Publishing: May 2021 | Report Code: LS10789 | Available Format: PDF
The worldwide revenue cycle management market is witnessing considerable growth due to increasing regulatory requirements for the usage of revenue cycle management, increase in recovery audits due to changing healthcare regulations and increasing government support for revenue cycle management. Moreover, process improvements in healthcare organizations, increasing prevalence of chronic diseases and growing geriatric population are resulting in increased demand of revenue cycle management. Increasing number of patients and growth in demand for health insurance, increasing healthcare delivery cost, and decline in reimbursement rates are further supporting the market growth. Based on product type, the market for integrated segment is estimated to increase at the faster rate during the forecast period, due to increasing demand of integrated solution to achieve process efficiency and cost reduction. Based on deployment method, the market for web-based segment leads the global market due to growing demand for mobile support system for better patient engagement solution.
The increasing demand for cloud based revenue cycle solution and vendor consolidation to provide end-to-end solution are expected to create opportunities for the players in the market. In addition, immense unexplored market in developing economies are creating abundant opportunities for the revenue cycle management market to grow at a significant rate in the coming years. However, high cost of deployment, lack of data security, limited trained IT personnel, and infrastructural loop holes in developing countries are the key factors hampering the growth of the global market.
Inefficient manner of medical billing and collection resulted in revenue loss for many healthcare organizations. Revenue cycle management is the process that healthcare facilities use to pursue patient care. It is a financial process which starts when a patient enters the hospital and automates business process for speedy follow ups. It imitates from registration and appointment planning to the final payment of a balance. It includes administrative data such as patient’s name, other personal information, insurance provider, tracking claims, the treatment a patient receives and following up on denied claims. It can reduce the time involved while providing a service and collecting payment for it by networking with other health IT systems. It also allows patients to pay their bills online. It enables healthcare organizations to accelerate their revenue cycle.
Geographically, North America has been the largest market for revenue cycle management, owing to presence of large number of market players and compliance encouraging the use of revenue cycle management solution in the region. The U.S. contributed largest revenue to the North American as well as global revenue cycle management market. Some of the major trends of the U.S. revenue cycle management market are revenue cycle management outsourcing, single payer systems, and declining reimbursement rates promoting value based payment models and predictive analytics. Increase in recovery audits due to changing healthcare regulations and increased investment in healthcare IT solution are driving the growth of the U.S. revenue cycle management market. Globally, the revenue cycle management market is expected to witness the fastest growth in Asia-Pacific during the forecast period. The highest growth in the region is attributed to increasing demand for healthcare insurance, growing geriatric population, increasing prevalence of chronic diseases and increasing demand for better healthcare in the region.
The key players operating in the global market are Cerner Corporation, McKesson Corporation, Athenahealth Inc., Eclinicalworks LLC., Quest Diagnostics Incorporated, Allscripts Healthcare Solutions Inc., GE Healthcare, and Epic Systems Corporation.
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