Market Overview –
By 2030, experts predict that the global revenue cycle management market would be worth $658.7 billion. From 2022 to 2030, the market is anticipate to grow at a CAGR of 11.6%. The increasing digitization of healthcare is pushing businesses to use healthcare IT solutions like Revenue Cycle Management (RCM) systems. The proliferation of RCM systems is being fuel by the rising demand for increase productivity and efficiency in the healthcare industry, as well as the rising use of such systems to manage the increasing volumes of disorganize data produce by the use of numerous healthcare capabilities.
The expansion of the revenue cycle management (RCM) market is being driven by a number of factors, including rising private sector investment, falling insurance claim denial rates, faster Explanation of Benefits (EOB) reconciliation, higher quality data, more efficient denial management, and increase automation of processes.
Until 2027, the study examines the global AIDS market and its numerous trends, drivers, restraints, opportunities, and threats. It also provides key insights, revenue statistics, and other important information about the industry. The research provides in-depth and useful data on the worldwide market’s leading companies, including their financials, supply chain trends, technological advancements, important developments, as well as their future strategies, mergers & acquisitions, and market footprint. According to product, component, deployment, end user, and geography, the study on the worldwide revenue cycle management market is broken down.
Covid-19 Impact –
Medical clinics of all sizes have felt the effects of the COVID-19 epidemic, and hospitals all around the world are struggling to cope with the influx of new patients. The need for electronic health record (EHR) systems, patient registries, and other healthcare data management platforms has grown in tandem with the number of patients in need of medical attention. More and more hospitals are putting effort into expanding their capacities by integrating EHRs with other hospital systems.
With the goal of better assisting healthcare professionals in managing COVID-19 patients, key players in this market have improve and integrate AI into their RCM platforms. The scenario has prompter several major suppliers, including Cerner Corporation, Optum, McKesson, and 3M Company, to release RCM systems that incorporate cutting-edge technologies.
Co-payments, patient responsibility amounts, and their collection for COVID-19 treatment are subject to frequent policy changes by both government and commercial payers. More appeals, more claim resubmissions owing to changes in patient accountability, and revise patient statements are all results of having to process the new codes and stay up with the shifting regulations. These factors combine to make things difficult for the healthcare provider. However, this crisis has prompt widespread implementation of RCM solutions, particularly outsource services and comprehensive systems.
Market Dynamics –
It’s no secret that healthcare systems around the world are struggling under the weight of an ageing population, an increase in the prevalence of chronic diseases, and a greater need for healthcare services overall. Globally, the number of persons age 60 and more is projects to double from its 2015 level of 900 million to reach 2 billion by 2050, as reporter by the World Health Organization (WHO).
According to the CDC, almost 70% of annual deaths in the United States are cause by chronic diseases like cancer, cardiovascular disease (CVD), diabetes, and respiratory ailments. Furthermore, it is estimate that the population of individuals age 65 and older in the WHO European Region would increase from 129 million in 2010 to 224 million in 2050, and that the population of persons age 85 and older will increase from 14 million to 40 million.
The number of insurance claims has skyrockets over the world as the older population has grown and chronic diseases have become more common. Additionally, almost 45 million additional people will be qualifies for Medicaid or coverage from insurance providers with the implementation of the Affordable Care Act (ACA) in the United States. The need for methods of facilitating patient access will benefit even more from this. People are opting for health insurance for a variety of reasons, including the rising expense of healthcare. Deloitte predicts that healthcare spending would increase from USD 7.724 trillion in 2017 to USD 10.059 trillion in 2022, an annual growth rate of 5.4%.
Recent Development –
In September 2021, Workday said that Google LLC had subscribe to a number of new tools to better manage its worldwide workforce. These include Workday Adaptive Planning, Workday Extend, Workday Prism Analytics, and Workday Strategic Sourcing.
Additionally, as part of its continue investment in talent management methods, Google will increase its current usage of Workday RCM by adding new applications to provide improve employee experiences and recruiting to support its worldwide workforce.
In May of 2020, Workday and Microsoft announce their collaboration. By deploying Workday Adaptive Planning in the Microsoft Azure cloud, the partners hope to increase the capabilities of cloud-base enterprise planning software.
In July of 2019, Ultimate Software introduce Employee File Management, a tool for human resources professionals to easily share files with external parties regardless of their location.
Customization Available –
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Target rival market analysis can be done using either a technological or a market portfolio approach. Any number of competitors’ profiles can be add, in the desire structure and data style. We have analysts on staff who can help you make sense of the data in the report by providing you with pivot tables (Factbook) or raw Excel files.
Competitive Landscape –
The competitive landscape of the revenue capital management (RCM) industry includes information on each player in the market. Information such as the company’s strengths and weaknesses, newly launches products, product range and application domination, global presence, production locations and facilities, production capabilities, and financial overview are provide. The above information is only relevant to the revenue capital management (RCM) market, which is the primary focus of the organizations listee.
Some of the companies that are profiled –
Healthcare Resource Group
Conifer Health Solutions
By Deployment –
By End-User –
By Region –
Middle East & Africa