The Global Healthcare Revenue Cycle Management Market is anticipated to grow at an impressive 12.2% CAGR from 2019 to 2026 (forecast period) to reach a valuation of USD 43,500 million by 2026. The market is witnessing constant upsurge. Advanced technologies have revolutionized the healthcare sector, and people are now relying more on this development to lead a healthier life which has been dented already with a sedentary lifestyle. Transforming economies and emerging urbanscape are to take the blame for this instillation of a mostly inactive life. But people, becoming financially independent, can be considered a plus, the result of which is their tendency to spend it on healthcare.
The pressure to curb the spiraling high healthcare cost can also be taken into consideration while discussing matters such as the factors for HRCM market growth. This development in healthcare is also spurring the need for implementation of much sounder technology that can only arise from regular investment in research and development. The entire process is getting more complicated, but in tandem, a demand for holistic management is also rising. Healthcare revenue cycle management can be the answer for all.
However, lack of proper coordination among the staff of the hospital or organization could lead to a total system failure. It works like a domino where the efficiency of all is of utmost importance, and a single fault can lead to a different outcome. The system requires well-trained professionals of which the sector has a shortage. Infrastructural loopholes can also raise eyebrows too often. High deployment costs can likewise dampen the expected outcome during the forecast period.
The report analyzes and forecasts the healthcare revenue cycle management market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global healthcare revenue cycle management market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the healthcare revenue cycle management market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of healthcare revenue cycle management market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
The main objective of this report is to aid the user in understanding the market as a whole, its definitions, segmentation, market potential, influential trends, and the barriers that it is facing. Meticulous research and analysis were an important part of the report preparation. Those reading the report will be able to get a detailed understanding about the market. Industry experts have verified and checked the data and information that have been taken from credible sources like websites, annual reports of companies, journals, and other resources. In order give the facts and data a pictorial form, diagrams, graphs, pie charts, and other representations have been used. That augments the visual appeal of the report and makes understanding it much easier.
Key financial developments of a particular company and product & company overview are some of the elements that help in acquiring information about top vendors in the market. This particular section has also included a SWOT analysis of the companies featured in the report. This will help the audience in knowing about opportunities, strengths, threats and weaknesses that are facing by the key vendors in the chemical and material industry across the world. As the competitive landscape is the most valuable part of any report, it consists of all the required information for the detailed study of top players functioning in the industries. It is also an interesting part to find how exactly these key manufacturers implement various strategies to secure the top rank in the industry. Such an in-depth information is useful for the new entrants into the industry as they would be able to learn a bit from these key vendors. Similarly, the information provided in the research report will also be valuable for the renowned key players as well, as they come to know the strategies of their counterparts to sustain in the competitive industry.
Competition under Scanner
To stay future ready, expanding the company portfolio is a must. Major Healthcare Revenue Cycle Management Market influencers are just doing that by executing various strategies. Mergers and acquisitions feature at the top of that list. Advantage Healthcare Solutions acquiring Professional Management Inc., a Baltimore-based company, can be considered exemplary. Their competitor Quest Diagnostics has acquired Mobile Medical Examination Service (MedXM) to increase their business portfolio. Following the same trend, McKesson Corporation announced their acquisition of Medical Specialties Distributors recently.
Prominent names in the Healthcare Revenue Cycle Management Market include Allscripts, McKesson Corporation, Quest Diagnostic, General Electric Company, Cerner Corporation, Siemens Healthcare, Epic Systems Corporation, Advantage Healthcare Solutions, Acelerartech, CareCloud, 3M, and others.
- Analysis Period: 2015 – 2026
- Base Year: 2018
- Forecast Data: 2019 – 2026
- Regional Scope: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Report Coverage: Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Types of healthcare revenue cycle management software include integrated and standalone software.
By component, the market is segmented into software and services. In accord with the digitalization process that various industries are undergoing, software is spearheading the market with a considerable 59.3% share of the global market.
End-users of the market include ambulatory services, hospitals and others.
By deployment, the market is segmented into cloud-based and on-premises. On-premise is currently heading the segment with the most significant amount of market share. However, a faster growth response can be expected from the cloud-based segment during the forecast period.
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
- To analyze and study the global healthcare revenue cycle management capacity, production, value, consumption, status (2014-2018) and forecast (2019-2026)
- Focuses on the key healthcare revenue cycle management manufacturers, to study the capacity, production, value, market share and development plans in future
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks
- To identify significant trends and factors driving or inhibiting the market growth
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies