Healthcare revenue cycle management industry to cross USD 100 billion by 2024, Physicians to emerge as key end-users
Publisher : Fractovia | Published Date : 2017-03-24Request Sample
Healthcare Revenue Cycle Management Market will grow considerably over the span of few years, owing to its extensive use in hospitals, private clinics, and diagnostics & ambulatory care centers. Growing trend towards value-based healthcare services along with a great need to lower billing errors will fuel the industry growth over the coming seven years. As per Global Market Insights, Inc., “Healthcare Revenue Cycle Management Industry is projected to hit USD 100 billion by 2024”. High benefits offered by healthcare revenue cycle management will further boost the business expansion. In addition to this, enhanced level of automation to improve work efficiency and quality of work life will benefit the industry over the coming years.
Physicians are the key end users of healthcare revenue cycle management industry. Physician billing sector, which accounted for 40% of healthcare revenue cycle management market share in 2015, is forecast to witness a substantial growth over the next few years. Doctors make use of healthcare revenue cycle management facility to improve the rate of revenue collection as well as claim submissions.
Germany Healthcare Revenue Cycle Management Market Size, By Component, 2012-2024 (USD Bn)
Standalone and Integrated systems are the major products of healthcare revenue cycle management. Integrated healthcare revenue cycle management industry, which contributed a major portion of industry revenue in 2015, is projected to witness a high growth over the coming timeframe. High demand for these systems by doctors, owing to its ability to effectively process the claims and medical/health records of the patients will stimulate the industry expansion.
On-Premise and Cloud-based deployments are the main deployment modes of healthcare revenue cycle management industry. Cloud-based deployments are expected to collect a revenue of USD 80 billion by 2024 and will benefit global healthcare revenue cycle management market. High demand for maintaining electronic health records along with a greater need for modernizing payment systems will supplement the industry development over the coming seven years.
Regional Trends pertaining to Healthcare Revenue Cycle Management Market over 2016-2024 are given below:
- Germany healthcare revenue cycle management industry, which accounted for over 20% of Europe industry revenue in 2015, will witness a high surge over the coming timeframe. High investments in healthcare sector along with the growing popularity of big data analytics will drive the regional growth.
- High spending across the health IT sector along with growing lifespan will boost Brazil healthcare revenue cycle management market over the next few years, having attained USD 650 million in 2015.
- U.S. healthcare revenue cycle management market is forecast to hit USD 38 billion by 2024, owing to stringent legal enforcements mandating health insurance for its citizens under the Affordable Care Act.
- Escalating requirement of the health insurance coverage for the exponentially rising old population along with high occurrence of chronic ailments will propel China healthcare revenue cycle management industry over the coming timeline.
Market Players will try to increase their regional presence and ROI through product development, technological innovations, joint ventures, and strategic collaborations. Key industry participants include Conifer Health Solutions, GE Healthcare, Siemens Healthineers, Allscripts Healthcare Solutions Incorporation, Optum Company, AGS Health, Quest Diagnostics Company, GeBBS Healthcare Solutions, Accretive Health Company, CareCloud, Experian PLC Corporation, McKesson Corporation, Merge Healthcare Incorporation, Eurohealth Systems, Athenahealth Company, and Cerner Corporation.
