Sellbyville, DE -- (SBWIRE) -- 05/16/2019 -- Global Healthcare Revenue Cycle Management Market is set to exceed USD 100 billion by 2024; according to a new research report by Global Market Insights. Increasing healthcare expenditures in developed as well as developing countries will escalate the industry growth during forecast period. Healthcare expenditures includes expenditures for physician's services, retail prescription drugs, private healthcare insurance and other services. People residing in developed economies such as U.S. and Germany are well aware regarding the reimbursement available for treatment of various diseases. This scenario proves beneficial for the industry growth as it increases revenue generation in healthcare policies. Enhancement in HRCM solutions has enabled efficient data management of large revenue generated from healthcare services that will augment the industry growth.

Technological advancements in healthcare revenue cycle management solutions will foster the demand thereby, escalating the HRCM industry growth. Increasing geriatric population in developing countries such as India are susceptible to chronic diseases that will surge the number of hospital admissions. Hospitals and ASC's largely rely on technologically upgraded healthcare revenue cycle management solutions that will trigger the industry growth in foreseeable future. However, lack of trained professionals may restrain HRCM market growth during forecast timeframe.

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Standalone product segment was valued at USD 6.1 billion in 2017 and is expected to have considerable revenue size during the forecast timeframe. Healthcare revenue cycle consists of standalone software that are utilized in streamlining the process flow and possesses considerable amount of operational efficiency that increases its adoption. Also, hospitals and clinics adopt standalone software as it is a type of portable application that can be run without any requirement of installation procedure that will stimulate the segmental growth.

Medical coding and billing segment will experience 11.3% CAGR during the forecast timeframe. Segmental growth is attributed to the availability of upgraded software that enable reduction in errors in data interpretation during the medical coding process. Medical coding essentially requires accurate data collection and translating the codes that are required while reimbursing a particular medical procedure. Key industry players have developed solutions for efficient medical coding and billing that should augment the segment growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- McKesson
- Allscripts
- AGS Health
- athenahealth
- Hexaware Technologies
- MEDITECH
- Accretive Health, INC
- Experian
- Genpact
- GeBBS Healthcare Solutions
- Eurohealth Systems
- Cerner Wellness
- CareCloud
- Conifer Health Solutions
- Emdeon
- Etransmedia
- The Advisory Board Company
- The SSI Group, LLC

Cloud based segment accounted for 76.4% revenue share in 2017. High revenue shares are due to increasing usage of cloud-based software for efficient data processing. Cloud based software are typically utilized in analyzing revenue cycle data such as transactions, charges and accounts receivables. Cloud-based software resolve problems and reduces errors. Also, recently developed cloud-based software provides data security that will boost the segmental growth.

Hospitals segment accounted for 31.3% revenue share in 2017 owing to the increasing adoption of upgraded cloud-based software for storing revenue data. Increasing prevalence of chronic diseases will surge the demand for data analytic software in hospitals for efficient data management stimulating the segmental growth during forecast timeframe. Availability of upgraded solutions utilized by hospitals enable management of patient data such as patient history and payment details should positively influence the segmental growth.

North America healthcare revenue cycle management market dominated the global market with 40% revenue share in 2017 and is estimated to show similar trend in the coming years. High growth is attributed to significant changes in regulations that have largely affected the finances, organization, and delivery of healthcare services. Moreover, increasing number of hospitalizations in the region will fuel the need for healthcare revenue cycle management systems thereby augmenting the regional growth.

Germany healthcare revenue cycle management market witnessed 11.3% CAGR in 2017 and is anticipated to witness robust growth over forecast timeframe. Germany is an economically developed nation and has high healthcare expenditures that proves beneficial for the industry growth. Additionally, growing geriatric population susceptible to chronic infections will increase the number of hospital admissions. Development of upgraded software for processing large patient databases and its high adoption in Germany will propel the country growth in upcoming years.

Healthcare Revenue Cycle Management Market, By Product (USD Million)

1 Integrated
2 Standalone

Healthcare Revenue Cycle Management Market, By Function (USD million)

1 Claims & Denial Management
2 Medical Coding & Billing
3 Eligibility Verification
4 Payment Remittance

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Chapter 1. Methodology

1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary

Chapter 2. Executive Summary

2.1. Healthcare revenue cycle management industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Function trends
2.1.4. Deployment trends
2.1.5. End-use trends
2.1.6. Regional trends

Chapter 3. Healthcare Revenue Cycle Management Industry Insights

3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces

3.3.1. Growth drivers
3.3.1.1. Increasing healthcare expenditure in developed as well as developing economies
3.3.1.2. Growing demand for health insurance in North America
3.3.1.3. High preference for big data analytics
3.3.1.4. Technological advancements in HRM solutions
3.3.2. Industry pitfalls and challenges
3.3.2.1. Frequent changes in healthcare regulatory compliance
3.3.2.2. Lack of trained professionals

Chapter 8. Healthcare Revenue Cycle Management Market, By Region

8.1. Key regional trends

8.2. North America
8.2.1. Market size, by country 2013 – 2024
8.2.2. Market size, by product, 2013 – 2024
8.2.3. Market size, by function, 2013 – 2024
8.2.4. Market size, by deployment, 2013 – 2024
8.2.5. Market size, by end-use, 2013 – 2024

8.3. Europe

8.3.1. Market size, by country 2013 – 2024
8.3.2. Market size, by product, 2013 – 2024
8.3.3. Market size, by function, 2013 – 2024
8.3.4. Market size, by deployment, 2013 – 2024
8.3.5. Market size, by end-use, 2013 – 2024

8.4. Asia Pacific

8.4.1. Market size, by country 2013 – 2024
8.4.2. Market size, by product, 2013 – 2024
8.4.3. Market size, by function, 2013 – 2024
8.4.4. Market size, by deployment, 2013 – 2024
8.4.5. Market size, by end-use, 2013 – 2024

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Data Tables

TABLE 1 Healthcare revenue cycle management industry 360º synopsis, 2013 – 2024
TABLE 2 Healthcare revenue cycle management market, 2013-2017 (USD Million)
TABLE 3 Healthcare revenue cycle management market, 2018-2024 (USD Million)
TABLE 4 Healthcare revenue cycle management market, by product, 2013-2017 (USD Million)
TABLE 5 Healthcare revenue cycle management market, by product, 2018-2024 (USD Million)
TABLE 6 Healthcare revenue cycle management market, by function, 2013-2017 (USD Million)
TABLE 7 Healthcare revenue cycle management market, by function, 2018-2024 (USD Million)
TABLE 8 Healthcare revenue cycle management market, by deployment, 2013-2017 (USD Million)
TABLE 9 Healthcare revenue cycle management market, by deployment, 2018-2024 (USD Million)
TABLE 10 Healthcare revenue cycle management market, by end-use, 2013-2017 (USD Million)
TABLE 11 Healthcare revenue cycle management market, by end-use, 2018-2024 (USD Million)
TABLE 12 Healthcare revenue cycle management market, by region, 2013-2017 (USD Million)
TABLE 13 Healthcare revenue cycle management market, by region, 2018-2024 (USD Million)