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(IT-NEWSWIRE.COM, January 24, 2018 ) Business Synopsis of Global Healthcare Revenue Cycle Management (RCM) Market:
The healthcare revenue cycle management (RCM) is a software, which manages organization claims processing, payment, and revenue generation. The market for healthcare revenue cycle management (RCM) is growing at a healthy pace.
According to the U.S. Census Bureau, in 2015, total hospital care expenditure was USD 831.5 billion.
According to the Centres for Medicare & Medicaid Services, in 2015, recovery auditors identified and corrected USD 2.39 billion as overpayment and USD 173.1 million as underpayment.
The market is expected to grow at the CAGR of 12.2% during the forecast period and is estimated to reach USD 43,500.0 million by 2027.
Healthcare Revenue Cycle Management Market Merger and acquisitions:
Navicure Inc., and ZirMed Inc., announced a merger on September 14, 2017.
Allscripts buys McKesson’s EHR, revenue cycle tools for $185 million in 2017. Allscripts strategy is to gain the product portfolio of Enterprise Information Solutions consisting of the Paragon EHR, Star and HealthQuest revenue cycle technologies, and OneContent content management tools. The acquisition will enable Allscripts greater scale and intellectual property.
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Rumours of Apple buying athenahealth are suggestive of the potential of revenue cycle management software potential. The rumours were reflective of the interest Apple has displayed in healthcare and after Apple’s revelation of healthcare and medical records plans for the iPhone.
Market dynamics of Global Healthcare Revenue Cycle Management (RCM) Market
The drivers of the market for Healthcare Revenue Cycle Management (RCM) Market are increasing adoption of recovery audits, rising stringency of government regulations and billing and coding compliance, changing patient financial responsibilities such as increased co-payments by insurance and third parties, growing complexity of health plans and insurance such as high deductible health plans, advances in RCM technologies, such as cloud-based electronic medical record systems, emphases on population health management and value-based reimbursement under the affordable healthcare act, performance based reimbursement policies and measurable benchmarks such as average time taken to submit a claim, average reimbursement rate, etc., increasing healthcare revenue and adoption of the RCM software and growing number of hospital & healthcare services and others. The increasing pressure to curb the surmounting healthcare cost coupled with greater returns on investments by the use of RCM has led to the rise in markets. Inclination towards integrated healthcare system will also fuel the market’s growth over the forecasted period.
The marker restraints are scarcity of professionals, high installation and maintenance cost of RCM software, lack of awareness, poor robustness of RCM software as it depends on business restructuring for satisfactory performance and others.
Segmentation of Global Healthcare Revenue Cycle Management (RCM) Market
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 component, the software segment accounts for the largest market share of 59.3% in the global healthcare revenue cycle management (RCM) On-premise segment accounts for the largest market share in the global healthcare revenue cycle management (RCM) market whereas the cloud based segment is projected to grow at the fastest CAGR during the forecast period 2017-2027. 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.
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Regional analysis of Global Healthcare Revenue Cycle Management (RCM) Market
Considering the global scenario of the market, America dominates the global healthcare revenue cycle management (RCM) market owing to the high healthcare revenue, developed technology, adoption of the better management services and the presence of the leading players. North America holds the largest market share in the American healthcare revenue cycle management (RCM) market. According to the Centers for Medicare & Medicaid Services, in 2015, the U.S. healthcare spending increased by 5.8% during the last few years. The Americas healthcare RCM market is expected to reach USD 67,996.0 million by 2027 at a CAGR of 11.9 % during the forecast period.
Europe is the second largest market of the healthcare revenue cycle management (RCM), which is followed by Asia Pacific. The presence of well-developed healthcare sector and high healthcare revenue, the healthcare revenue cycle management (RCM) market in Europe is growing at a CAGR of 12.4%.
Asia Pacific is also witnessing a rapid growth in this market due to rapidly increasing awareness regarding the software & services available, increasing patient inflow and rising healthcare expenditure. The Middle East & Africa is expected to experience limited growth. The Middle East is dominating this market by holding the major share of the Middle East & African market owing to the well-developed technology and healthcare sector.
Key Players for Global Healthcare Revenue Cycle Management (RCM) Market
Some of the major players in this market are: Epic Systems Corporation (US), McKesson Corporation (US), Cerner Corporation (US), General Electric Company (US), Allscripts (US), Quest Diagnostic (US), Siemens Healthcare (Germany), AdvantEdge Healthcare Solutions (US), CareCloud (US), Acelerartech (US), and 3M (US).
Major TOC Healthcare Revenue Cycle Management Market:
1 REPORT PROLOGUE
2 INTRODUCTION
1 REPORT PROLOGUE
2 INTRODUCTION
2.1 SCOPE OF STUDY
2.2 RESEARCH OBJECTIVE
2.3 ASSUMPTIONS & LIMITATIONS
2.3.1 ASSUMPTIONS
2.3.2 LIMITATIONS
2.4 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
1 REPORT PROLOGUE
2 INTRODUCTION
2.1 SCOPE OF STUDY
2.2 RESEARCH OBJECTIVE
2.3 ASSUMPTIONS & LIMITATIONS
2.3.1 ASSUMPTIONS
2.3.2 LIMITATIONS
2.4 MARKET STRUCTURE
… & More
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