Healthcare Revenue Cycle Management Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

Industry Outlook

The healthcare revenue cycle management market is set to grow at a compounded annual growth rate of 11.8% during the forecast period from 2021 to 2029. Rapid growth in the healthcare domain and IT segment provide a positive boost for the healthcare revenue cycle management market growth. Tasks achieved by installation of revenue cycle management solutions are less error in medical billings, claim remittance, patient access management and revenue recovery.

Rampant growth of IT industry and high degree of customizability drive the software market

Currently software solutions are reigning the product segment for healthcare revenue cycle management. The major parameters for its magnificent growth are rampant growth in the IT healthcare segment in the last decade and high degree of customization provided to perform daily operations related to revenue cycle management. Services solutions are gaining popularity on account of the impressive growth pertaining to outsourcing services in revenue cycle management by numerous market participants.

Increasing adoption by small clinics and less maintenance cost incurred propel the standalone solutions market

In the present scenario standalone solutions are dominating the type segment for healthcare revenue cycle management market. The major factors responsible for its growth are its increasing adoption by small clinics and low maintenance cost incurred. Integrated solutions will be the fastest growing market during the forecast period owing to its rising popularity in multispecialty hospitals and research centers. Provision of data access to multiple users and ability to streamline administrative efforts and medical billings provide thrust to the integrated solutions market growth.

Ease of revenue operations through web browser and supervision by third party to drive the web based delivery mode market

Web based solutions are dominating the delivery mode segment for healthcare revenue cycle management market. The major attributes responsible for its dominance are ease of revenue operations performed via web browser and complete supervision by third party. Cloud based delivery mode will be the fastest growing market due to the vast storage capacity provided for maintaining electronic health records. Higher accessibility and rising preference for integrated systems propel the clod based delivery mode market. On premise delivery mode usually have high up front cost on account of large initial investment related to installation. However, the ownership cost is negligible with minuscule subscription fee related to software and services related to healthcare revenue cycle management.

Presence of well-developed healthcare infrastructure to drive the healthcare revenue cycle management market in North America

In the present scenario North America is leading the geographical segment for healthcare revenue cycle management market. The major factors responsible for the impressive growth in North America is the presence of well-developed healthcare infrastructure and IT industry specializing in providing software and services in healthcare domain. Presence of key players such as AthenaHealth, Allscripts Healthcare Solutions, Inc., and GE Healthcare provide impetus to the healthcare revenue cycle management market in North America. Proactive government initiatives regarding the adoption of revenue cycle management by healthcare agencies and stringent norms sanctioned for maintaining electronic health records (EHR) of patients drive the market growth in Europe. Latin America, Middle East & Africa and Asia Pacific will be showcasing outstanding growth during the forecast period from 2021 to 2029 on account of developing healthcare infrastructure and burgeoning requirement of revenue cycle management software and services to minimize the frequently occurring medical billing errors.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments are calculated for the forecast period from 2021 to 2029.

Companies providing services and software related to healthcare revenue cycle management market are Allscripts Healthcare Solutions, Inc., Vizient, Inc., AthenaHealth, Care Cloud Corporation, Cerner Corporation, GE Healthcare, EPIC Systems Corporation, Gebbs Healthcare Solutions, McKesson Corporation, and NextGen Healthcare Information Solution LLC.

Key questions answered in this report

• Who are the key companies specializing in healthcare revenue cycle management market?
• What services and software are currently being employed in the healthcare revenue cycle management market?
• Which is the leading and fastest growing product segment in the market?
• Which is the leading and fastest growing type segment in the market?
• Which delivery mode is the leading and fastest growing in the market?
• Which is the leading and fastest growing geographical region in the market?

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