Healthcare Revenue Cycle Management Market Trends, Industry Analysis & Research Forecast by 2024
Date: 2018-09-04   Author: Rahul Sankrityayan  Category: #market

Healthcare Revenue Cycle Management Market Trends, Industry Analysis & Research Forecast by 2024

Healthcare Revenue Cycle Management Market size is projected to experience significant growth of 11% CAGR from 2016 to 2024.

Rise in healthcare expenditure will propel the growth of healthcare revenue cycle management market. As per OECD, U.S. spends USD 9,892/capita on healthcare, while Germany spends 5,551/capita. With rise in the number of diseases, healthcare expenditure is bound to accelerate, thereby driving the market.

Growing adoption of healthcare insurance will also attribute in expanding industrial growth.  Medical expenses associated with chronic diseases like cancer, cardiovascular diseases or stroke, these diseases is too high, thereby stimulating the demand for medical insurances. This will help in the progress of healthcare revenue cycle management market.

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Presence of big data analytics in Healthcare can also be a rendering factor in the expansion of the market. These data analytics provide its inputs on optimization of clinical operations, reduction of cost of care and clinical decision support, thereby improving the quality of care. This will also boost the growth of the healthcare revenue cycle management market.

Dearth of skilled professionals and frequently changing amendments could be one of the major reasons hampering the growth of the market. As per the estimates of WHO, world will lack 12.9 million health-care personnel by 2035.

Integrated healthcare dominated the market share accounting 85% with USD 34 million in 2015 owing to its ability in addressing challenges in the management of accounts receivable (AR) and denials. Furthermore, integrated revenue cycle management facilitates tracking of key performance indicators and optimizes operations and also reduces risks, thus making it a preferable procedure among organizations, thereby propelling the growth of the industry.

Cloud based revenue cycle management is anticipated to grow at a robust rate and is projected to surpass USD 80 million over the forecast period. Several advantages offered by cloud based technology such as easier accessibility, better quality efficiency and reduced timeframe, makes cloud based technology more preferable, thus accelerating business growth.

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Healthcare revenue cycle management software is expected to grow at a robust rate owing to the growing adoption of software to enhance the productivity. Software boosts the process of checking patient insurance policies and can quickly check patient eligibility. Furthermore, right medical billing software reduces the efforts at front desk and offers efficient balance. This helps in keeping accounts receivable up to date and hence demand for healthcare software is expected to spur over the forecast period.

Physicians dominated the market accounting over 40% in 2015 and are estimated to grow at 12.3% CAGR over the forecast period. Increased adoption of revenue cycle management by physicians in optimizing financial data and reducing A/R days will also help accelerating the demand for revenue cycle management. Moreover, reduced risk of non-compliance and operational costs will further propel the growth of healthcare revenue cycle management market.

The U.S. healthcare revenue cycle management is growing at a robust rate and is anticipated to exceed USD 38 billion by 2024 owing to the favorable implementation of Affordable Care Act making healthcare access, an easier and affordable process.  Furthermore, increased adoption of software in healthcare processes and presence of major industry players will also add fuel to the revenue cycle market.

Some of the major industry players of healthcare revenue cycle management market are Athenahealth, Allscripts Healthcare Solutions, Experian, CareCloud, Cerner, Siemens Healthcare, Quest Diagnostics, GE Healthcare and McKesson. These companies focus on developing new software and products to sustain in the market and enhance their business revenue.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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