Pune, India -- (SBWIRE) -- 12/13/2018 -- Healthcare Revenue Cycle Management Market Can Be Segmented By Type, Component, Deployment, And End-User.
Based on type, the market can be segmented into integrated and standalone software. The integrated software is expected to accrue revenues at a higher growth rate than its counterpart. This can be attributed to a batch or suite of programs in integrated software. It had accounted for 81.4% share in 2016. It can exhibit a 12.3% CAGR over the forecast period.
Strategic partnerships, mergers, and acquisitions are having control over this competitive market. Some of the key players in the healthcare revenue cycle management market General Electric Company (U.S.), Epic Systems (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Quest Diagnostics (U.S.), Allscripts (U.S.), Siemens Healthcare (Germany), and others.
The players are focusing on launching products which prioritize patient care. Collaborations, partnerships, acquisitions, and new product launches are strategies employed by these to gain a higher market share.
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Components in the market include software and services. The software component is estimated to attain a higher market share by 2027. This can be attributed to the large number of healthcare providers switching to electronic health records (EHRs) for faster management and storage of data. The segment is estimated to touch USD 105,146.2 million by the end of the forecast period.
The health RCM software can be deployed in two forms – on-premise and cloud/web based. The on-premise segment is predicted to touch USD 115,013.8 million by 2027. It was valued at USD 29,207.7 million in 2016.
End-users include hospitals and ambulatory services. The hospitals are touted to be the biggest end-user till the end of the forecast period owing to the need to provide accurate bills to patients. The presence of hospital advocates to outline the costs covered by reimbursement or insurance policies and the expected out-of-pocket costs can be accelerated with the assistance of health RCM software.
Base Year - 2016
Projection Period - From 2017 to 2027
Market Denomination - USD Million
Conversion Rate - Considered as per the respective financial years
Considering regional expansion, the global market can be segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas accounted for a major share of the market thanks to the presence of leading hospital chains, high healthcare costs owing to presence of various chronic diseases, and upgraded versions of the software.
Europe had the second-largest share owing to supportive measures for research and development (R&D) by governments, high volume of funds assorted for expediting R&D, and a sophisticated healthcare infrastructure.
The APAC region possesses the highest market potential owing to the mushrooming of various hospital chains providing quality patient care, changing healthcare policies, and a bevy of growth opportunities.
The MEA market is expected a sluggish growth rate owing to the presence of slow-growing economies in the African region.
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The huge volume of patients in hospitals has led to long waiting times creating a conundrum for hospital chains. Healthcare revenue cycle management (RCM) is a software designed to overcome this problem and offer quality care to patients. The software can expedite the billing process of patients and save expenses in the healthcare sector.
The healthcare RCM market size can reach USD 175,163.5 million by 2027 owing to the inclination towards an integrated healthcare system to alleviate the burden of patient load at hospitals. The rise in number of hospital chains and healthcare services, adoption of RCM, and favorable federal measures can drive the market growth from 2017 to 2027 (forecast period). The lack of trained personnel and high deployment costs may act as growth deterrents. But the dearth of cloud solutions and consolidation of vendors can offer new growth opportunities for the market till the end of the forecast period.
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