The revenue cycle management industry has a lot to look forward to. Recent data reveals that the market is set to experience significant growth by 2021. This is expected to benefit both the services and software segment.
Impressive CAGR Growth Foreseen in the Future
According to a recent study by Research N Reports, the global revenue cycle management market is expected to grow at a compound annual growth rate or CAGR of +12 percent. There is said to be a wide range of factors driving this projected growth. Among these are regulatory compliance, which encourage the use of various revenue cycle management solutions, and government support. Meanwhile, process improvements implemented by health organizations, particularly by using revenue cycle management systems, are considered as a significant growth factor as well. Other contributing factors include the subsequent growth seen in insurance coverage as well as the increase in the number of patients.
Healthcare Revenue Management Services Sector Poised for Billion Dollar Growth
The healthcare revenue management services sector is expected to extend its market reach in the coming years. In fact, the sector’s target market size is expected to reach as much as $70 billion by year 2024. This expected positive growth is largely due to health care organizations’ growing demand for the integration of healthcare systems as well as an increase in funding.
Software Segment Expected to Grow Impressively
Meanwhile, another study released by global technology and research company, Technavio, revealed that the global healthcare revenue cycle management software market is expected to grow at a CAGR of nearly five percent until the year 2021. The hospital segment of the software market is expected to grow at a CAGR of 4.28 percent. This is because hospitals would often turn to software to solve a host of revenue cycle issues. These healthcare organizations also outsource certain services to a revenue management cycle company or a remotely located billing staff. At the same time, the development of healthcare IT when it comes to big data analytics has also influenced the implementation of various solutions such as electronic medical records as well as e-prescribing systems. More healthcare organizations are attesting to the reliability and effectiveness of revenue cycle management companies in making the billing process much more efficient. This way too, your staff can better concentrate on what it does best. That is, providing effective care and treatment to patients on a regular basis. Sources +12% CAGR growth to be achieved by revenue cycle management market by product by component by end-user by region by 2021 scrutinized in new research, whatech.com Healthcare Revenue Cycle Management Software Market – Forecast and Industry Analysis by Technavio, businesswire.com Healthcare Revenue Cycle Management Market Size By Product (Integrated, Standalone), By Deployment (On-Premise, Cloud Based), By Component (Services, Software), By End User (Hospitals, Physicians, Diagnostic & Ambulatory Care Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Brazil, Mexico, South Africa, Saudi Arabia), Growth Potential, Competitive Market Share & Forecast, 2016 – 2024, gminsights.com