Healthcare Revenue Cycle Management Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024

Revenue cycle management or RCM is a combination of revenue generation, payment, and claims processing. In layman’s terms, it is a healthcare system’s financial system. Its components include all clinical and administrative functions that consist of the management, collection, and capture of revenue gained from patient service. It is primarily the entire lifespan of a patient account in a healthcare organization. Revenue cycle management incorporates the use of specific technological tools to track claims throughout patient’s lifecycle, ensuring that the payments are collected without any hurdle, and claims are addressed successfully. RCM tools let healthcare providers do the billing and identify issues quickly, thereby allowing for the secure stream of revenue. A system that runs efficiently thwarts rejection of claims and preserves an efficient and transparent billing process. Revenue cycle management also includes everything from deciding on patient’s insurance adequacy and eligibility to regulating claims through ICD-10.

HRCM or healthcare revenue cycle management is an important architecture in a healthcare infrastructure. Healthcare organizations employ EHR or Electronic Health Records and computerized performance management to save costs related to the maintenance of their books. This is achieved by lessening the total number of claims denied and by facilitating individuals for adopting online payment platforms. The advent of superior automated elucidations has assisted front desk and clinical staffs, coders & billers, and providers to boost their performance levels in addition to saving time. With the growing business, patients are adopting more than a few payment gateways to make their payments against the services received at hospitals or clinics. Multiple advantages will propel the growth of healthcare revenue cycle management market in the near future.

Integrated solutions is likely to be the primary growth segment in the healthcare revenue cycle management market owing to improved operational competences and smooth economic and clinical structure with better management of treatments, outcomes and most importantly, costs related to these treatments.

Healthcare Revenue Cycle Management Market Taxonomy

On the basis of deployment, the global healthcare RCM market is classified into:

    • On-Premise
    • Cloud-Based
    • Web-Based
    • Others

On the basis of component, the global healthcare RCM market is classified into:

    • Software
    • Services

On the basis of product type, the global healthcare RCM market is classified into:

    • Standalone
    • Integrated
    • Others

On the basis of end user, the global healthcare RCM market is classified into:

    • Hospitals
    • Laboratories
    • Physicians
    • Others

Among deployment types, the cloud based solutions holds the majority share in the healthcare revenue cycle management market. The primary factor for the dominance of this segment is high rate of adoption of electronic medium for maintaining health records, thereby ensuring well-organized data mining, superior accessibility of the data and precise evaluation of the data corresponding to health information. This in turn will fuel the growth of the overall healthcare revenue cycle management market.

Rising incidences of hospitalizations will drive the overall healthcare revenue cycle management market

According to the American Hospital Association, the total number of registered hospitals in the U.S. was 5,564 in 2015. Moreover, it states that in 2015, the total number of admissions in these hospitals was 35,061,292, i.e. around 35 million patients. Increasing number of hospitalizations, in turn fuels growth of the global healthcare revenue cycle management systems market. Maintaining well organized records of patients is the need of the hour. Additionally, the emerging economies, especially countries such as China and India are likely to show significant growth prospects over the course of the forecast period. Increasing spends on healthcare, availability and accessibility of better healthcare facilities, increasing incidence of diseases and the rising importance of studying historical patient profile across the healthcare industry will augment the overall growth of the market. Government initiates and strict regulatory framework will shape the future of the global healthcare revenue cycle management market.

Major manufacturers in the market compete on the basis of price, and technology (ease of use). Some of the major players operating in the healthcare revenue cycle management market are GE Healthcare, Experian PLC., Eclinicalworks, LLC, Mckesson Corporation, Cerner Corporation, Gebbs Healthcare Solutions, Conifer Health Solutions, LLC. Epic Systems Corporation, Quest Diagnostics Incorporated, Allscripts Healthcare Solutions, Inc., and Athenahealth, Inc.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Smiley face

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
Smiley face

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

Choose License Type

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

sales@coherentmarketinsights.com

Key Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.