Healthcare Revenue Cycle Management Market size is set to exceed USD 100 billion by 2024
Growing preference for value-based healthcare services along with execution of big data analytics will fuel revenue cycle management market value over the coming seven years. Furthermore, escalating need for reducing billing errors will boost the industry trends over the forecast timeframe. Revenue cycle management market is anticipated to surpass USD 100 billion by 2024. High compliance requirements such as HIPAA v5010 and ICD-10 along with the rise in fraud screening activities will propel the demand for revenue cycle management solutions.
Heavy funding for healthcare activities across the globe will further augment the industry revenue over the coming seven years. In addition, widespread application of medical practice management software systems as effective tools for minimizing the processing costs for claims will elevate market expansion.
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Physician billing firms accounted for over 40% of global revenue cycle management market share in 2015, and will drive the industry growth over the coming years. These firms can optimize collections, increase claim submissions, and improve processes with the help of efficient revenue cycle management systems.
Integrated revenue cycle management market size, worth USD 34 billion in 2015, is projected to grow significantly over 2016-2024. The growth can be attributed to the product ability to carry out proficient financial and clinical operations. An integrated revenue cycle management system comprises EHRs, patient scheduling applications, medical billing, etc. and is being widely preferred over the standalone products due to the paradigm shift from volume to value based services.
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Regional highlights of Healthcare Revenue Cycle Management Market over 2016-2024 are given below:
Germany industry accounted for over 20% of Europe market share in 2015, and will grow substantially over the years to come. Heavy investments in healthcare activities along with favorable legislations are expected to drive the revenue. In addition, higher rate of digitization in businesses coupled with the advent of big data analytics will further escalate the regional growth.
Brazil market, worth USD 650 million in 2015, is projected to register an annual growth rate of 13% over 2016-2024. The growth can be attributed to high expenditure across the healthcare IT sector coupled with a significant increase in the life expectancy.
Japan revenue cycle management industry size is projected to exceed USD 6 billion by 2024, owing to wide application of cloud systems across clinics.
Key industry participants include Experian Plc, CareCloud, Siemens Healthineers, GE Healthcare, Allscripts Healthcare Solutions Inc., Quest Diagnostics Company, Cerner Company, McKesson Corporation, and Athenahealth Inc.
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