Integration of information technology in healthcare settings is likely to gain momentum, which is providing an impetus to the growth of healthcare revenue cycle management software market. According to a new report added to the repository of Market Research Reports Search Engine (MRRSE), the global market is likely to witness steady growth and surpass US$ 43 billion in revenues by 2022. The report titled “Healthcare Revenue Cycle Management Software Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027” offers comprehensive insights and analysis impacting the global market during the forecast period.
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Healthcare providers around the globe are focusing on streamlining their revenue billing process. Although adoption of digital technologies has been present in healthcare institutions for a long time, the technology only provided basic computing procedures. The development of next-generation technologies has enabled the adoption of smart management software, which is enabling more efficient planning and execution of revenue tracking. Owing to the benefits offered by the adoption of new technology, the healthcare revenue cycle management software market is likely to gain traction over the forecast period. However, high initial cost and lack of awareness among healthcare providers, especially in developing countries, is acting as an impediment to the prospects of the global healthcare revenue cycle management software market during the assessment period.
In a bid to give readers clearer insights, the report has segmented the market on the basis of component, end user, application, deployment, and region. On the basis of component, the key segments include services and software. By end user, the report has segmented the market into hospitals, long term care, clinics, laboratories, and rehabilitation centers.
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On the basis of deployment, the report forecasts the cloud deployment segment to witness steady growth, as organizations around the globe are focusing on boosting their access to information in a cost-effective manner. Cloud-based deployments offer greater flexibility and are also affordable. On the application front, there is a rapid transition from manual nature of settling claims to having an electronic and organized repository which store vast amounts of data. Use of advanced software for billing and payment management is likely to gain traction during the forecast period. As focus on transparency and planning gains momentum, it is highly likely that the global healthcare revenue cycle management software market will gain impetus during the forecast period.
According to the report, hospitals are the largest end-users of revenue cycle management software, and the trend is likely to continue during the forecast period as well. Some of the leading players in the global healthcare revenue cycle management software market include Cerner Corp., Quest Diagnostics, Inc., McKesson Corp., EMC Corp., Epic Systems Corporation, Greenway Health, LLC, CareCloud Corporation, Allscripts Healthcare Solutions, Inc., and Qsi Management Llc.
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