The global healthcare revenue cycle management market is touted to exhibit a healthy 12.2% CAGR during the assessment period (2017-2027), as per a new market report by Market Research Future (MRFR).
The rising costs of surgeries and overall healthcare has induced the need for hospitals to lean towards technology to reduce the burden. Healthcare revenue cycle management (RCM) is a system in the healthcare cycle which relies on electronic health records (EHRs) and automation to expedite outpatient billing and reduce wait times. The growing numbers of hospitals and clinics, rising adoption rate of RCM software, recovery audits, and preference for integrated healthcare systems are factors expected to drive market demand during the forecast period.
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The report covers the latest trends impacting the market to provide the most accurate forecasts and predictions. By correlating the historical data with upcoming market dynamics, our analysts can make highly astute projections. MRFR’s report includes a thorough analysis of the global healthcare revenue cycle management market segmented according to type, application, end-user, and region. Growth opportunities are highlighted coupled with the market share of companies as well as their valuation in the market. It analyzes new revenue sources for players and outlines the various strategies implemented by players.
Based on the product type, the market can be segmented into advanced integrated software and standalone software. The advanced integrated software accrues almost 81.4% of the total revenue generated in the market and is blessed with the fastest CAGR of 12.3% during the forecast period.
Component-based segmentation of the market includes software and services. The software segment is gaining precedence considerably in the global market owing to its applicational ease, and it commanded the largest market share in 2016.
Deployment-wise segmentation comprises on-premise and on-cloud/web-based. On-cloud section is gaining much traction. However, on-premise application held the largest share of the market in 2016 as many still find complete cloud solution a bit difficult to operate.
Based on end-users, the market can be segmented into hospitals and ambulatory services. Hospitals hold the major share, and many rely heavily on its assistance in cases of emergency.
The geographical analysis of the market covers namely the Americas, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA).
The Americas take the onus of generating the maximum revenue as the region has this tendency to rely heavily on advanced technology. Advanced infrastructure accommodates such a wide-spread implementation of RCM software which benefits all. In addition, the market is profiting much from several major players presence in the segment, along with a scheduled substantial healthcare expenditure every year.
Europe is holding the second position, and it can be attributed to increasing government support in research and development. Other features such as well-developed healthcare infrastructure and considerable healthcare funding are quite similar in their impact to that of the Americas.
The APAC is all set to register the fastest growth. Emerging economies of the region are changing the healthcare sector remarkable, and many of them are evolving as a medical tourism hub which as a consequence, is assertively impacting the global RCM market. However, the MEA is still lagging much behind as the region has quite a few poor and slow developing countries.
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