Cloud Deployment of Healthcare Revenue Cycle Management Software to Rake US$ 38.5 Bn by 2022
Valley Cottage, NY -- (SBWIRE) -- 11/09/2017 -- The adoption of revenue cycle management software and services in healthcare settings is driven by the need to increase net patient revenue, improve payment collection & billing efficiency, and recognise cash flow opportunities.
From hospitals to independent physician clinics, the stress of enhancing the quality of patient care is increasing in parallel to the declining reimbursements and increasing risk-margin burdens. Since maximising the revenue cycle efficiency is a key focus area for medical organisations, adoption of healthcare revenue cycle management software is becoming vital.
According to a recent study published by Future Market Insights, the global market for healthcare revenue cycle management software is expected to reach a value of US$ 43.4 Bn by the end of 2022. Key findings from the report indicate that the global healthcare revenue cycle management software market will witness a robust growth during the forecast period, 2017-2022.
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Changing attitude of medical organisations has instrumented an uptick in adoption of a value-based healthcare service model. Revenue cycle management software will continue to incur high demands for providing financial transparency across an entire medical organisation. Services and software offered in the global healthcare revenue cycle management solutions market are effectively helping hospitals accelerate cash flow and reduce operating costs. Owing to such factors, the adoption of healthcare revenue cycle management software will be widespread and steadfast in the foreseeable future.
Cloud deployment of Healthcare-RCM software to save costs
By allowing an alignment of actual usage and resource expenditure, cloud-based deployment models enable hospitals and other medical organisations to control their spending through revenue cycle management software. In 2017, sales of healthcare revenue cycle management software accounted by cloud deployment contributed for over four-fifth share of global revenues.
By the end of 2022, cloud deployment of healthcare revenue cycle management software is pegged to rake over US$ 38 Bn in global revenues. Cloud-based deployment of healthcare revenue cycle management software is also witnessing a considerable traction on the back of advantages such as improving flexibility between multiple billing departments, consolidating the revenue infrastructure by maximising resource usage, eliminating scalability limitations, and boosting the reliability of consumers on payment & reimbursement infrastructure.
North America to be at forefront; APEJ & Europe to follow
The report also projects that North America will remain the largest market for healthcare revenue cycle management software. By the end of 2022, North America's healthcare revenue cycle management software market will have soared at a robust pace, procuring nearly US$ 14 Bn value. Europe is also expected to be a lucrative region for adoption healthcare revenue cycle management software.
Towards the end of forecast period, Japan is anticipated to record the lowest growth in terms of sales of healthcare revenue cycle management software. Meanwhile, the adoption revenue cycle management solutions across the healthcare sector in Asia-Pacific excluding Japan (APEJ) region is anticipated to rake nearly US$ 6.5 Bn in revenues by 2022-end.
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Additional insights from Future Market Insights study on the global healthcare revenue cycle management software market include:
In 2017, over 50% of global market value will be accounted by revenues procured from healthcare revenue cycle management services
Throughout the forecast period, hospitals will be the largest end-users of healthcare revenue cycle management software
While billing and payment management remains to be a key application, healthcare revenue cycle management software will also gain ground in account receivable follow-up management by the end of 2022
The report has also profiled leading players in the global healthcare revenue cycle management software market. Companies namely, McKesson Corp., Cerner Corp., Quest Diagnostics, Inc., Epic Systems Corporation, Greenway Health, LLC, EMC Corp, Qsi Management Llc, CareCloud Corporation, athenahealth, Inc., and Allscripts Healthcare Solutions, Inc. are expected to remain active in expansion of healthcare revenue cycle management software market through 2022.