launches are strategies employed by these to gain a higher market share.
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