Future Market Insights (FMI) By the end of 2022, the global market for healthcare revenue cycle management software is expected to reach $43.3 billion USD. The market for healthcare revenue cycle management software is anticipated to climb at a CAGR of 6.9% from 2017 to 2022.
The market for healthcare revenue cycle management software. According to the report, “Healthcare Revenue Cycle Management Software Market: Global Industry Analysis and Opportunity Assessment 2017 – 2020,” the market is expected to grow favourably over the next few years as a result of rising patient revenue overall, improved payment collection and billing efficiency, and profit recognition. The pressure to improve patient care quality is growing across all healthcare settings, including hospitals and independent physician clinics.
The market for healthcare revenue cycle management is anticipated to be driven by the expanding multifarious character of restorative coding for charge repayments. The goal of revenue cycle management systems is to reduce medical service providers’ billing errors.
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These systems are widely used in countries like the US where the medical coding procedure is tedious and unpredictable. Additionally, a significant number of social insurance providers will be motivated to receive revenue cycle management training as a result of declining reimbursements for medical services by public and private entities and an increase in claim denial rates.
Healthcare specialist cooperatives send automated systems to handle revenue cycle management (RCM) forms and close the payment gap created by the therapeutic charging and accumulation processes. the data from medical centres in the IT applications, for instance.
In order to handle revenue cycle management (RCM) forms and bridge the payment gap caused by the treatment charging and accumulation processes, healthcare specialised cooperatives send automated systems. the information from medical facilities used in IT applications, for example
The ongoing indicators of change in government regulations in the healthcare sector cause an increase in operating costs. This increase in operating costs will cause the healthcare division’s revenue, which is now operating at a low edge, to fall. Additionally, under the expense-for-benefit Medicare, there are ongoing recovery reviews to identify unauthorised payments, which further reduces their income. Healthcare suppliers have started investing in RCM systems in order to maintain the review report and keep their operational expenses low.
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.
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Key Segments Covered
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Component
- Software
- Services
End User
- Hospitals
- Long Term Care Centres
- Rehabilitation Centres
- Clinics
- Laboratories
- Other End Uses
Application
- Claim Management
- Billing and Payment Management
- Collections Management
- Account Receivable Follow up Management
- Other Applications
Deployment
- Cloud-based
- On-Premise
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 5-years.
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