Healthcare Revenue Cycle Management Market Grow at CAGR of 12.2% to hit USD 175.16 Billion by 2027

The Healthcare Revenue Cycle Management Market is touted to exhibit a healthy 12.2% CAGR over the assessment period (2020-2027) and reach a market valuation of USD 175.16 Billion by 2027. 

Due to rising patient admissions and rising healthcare costs, the HRCM industry is predicted to expand significantly. The need for revenue cycle management systems has increased due to the need for effective data management and technological developments in HRCM solutions. It has been highlighted that COVID-19 has significantly affected the HRCM industry. The government’s efforts, such as lockdowns and travel restrictions, were challenging for the healthcare industry because of a reduction in hospital outpatient elective care. The unpredictability of claim volume and rising care costs that resulted in declining income had a negative impact on the market. Furthermore, the market for healthcare revenue cycle management (HRCM) grew due to the increased requirement to stop revenue leakage in the healthcare system. The loss of money by healthcare service providers as a result of ineffective internal procedures and payment frameworks is referred to as revenue leakage. Process leaks, payer leaks, and patient leaks can all be blamed for this problem.

Get FREE Sample Report @ https://www.marketresearchfuture.com/sample_request/878

Regional Analysis

North America dominated the market for healthcare revenue cycle management in 2021. The increased use of software/services in the U.S. has supported regional market expansion. Additionally, the major players in this region’s launch of cutting-edge solutions help the North American market expand.

Asia Pacific was the fastest-growing region for the healthcare revenue cycle management market. The growth is due to expanding healthcare infrastructure, growing used of healthcare IT solutions, growing digital literacy, increasing support from the government, increasing healthcare IT spending, and growing unmet healthcare requirements in emerging economies. Additionally, the Asia Pacific region has low manufacturing prices and access to a workforce that is cost-effective, which makes conducting business there easier.

Market Segmentation

The global healthcare revenue cycle management market has been segmented into component, product type, deployment type, application, and end user.

Based on components, the market has been segmented into services and software. The software segment had a prominent share in 2021. Process digitalization and workflow streamlining are required for increased efficiencies and better patient care due to growing data silos and the volume of data collected from numerous healthcare tasks. On the other hand, the services segment was the fastest-growing segment because it is becoming more common to outsource these services to healthcare institutions.

The market has been segmented based on product type into integrated and standalone. Integrated had a prominent share in 2021 in the healthcare revenue cycle management market. Process digitalization and workflow streamlining are required for increased efficiencies and better patient care due to growing data silos and the volume of data collected from numerous healthcare tasks. Besides, the standalone was the fastest-growing segment. Due to the rising need for improving the effectiveness of healthcare systems, the expansion of healthcare facilities, and the rising cost of healthcare the standalone category is growing over the forecast period.

Based on deployment type, the market has been segmented into on-premise, web based, and cloud-based. Cloud-based had a prominent share in 2021 in the healthcare revenue cycle management market. The cloud software analyzes revenue cycle data, such as transactions, accounts receivable, and charges. Since, the cloud-based software is relatively cost-effective, hospitals and ambulatory surgical centers are using it more frequently, which has increased demand for it. Similarly, it is simple and promptly updated for a better user experience, which quickens market expansion. Besides, the web-based was the fastest-growing segment. The usage of web-based solutions versus on-premise-provided solutions is increasing since they don’t need extra hardware or storage and can be placed off-site and managed by a third party.

Based on application, the market has been segmented into claims & denial management, medical coding & billing, clinical documentation improvement (CDI), insurance, and others. Claims & denial management had a major share in 2021 in the healthcare revenue cycle management market due to the introduction of cutting-edge technologies that decrease claim denials.

Based on end use, the market has been segmented into physician offices, hospitals, diagnostic labs & ambulatory surgical centers, and others. The hospitals had a prominent share in 2021 in the healthcare revenue cycle management market. The increase in patient admissions brings in more money for hospitals.

Key Players

Some of the key market players are Accretive Health (R1 RCM), AllScripts, AGS Health Inc., Athenahealth CareCloud Corporation, Conifer Health Solutions, Cerner Corporation, Change Healthcare (Emdeon), Cognizant, McKesson Corporation, Experian Information Solutions, Inc., Optum (The Advisory Board Company), and SSI group among others.

Browse Full Report Details @  https://www.marketresearchfuture.com/reports/healthcare-revenue-cycle-management-market-878

About US:
Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

More Related Report

CBD Hemp Oil Market Research Report – Global Forecast till 2030

Healthcare Cloud Computing Market Research Report – Global Forecast till 2030

Oral Thin Film Drugs Market Research Report – Global Forecast till 2030

Tags: Healthcare Revenue Cycle Management Market, Healthcare Revenue Cycle Management Market forecast, Healthcare Revenue Cycle Management Market Trends, Healthcare Revenue Cycle Management Market Share, Healthcare Revenue Cycle Management Market Size, Healthcare Revenue Cycle Management Market Growth, Healthcare Revenue Cycle Management Market Demand See Campaign: https://www.marketresearchfuture.com/reports/healthcare-revenue-cycle-management-market-878

Contact Information:

Contact us: Market Research Future (part of Wantstats Research and Media Private Limited), 99 Hudson Street,5Th Floor, New York, New York 10013, United States of America

Tags:
Wire, Research Newswire, English