The global market for healthcare revenue cycle management software is estimated to reach USD 43.3 Billion by the end of 2022. During the forecast period, 2017 to 2022, the global healthcare revenue cycle management software market is projected to soar at a CAGR of 6.9%.
The report projects that services facilitating revenue cycle management for healthcare settings will be in great demand in the foreseeable future. In 2017, over half of revenues procured in the global healthcare revenue cycle management software market will be accounted by services. Meanwhile, sales of revenue cycle management software in the healthcare sector are expected to witness a gradual decline, despite accounting for nearly half of global revenues in 2017.
The revenue share of software and services segment is comparable, whereas healthcare-RCM services are pegged to gain traction in terms of adoption. Over the forecast period, lack of trained staff and increasing practice of down coding an RCM service are expected to boost the sales of healthcare revenue cycle management as a service.
Viewed as a progressive method for transforming IT operations within an organisation, cloud deployment continues to enhance resource acquisition, remove scalability constraints, boost infrastructure reliability, and consolidate the organisation’s operational framework. Unlike on-premise deployment models, cloud-based deployment models increase flexibility of revenue cycle management software, and also enable transferability between two or more end-users.
In 2017, nearly USD 27 Billion revenues are expected to be brought in through cloud-based deployment of healthcare revenue cycle management software across the globe. Taking the complex structure of revenue cycle management into account, cloud-deployment is also expected to save costs by offering proper alignment of actual usage and resource expenditure.
During the forecast period, billing & payment management applications of healthcare revenue cycle management software are poised to reflect impressive growth by registering a CAGR of 8.2%. The demand for revenue cycle management software in account receivable follow-up management applications is also expected to gain traction, revenues from which are currently expected to procure over one-fourth share on global revenues.
On the other hand, some healthcare organisations are experiencing how manual nature of claims management processes is creating an administrative burden on healthcare revenue cycle management. The report projects that claim management applications of healthcare revenue cycle management software are expected to reflect a relatively slow growth in terms of revenues, amassing just over USD 5.84 Billion revenues by the end of 2022.
According to the report, the largest end-user of healthcare revenue cycle management software is pegged to be hospitals. The adoption of healthcare revenue cycle management software is also expected to increase in clinics and laboratories. In 2017, laboratories are estimated to contribute nearly one-fifth share of global revenues, while the end-use of healthcare revenue cycle management software in clinics is expected to rake close to USD 6.5 Billion in revenues.
The report has also profiled leading developers of healthcare revenue cycle management software. Companies partaking in the growth of global healthcare revenue cycle management software market through 2022, include Cerner Corp., McKesson Corp., Quest Diagnostics, Inc., athenahealth, Inc., Epic Systems Corporation, EMC Corp., CareCloud Corporation, Greenway Health, LLC, Allscripts Healthcare Solutions, Inc., and Qsi Management Llc. Majority of these companies are expected to focus on removing conventional flaws and increasing security measures to protect valuable data managed by their offerings.
Moreover, new market entrants are likely to face barriers in penetrating this highly-competitive market.
The healthcare revenue cycle management software market is predicted to grow at 6.5% CAGR through 2032.
North America healthcare revenue cycle management software market holds the highest revenue potential.
The healthcare revenue cycle management software market is expected to surpass USD 80.5 Billion by 2032.
The healthcare revenue cycle management software market size is anticipated to be over USD 43 Billion in 2022.
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Healthcare Revenue Cycle Management Software Market
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