Healthcare Revenue Cycle Management Market recorded a value of more than USD 39 billion in 2015 and will cross USD 100 billion by 2024, increasing at an annual growth rate of more than 11% over 2016-2024.
Extreme complexities in medical insurance billing & coding and rising inclination toward quality healthcare will spur healthcare revenue cycle management market. Government efforts toward curtailment of billing reimbursements and the increasing expenditure in healthcare will also stimulate revenue cycle management industry size. Leading providers of healthcare revenue cycle management solutions are constantly looking out for unique methodologies to enhance consumer satisfaction.
Surging demand for cloud services will propel cloud-based healthcare revenue cycle management industry, which contributed to more than 75% of the overall revenue share in 2015. Owing to low costs, rising adoption of electronic record management systems for precise health-related information, and ease of implementation, cloud-based revenue cycle management market size will cross USD 80 billion by 2024.
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healthcare revenue cycle management software will help physicians ease the billing process and upgrade medical claim submissions, thereby helping them concentrate solely on quality patient care. Physicians accounted for over 40% of overall healthcare revenue cycle management industry share in 2015. It is expected that this application segment will increase at a lucrative CAGR of 12% over 2016 -2024.
In terms of products, healthcare revenue cycle management market is segmented into integrated and standalone systems. Integrated healthcare revenue cycle management industry, worth more than USD 34 billion, accounted for more than 85% of the overall revenue share in 2015. This significant growth can be attributed to the increasing preference of physicians toward integrated systems as opposed to standalone systems.
Germany held more than 20% of Europe healthcare revenue cycle management market share in 2015 and will increase substantially over the years to come. Rising healthcare expenditure, favorable government norms, and the adoption of big data analytics in the healthcare IT sector should propel industry growth.
The existence of strong industry players in the region coupled with a dynamic regulatory landscape will push U.S. healthcare revenue cycle management market, which is slated to cross USD 38 billion by 2024.
Key industry participants include McKesson Corporation, Experian, Siemens Healthcare, Allscripts Healthcare Solutions, Cerner, Quest Diagnostics, Athenahealth, GE Healthcare, and CareCloud. Top companies often engage in novel product development and technological advancements in current software systems to combat the fierce competition and retain their market position.
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Powered by the strong economic growth, rising demand for medical insurance, and rapid growth in the healthcare IT sector, China industry size is anticipated to exhibit a significant growth of more than 15% over the period of 2016-2024.
healthcare revenue cycle management services market, having held over 63% of the revenue share in 2015, will dominate the component landscape, increasing at a steady CAGR of 11.5% over 2016-2024.
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