Global Revenue Cycle Management Software Market Forecast 2020-30


Posted November 20, 2020 by kavitakrishna98

Global Revenue Cycle Management Software Market Report 2020-30: Covid 19 Growth and Change from provides the strategists

 
Bharat Book Bureau Provides the Trending Market Research Report on “Revenue Cycle Management Software Global Market Report 2020-30: Covid 19 Growth and Change” under Life Sciences Category. The report offers a collection of superior market research, market analysis competitive intelligence and Market reports.


Global Revenue Cycle Management Software Market Report 2020-30: Covid 19 Growth and Change from provides the strategists, marketers and senior management with the critical information they need to assess the global revenue cycle management software market.This report focuses on revenue cycle management software market which is experiencing strong growth.

The report gives a guide to the revenue cycle management software market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.


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Revenue Cycle Management Software Global Market Report 2020-30: Covid 19 Growth and Change

Including: 1) By Product: Integrated; Standalone

2) By Function: Claim And Denial; Medical Billing And Coding; Patient Insurance Eligibility Check; Payment Remittance; Electronic Health Record (EHR); Clinical Documentation Improvement (CDI); Others

3) By Deployment: Web based; On premise; Cloud based

Covering: Accretive Health; Billing Blues; 3M Health Information Systems; QWay Health; MedSecretery

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• Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.

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Description:

Where is the largest and fastest growing market for the revenue cycle management software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Revenue Cycle Management Software market global report from answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider revenue cycle management software market, and compares it with other markets.

• The market characteristics section of the report defines and explains the market.

• The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the Covid 19 virus and forecasting its growth.

• Market segmentations break down market into sub markets.

• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of Covid 19 for all regions, key developed countries and major emerging markets.

• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.

• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

• The revenue cycle management software market section of the report gives context. It compares the revenue cycle management software market with other segments of the revenue cycle management software market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, revenue cycle management software indicators comparison.

Scope

Markets Covered: 1) By Product: Integrated; Standalone

2) By Function: Claim And Denial; Medical Billing And Coding; Patient Insurance Eligibility Check; Payment Remittance; Electronic Health Record (EHR); Clinical Documentation Improvement (CDI); Others

3) By Deployment: Web based; On premise; Cloud based

Companies Mentioned: Accretive Health; Billing Blues; 3M Health Information Systems; QWay Health; MedSecretery

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Major players in the revenue cycle management software market are Accretive Health, Billing Blues, 3M Health Information Systems, QWay Health, MedSecretery, Medserv, Medical Accounting Services, Patient Billing, R1 RCM and Australian Medical Billing Service.

The global revenue cycle management software market is expected to decline from $64.26 billion in 2019 to $63.39 billion in 2020 at a compound annual growth rate (CAGR) of -1.35%. The decline is mainly due to the COVID-19 outbreak that has led to deferred care in order to avoid visiting hospitals, which resulted in reduced patient volume. Elective procedures have been canceled increasing the financial stress of healthcare service providers, thereby affecting the RCM software market. The market is then expected to recover and reach $95.02 billion in 2023 at a CAGR of 14.44%.

The revenue cycle management software market consists of sales of revenue cycle management software services by entities (organizations, sole traders and partnerships) that provide revenue cycle management, which is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance. Only goods and services traded between entities or sold to end consumers are included.

The revenue cycle management software market covered in this report is segmented by product into integrated; standalone. It is also segmented by function into claim and denial; medical billing and coding; patient insurance eligibility check; payment remittance; electronic health record (EHR); clinical documentation improvement (CDI); others and by deployment into web based; on premise; cloud based.

In June 2020, R1 RCM, a Chicago-based healthcare revenue management cycle company serving hospitals and physician groups, agreed to acquire Cerner RevWorks for a deal amount of $30 million. The acquisition is expected to extend the comprehensive revenue cycle capabilities of R1 and help driving sustainable financial improvements for healthcare providers and to enhance their patients' overall experience. RevWorks is a revenue cycle management-outsourcing division of Cerner.

The lower adoption rate of automated systems due to the shortage of skilled professionals limits the growth of the revenue cycle management software market. An inefficient revenue cycle management system leads to loss of revenues and productivity. The providers are facing issues in leveraging the technology to drive long-term process improvement. For instance, it was estimated that only 14% of healthcare providers use advanced modeling tools to predict patients’ ability to pay. This limits the ability of front-office staff to have financial discussions at the point of service. Many service providers have not upgraded their technology due to lack of technical knowledge, awareness, and resources restraining the revenue cycle management software market.

Incorporating artificial intelligence (AI) in revenue cycle management software is shaping the revenue cycle management software market. Major healthcare analytics leaders are actively implementing or planning to execute an AI strategy that will help make decisions faster and reduce operational expenses. For instance, in April 2019, VisiQuate, Inc., a leader in healthcare business analytics, has announced a formal partnership with Etyon Health to integrate the business analytics platform and deep machine-learning algorithms to improve performance continuously through enhanced operational insights and automate the claim decisions based on complex data science. Etyon Health is a developer of AI-driven RCM solutions.

The rise in the number of hospital and outpatient visits is expected to drive the revenue cycle management software market. Surging healthcare expenditure from an increase in patient visits to the hospital urges the service providers to provide hassle-free services during payment and keep a record of patients’ payments. According to the National Health Expenditure Projections 2018-2027, the USA national healthcare expenditure is expected to reach nearly $6.0 trillion by 2027, growing at an average rate of 5.5% annually, during the period. The increase in the number of patient visits impels the healthcare service providers to adopt revenue cycle management software in healthcare facilities that will provide faster and more accurate claims transmission allowing flexibility in arranging patient care.

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Last Updated November 20, 2020