According to a new report published by Allied Market Research, titled, ” Healthcare Revenue Cycle Management Market: Global Opportunity Analysis and Industry Forecast, 2020-2027″. The global market size of
Healthcare Revenue Cycle Management is $XX million in 2019 with XX CAGR, and it is expected to reach $XX million by the end of 2027 with a CAGR of XX% from 2020 to 2027.
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Some companies profiled in this report are McKesson Corporation, Allscripts Healthcare Solutions, General Electric Healthcare, AGS Health, Athenahealth, Accretive Health, Cognizant Technology Solutions, Siemens Healthcare, Cerner, CareCloud, Conifer Health Solutions, Emdeon, and Experian.
COVID – 19 scenario analysis:
- The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
- Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
- Over 4 million people affected globally, with 300 thousand losing their lives due to novel coronavirus
- Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers, and now they have to face another set of challenges i.e. to maintain their revenue cycles
- Various governments have brought down the treatment costs for COVID-19, as the hospitals and diagnostic centers are flooding with huge in flow of patients
- In order to distress the healthcare providers, governments are thinking of initiating a disaster management and control plan via which the government would pay hospitals for their healthcare services
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Healthcare providers currently, are facing drastic challenges due to increasing number of patients, need for well-equipped hospitals, increasing complexity and rising treatment costs. These factors are causing enormous strain on the healthcare authorities. Healthcare revenue cycle management (HRCM) comes in handy in such situations. Presence of upgraded software reduces humanitarian errors, duplication of work and minimizes confusion while handling tons of data. Major players are trying to focus on developing innovative HRCM software that would serve as one of the most important components in healthcare system, enhancing patient engagement along with simplifying the workflow. HRCM software is gaining popularity even in diagnostic laboratories. The prime factors driving the Healthcare revenue cycle management market growth are rising regulatory mandates for the adoption of system like HRCM in healthcare sector and ineffectiveness of the conventional billing systems in administration of on-going billing operations. Parallely, there has been a notable rise in the adoption of cloud-backed revenue cycle management solutions, as they are attributed with flexiblility, security and cost-effectivity. These factors are expected to drive the market growth over the period of time. The government reforms also play an active role in boosting the adoption of the revenue cycle management system. For example, the Affordable Care Act (ACA) introduced in the U.S., focuses on expanding health insurance services to people with low income. This extended insurance can be managed effectively only through revenue cycle management solutions.
But, with ever-changing healthcare guidelines and new economic models, it is difficult for healthcare organizations to maintain stable HRCM and insecurity challenges regarding data management are the factors hampering the growth of this Healthcare revenue cycle management market.
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Key benefits of the report:
- This study presents the analytical depiction of the global healthcare revenue cycle management industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Healthcare revenue cycle management market share.
- The current market is quantitatively analysed from 2020 to 2027 to highlight the global healthcare revenue cycle management Healthcare revenue cycle management market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the Healthcare revenue cycle management market.
- The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in coming years.