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Healthcare Revenue Cycle Management Market Statistics | Allscripts Healthcare Solutions, AGS Health, Athenahealth, Cognizant Technology Solutions and Cerner

05-18-2020 02:30 PM CET | IT, New Media & Software

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Healthcare Revenue Cycle Management Market Statistics |

Selbyville, Delaware This Global Healthcare Revenue Cycle Management report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.

Growing demand for health insurance in the U.S. and Canada will augment healthcare revenue cycle management industry growth over forthcoming years. Medicare and Medicaid medical policy providers implement various initiatives that assures affordable healthcare services and facilities, thereby increasing the demand for insurance policies. Availability of such policies proves beneficial not only for the geriatric population with comparatively low-income level but also helps the overall population in the U.S. to get access to advanced healthcare services. People residing in the U.S. have high investments in the policies offered by Medicare. Insurance providers often find difficulty in managing the financial data as huge amount is collected for healthcare services.
Integrated software is preferred that manages the data right from the initiation of any healthcare services claimed by any individual till the time patient is recovered with complete billing. These processes are carried out for a huge number of people and hence, efficient as well as accurate data management becomes necessary that stimulates the industry growth.

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Some of the major industry players include Allscripts Healthcare Solutions, AGS Health, Athenahealth, Cognizant Technology Solutions and Cerner

Healthcare Revenue Cycle Management Market is expected to exceed USD 114 billion by 2025. Increasing healthcare expenditures will positively influence the healthcare revenue cycle management market in the near future.

Some major findings of the healthcare revenue cycle management market report include:

- Increasing number of hospital admissions will prove beneficial for the industry growth as it raises the demand for upgraded healthcare revenue management software.

- Technological advancements in the healthcare sector have improved the process of data management in hospitals and diagnostic laboratories. Healthcare facilities have now started relying on software that help in minimizing the errors and flaws that occur during data management.

- Cloud-based software have been highly preferred due to benefits such as data security and efficient data management
- Healthcare revenue cycle management industry is still in its developing phase and yet to witness numerous growth opportunities with the advent of advanced technology

End-user of healthcare revenue cycle management include hospitals, physicians, diagnostics as well as ambulatory surgical centers and others. Hospitals segment was valued over 16 billion in 2018. Considerable revenue size can be attributed to the increasing number of hospital admissions globally. Doctors and administrative staff often rely on integrated HRCM software for data management. Advanced HRCM software allow amalgamation of clinical as well as financial data enabling patient satisfaction. Moreover, government hospitals in rural areas receive funds that further increases the adoption of upgraded HRCM software, thereby stimulating the segmental growth.

Japan HRCM market will experience around 14% growth throughout the forecast timeframe. Japan is a developed economy with improved healthcare infrastructure. This scenario proves beneficial for the country growth as it increases demand for HRCM software. Moreover, favorable demographic trends have also fostered the industry growth. According to a survey, around 26% of the total population in Japan accounted for individuals in the age group of 65 years and above. Majority of the elderly population suffers from chronic diseases that will increase the number of hospital admissions, thereby surging the industry growth
Few major players in the healthcare revenue cycle management market include Allscripts Healthcare Solutions, AGS Health, Athenahealth, Accretive Health, Cognizant Technology Solutions, Cerner, CareCloud, Conifer Health Solutions, Dell, Emdeon, Etransmedia and Experian and SSI Group. These players implement several strategic initiatives such as mergers, acquisitions and new product launches. For instance, in January 2018, SSI group announced acquisition of Informatics Corporation of America to develop new solutions for revenue cycle management. This acquisition will help the company to enhance product portfolio.

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