Healthcare Revenue Cycle Management Market Growth Predicted at 12.9% Through 2027: GMI
The overall healthcare revenue cycle management market from integrated products is slated to rise at a 13% growth rate through 2027
SELBYVILLE, Del. - July 26, 2021 - (Newswire.com)
The healthcare revenue cycle management market size is anticipated to record a valuation of USD 230.2 billion by 2027, according to the most recent study by Global Market Insights Inc. The increasing rate of healthcare expenditure, mainly across the developing countries, will foster the market growth. The rising number of technological advancements has boosted the preference for big data analytics in order to manage large databases. The expanding population and the growing obligation for integrated software for managing the data of various healthcare services claimed by individuals till patient recovery will further complement the market expansion.
Healthcare revenue cycle management solutions are increasingly deployed to increase efficiency and profitability. However, the consistent changes in numerous healthcare regulatory compliances could restrain the overall market demand to some extent.
Enumerated below are some trends influencing the overall market value:
Rising need for integrated products
The overall industry share from integrated products is slated to rise at a 13% growth rate through 2027. Integrated systems are recording widespread demand to effectively manage data while helping in handling large databases. In addition, the software provides minimized risk of errors and is highly preferred in hospitals and ambulatory surgical centers.
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Eligibility verification to aid healthcare providers
Eligibility verification functions held over 17.4% of revenue share in 2020 driven by the higher need to verify the patient eligibility, co-insurance, referrals & pre-authorizations, payable benefits, and the pre-existing clause. Moreover, this process is helping healthcare providers in limiting the time needed for patient check-in activities and in maintaining the updated patient collection data.
Rising deployment of cloud systems
The cloud-based healthcare revenue cycle management market will showcase a growth rate of 12.5% by 2027 on account of the increasing use of cloud-based software to offer higher security and data privacy. Owing to their cost effectiveness, these systems are marking optimum preference over their on-premise counterparts.
Increasing adoption by physicians
Deployment of healthcare revenue cycle management software by physicians attained USD 36.5 billion in 2020 due to the increasing need for medical billing processes. These include abstracting data from documentation, assigning appropriate codes, as well as creating a claim that is to be paid by insurance carriers. The rising association of physicians with various non-clinical issues will further favor the segment growth.
APAC to see prolific demand
Asia Pacific healthcare revenue cycle management market accounted for more than 14.5% of revenue share in 2020. The growth can be owed to the growing technological progressions and the strong presence of numerous market players.
The enforcement of favorable government initiatives has led to a surge in healthcare expenditure across the region. As per estimates, the average health spending per capita in Asia, based on 41 countries, was valued at USD 712 in 2018.
Strategic ventures for enhanced revenues
Providers of HRCM services and solutions are focusing on numerous strategies to aid companies in amplifying their global market share. To state an instance, CareCloud, in November 2020, partnered with MDS Medical to help the firm in generating increased revenue.
The higher availability of health insurance across North America is another impact-rendering factor for the healthcare revenue cycle management market progression. For instance, policy providers, such as Medicaid and Medicare have implemented numerous initiatives to offer affordable healthcare facilities and services. The ease of access to these policies is helping moderately low-income individuals and the general population base with advanced healthcare services across the U.S.
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Original Source: Healthcare Revenue Cycle Management Market Revenue 2021: Top 6 Vital Trends Influencing the Industry Growth Curve Through 2027: Global Market Insights Inc.
