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Healthcare Revenue Cycle Management Market 2020 by industry trends, statistics, key companies growth and regional forecast

Author : Ronak Bora | Published Date : 2020-09-09 

Healthcare Revenue Cycle Management Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Driven by rising healthcare expenditure and fast paced technological advancements in the medical fraternity, healthcare revenue cycle management market is expected to witness massive gains through 2025. As per a report by GMI worldwide HRCM market share is projected to surpass USD 110 billion by 2025.

With the increasing hospital admissions, there has been a rising need for efficient data management to ensure accurate revenue management. This in turn has led to high adoption of software systems to manage vast amount of healthcare data. The integrated software manages billing data through the patient’s admission process till his recovery making it an efficient and accurate approach towards healthcare revenue data management.

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In fact, the worldwide HRCM market is forecast to derive major gains from the hospital segment. The market valuation from this segment stood at USD 16 billion in 2018. Software upgradation, government support, and rising demand to efficiently handle clinical and financial data will drive the industry trends.

Japan is slated to be one of the major regions where demand for HRCM will surge rapidly from the hospital segment. The presence of large geriatric patient base and the consequently higher rate of hospital admissions will influence the regional healthcare revenue cycle management market outlook. As per the research study, Japan HRCM market share is poised to witness a y-o-y growth rate of 14% over 2019-2025.

 

Based on products, the HRCM market is bifurcated into integrated and standalone software. The integrated software segment is likely to witness 12% growth through 2025 owing to the inclining demand for HRCM software to simplify the billing and coding process.

 

Integrated software is deployed in healthcare to bridge the gap between business and clinical sides. It assists healthcare professionals to perform all the administrative tasks efficiently with accurate processing of information.

 

Claims & denial management, eligibility verification, medical coding & billing, payment remittance, and a few others are some of the functional segments associated with HRCM. Medical coding and billing recorded around USD 11 billion in 2018 in terms of annual remuneration.

 

It deals with handling and managing claims in healthcare to improve efficiency and foster effective time management. The billing and coding software in use today have received greater preference over paperwork.

 

The healthcare revenue cycle management market can be segmented into cloud-based and on-premise with regard to the mode of deployment. Cloud-based deployment segment gathered around 76% revenue share of the annual valuation in 2018 and the market share is anticipated to rise over 2025.

 

Cloud-based HRCM software provides benefits of reduced labor costs, data security, and increased efficiency. The use of advanced HRCM software has further facilitated automation and enhanced client relations. 

 

Based on end-users, healthcare revenue cycle management is deployed across hospitals, by physicians, diagnostics centers, ambulatory surgical centers, among others. Hospitals contributed to over USD 16 billion with regard to yearly remunerations in 2018 owing to the spiking number of hospital admissions on a global scale.

 

Doctors and administrative staff depend on integrated and advanced HRCM software for data management to provide an amalgamation of clinical and financial data for patient satisfaction. Additionally, funds retrieved in rural government hospitals will boost the adoption of upgraded HRCM software.

 

Geographically, Japan HRCM market is anticipated to witness a growth at 14% CAGR up to 2025 due to its developed economy, improved healthcare infrastructure, and adoption of HRCM software. Reportedly, around 26% of the total Japanese population lies in the age group of 65 years and above. The prevalence of chronic diseases in this elderly population is a stimulator for the industry trends in this region.

 

Leading industry players are working on mergers, acquisitions, and new product launches. For instance, in January 2018, SSI group acquired Informatics Corporation of America to develop new solutions in revenue cycle management and to enhance their product portfolio. Another instance, In August 2019, Experian Health, a healthcare revenue cycle management firm, signed an agreement to acquire MyHealthDirect, a Nashville-based digital care coordination company to deploy tools to aid patients in healthcare.

 

Some other companies include Cognizant Technology Solutions, Allscripts Healthcare Solutions, Athenahealth, Accretive Health, Conifer Health Solutions, Etransmedia, Dell, Emdeon, AGS Health, Cerner, and CareCloud. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/healthcare-revenue-cycle-management-market

Partial Chapter of the Table of Content 

Chapter 4.    Healthcare Revenue Cycle Management Market, By Product

4.1. Key segment trends

4.2. Integrated

4.2.1.  Market size, by region, 2014 – 2025

4.3. Stand alone

4.3.1.  Market size, by region, 2014 – 2025

Chapter 5.    Healthcare Revenue Cycle Management Market, By Function

5.1. Key segment trends

5.2. Claims & denial management

5.2.1.  Market size, by region, 2014 – 2025

5.3. Medical coding & billing

5.3.1.  Market size, by region, 2014 – 2025

5.4. Eligibility verification

5.4.1.  Market size, by region, 2014 – 2025

5.5. Payment remittance

5.5.1.  Market size, by region, 2014 – 2025

5.6. Others

5.6.1.  Market size, by region, 2014 – 2025

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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