Healthcare Revenue Cycle Management Software Market - Explores New Growth Opportunities By 2022

The global market for healthcare revenue cycle management software is estimated to reach US$ 43.3 Bn by the end of 2022. During the forecast period, 2017-2022, the global healthcare revenue cycle management software market is projected to soar at a CAGR of 6.9%.

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Adoption of Healthcare-RCM services to Account for over Half of Global Revenues

The report projects that services facilitating revenue cycle management for healthcare settings will be in great demand in the foreseeable future. In 2017, over half of revenues procured in the global healthcare revenue cycle management software market will be accounted by services. Meanwhile, sales of revenue cycle management software in the healthcare sector are expected to witness a gradual decline, despite accounting for nearly half of global revenues in 2017. The revenue share of software and services segment is comparable, whereas healthcare-RCM services are pegged to gain traction in terms of adoption. Over the forecast period, lack of trained staff and increasing practice of down coding an RCM service are expected to boost the sales of healthcare revenue cycle management as a service.

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Cloud Deployment to Enable Cost-savings for Healthcare Revenue Cycle Management

Viewed as a progressive method for transforming IT operations within an organisation, cloud deployment continues to enhance resource acquisition, remove scalability constraints, boost infrastructure reliability, and consolidate the organisation’s operational framework. Unlike on-premise deployment models, cloud-based deployment models increase flexibility of revenue cycle management software, and also enable transferability between two or more end-users. In 2017, nearly US$ 27 Bn revenues are expected to be brought in through cloud-based deployment of healthcare revenue cycle management software across the globe. Taking the complex structure of revenue cycle management into account, cloud-deployment is also expected to save costs by offering proper alignment of actual usage and resource expenditure.

Billing & Payment Management applications to Gain Traction

During the forecast period, billing & payment management applications of healthcare revenue cycle management software are poised to reflect impressive growth by registering a CAGR of 8.2%. The demand for revenue cycle management software in account receivable follow-up management applications is also expected to gain traction, revenues from which are currently expected to procure over one-fourth share on global revenues. On the other hand, some healthcare organisations are experiencing how manual nature of claims management processes is creating an administrative burden on healthcare revenue cycle management. The report projects that claim management applications of healthcare revenue cycle management software are expected to reflect a relatively slow growth in terms of revenues, amassing just over US$ 5.84 Bn revenues by the end of 2022.

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