Healthcare Revenue Cycle Management Software Market
Healthcare Revenue Cycle Management Software Market: Cloud-based Deployment to Save Costs: Global Industry Analysis (2012-2016) & Opportunity Assessment (2017-2022)
- 2017-09-12
- REP-GB-4929
- 170 pages
-
An Incisive, In-depth Analysis on the Healthcare Revenue Cycle Management Software Market
This study offers a comprehensive, 360 degree analysis on the Healthcare Revenue Cycle Management Software market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Healthcare Revenue Cycle Management Software market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
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Request Covid -19 ImpactThe global market for healthcare revenue cycle management software is estimated to reach US$ 43.3 Bn by the end of 2022. During the forecast period, 2017-2022, the global healthcare revenue cycle management software market is projected to soar at a CAGR of 6.9%.
Adoption of Healthcare-RCM services to Account for over Half of Global Revenues
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.
Cloud Deployment to Enable Cost-savings for Healthcare Revenue Cycle Management
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 US$ 27 Bn 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.
Billing & Payment Management applications to Gain Traction
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 US$ 5.84 Bn revenues by the end of 2022.
Key end-users – Hospitals, Clinics and Laboratories
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 US$ 6.5 Bn in revenues.
Competition Tracking
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.
Future Market Insights offers an in-depth analysis and insightful forecast study on the global market for healthcare revenue cycle management software. Titled “Healthcare Revenue Cycle Management Software Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027,” the report has analysed the growth of global healthcare revenue cycle management software market till date. Data procured from a five-year historical period serves as the primary point of reference for forming pragmatic predictions on the future of healthcare revenue cycle management software market for the assessment period, 2017-2022. The scope of this market study is to offer accurate and plausible five-year projections on global sales of healthcare revenue cycle management software, and enable market participants to take informed decisions towards securing long-term and extensive market presence.
Report Structure
The report begins with an executive summary, wherein key research findings from the report are highlighted. Regional expansion of the overall healthcare revenue cycle management software is underlined in the executive summary, which also offers data on historical and forecasted expansion of the market in a tabularised format. The report further offers an overview, which includes an unbiased introduction to the market, a standard definition to revenue cycle management (RCM) process, and a précis on market size estimations and forecast.
The preliminary sections in the report also offer trends analysis by identifying drivers, restraints and other factors that continue to influence the dynamics of healthcare revenue cycle management software markets. Cost structure & pricing, value chain assessment, profitability margins, raw material sourcing strategies are also an analysed in respective sub-sections.
Market Taxonomy
Considering the wide scope of global healthcare revenue cycle management software market, the subsequent sections in the report offer a segmented analysis for forecasting the market’s expansion. The global market for healthcare revenue cycle management software is segmented on the basis of component, end-user, application, deployment, and region. Sub-segments across these categories are enlisted in the market taxonomy table below.
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These sections also offer cross-sectional data and country-specific forecast and analysis on healthcare revenue cycle management software market. The report also includes a detailed profiling of leading market players, wherein their current market standings and latest developments are compiled.
Research Methodology
Analytical approach and research techniques employed during development of this market study are based on bi-focal predictions across global and regional trends related to technology, population, and economy. The research methodology utilises data on demographic trends, company growth, and country-specific regulations while underlining the factors influencing the global market for healthcare revenue cycle management software. These trends are examined methodically, wherein specific drivers and growth restraints for healthcare revenue cycle management software market are identified. Competitive undercurrents of the market are also addressed, and the study also considers factors related to institutional policies and behavioural economics. In order to measure and quantify the impact of every individual factor, analysts have employed forecasting models designed for global industry spending.
The report creates a forecast scenario for each causative factor, the contribution of which is assorted on prospective basis. Revenue figures estimated in local currencies have been universalised by converting them into US dollars (US$) using the average exchange rates for 2016. For each historical year and forecast year, the report has assessed information from multiple entities associated with the business of offering healthcare revenue cycle management software. Through a triangulation method, analysts have validated this data, and used advanced tools for delivering qualitative and quantitative prognosis on the global market for healthcare revenue cycle management software.
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