Selbyville, Delaware, March 30, 2022 (GLOBE NEWSWIRE) --
Global healthcare revenue cycle management market value is projected to reach USD 257.5 billion by 2028, according to a new research report by Global Market Insights Inc. Increasing preference for big data analytics and technological advancements will foster the industry progression.
Rising demand for health insurances in North America will boost the HRCM market share. Medicaid and Medicare policy providers implement several initiatives that guarantee affordable healthcare facilities as well as services. These policies are beneficial for people with moderately low-income level and also, helps the general population base in the U.S. to get access to advanced healthcare services. People residing in the U.S. have high investments in the policies offered by Medicare. Insurance providers often find difficulty in managing the financial data as a huge amount is collected for healthcare services.
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Integrated segment is estimated to witness 12.8% CAGR over the forecast period, as it manages the data right from the initiative level of any healthcare services claimed by any person till the recovery of the patient. Integrated systems usually provide coordinate care for patients and effectively manage & handle data of large databases that drives the segmental expansion. This software possesses negligible risk of errors that surges its preference amongst the hospitals and ambulatory surgical centers.
Some major findings of the healthcare revenue cycle management market report include:
- Increasing healthcare expenditure across developing economies in the HRCM industry is expected to grow exponentially during the forecast period.
- Numerous technological advancements in big data analytics and increasing use of data platform to manage large databases will prove beneficial for the business expansion.
- Market players involved in this business have implemented many strategic initiatives to maintain economic stability that has helped them to evolve as prominent business players.
- Rising adoption of HRCM solutions in ASCs and hospitals among others further increases efficiency and profitability.
- Changes in healthcare regulatory compliance may hinder the overall market expansion.
Browse key industry insights spread across 174 pages with 241 market data tables & 17 figures & charts from the report, “Healthcare Revenue Cycle Management Market Statistics By Product (Integrated, Standalone), Function (Claims & Denial Management, Medical Coding & Billing, Eligibility Verification, Payment Remittance), Deployment (On-premise, Cloud Based), End-use (Hospitals, Physician Office, Diagnostic Labs & Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022-2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/healthcare-revenue-cycle-management-market
Healthcare revenue cycle management market from eligibility verification segment accounted for 17% revenue share in 2021 and is set to register a significant CAGR through 2028. The eligibility verification process verifies patient insurance in three different statuses such as coverage status, inactive status or active or and eligibility status. Eligibility verification process helps healthcare providers to submit clean claims by avoiding claim resubmission, reduce in demographic or eligibility-related rejections and denials along with increasing upfront collections. This leads to improved satisfaction of patient and medical billing. In addition, the software maintains updated collection of patient data that stimulates the business landscape.
Healthcare revenue cycle management market from cloud-based segment is likely to expand at 12.5% CAGR during the analysis timeframe. Cloud-based software has relatively high preference as compared to the on-premises software systems as these systems are relatively cost effective, efficient, and easily accessible. Cloud-based replaces resource-intensive medical billing processes and optimize workflow through automation. This approach significantly improves the operational efficiency and further allows the business to expand. Thus, automating revenue cycle tasks such as claim status and prior authorization provides on-demand accessibility and sustains productivity for various revenue cycle management activities. Therefore, cloud-based software utilized in healthcare revenue cycle management leads to optimizing operations for tracking and processing of billing, payment, reimbursement that surges its market demand.
Physician office segment surpassed USD 41 billion in 2021. Physicians involved in the medical billing processes are associated with administrative tasks such as assigning appropriate codes, creating a claim to be paid by insurance carriers, and abstracting the information from documentation. Also, physicians are associated with various medical practices like check-in and registration and payment collections that fosters the overall segment progression.
Asia-Pacific healthcare revenue cycle management market accounted for 14.8% business share in 2021 and is projected to record a lucrative CAGR in the coming years. Advancement in technology and reimbursements initiatives undertaken by governmental bodies have fueled the industry outlook. Additionally, with continuous rising pressure on the hospitals and healthcare providers to reduce their cost will also aid in the market expansion. As hospitals are witnessing continuous declining revenue because of claim failure and denials in the region. Furthermore, few private and public payers have initiated to leverage digital technologies to monitor health and lower the long-term cost of care. Such scenarios will propel regional market revenue.
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Some of the prominent business players operational in healthcare revenue cycle management market include Allscripts, Cerner, AGS Health, Athenahealth, Conifer Health Solutions, Accretive Health, CareCloud Corporation, Emdeon, Experian, Cognizant Technology Solutions, Dell, Optum (The Advisory Board Company), McKesson Corporation and Medical Information Technology Inc., SSI, and others. These market players are focusing on numerous strategies that helps the company increase its revenue share internationally.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
