Industry Background:
Healthcare RCM programs ensure that medical practitioners get the most out of their money. Healthcare revenue cycle management (HCRM) is a financial mechanism used by healthcare institutions to monitor revenue collected from patients from the preparation of appointments to the actual payment of medical bills. Healthcare RCM firms monitor a patient's path from admission to account receivables changes, which is defined by a cycle of experiences. Through streamlining the healthcare revenue cycle management process, a comprehensive suite of healthcare revenue cycle management tools benefits healthcare providers. To boost the billing period and refine the patient-to-payment path, revenue cycle healthcare includes continuous supervision. RCM solutions provide for payment-induced challenges such as regulatory compliance, slow billing, claim management, interoperability among others.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Cerner (United States), McKesson Corporation (United States), GE Healthcare (United States), eClinicalWorks (United States), GeBBs Healthcare Solutions Inc. (United States), Conifer Health Solutions (United States), Quest Diagnostics (United States), Athenahealth (India), Allscripts Healthcare Solutions (United States) and EPIC Systems (United States) |
According to AMA, the market for Healthcare Revenue Cycle Management Software - is expected to register a CAGR of 12.7% during the forecast period to 2030. This growth is primarily driven by Payment Efficiency and Enhanced Regulatory Compliance, Demand for Cloud Based RCM Solutions and Revenue Loss as a Result of Billing Errors.
Globally, a noticeable market trend is evident Implementation of upcoming Technologies such as Block Chain & Artificial Intelligence (AI)
Major Players, such as Cerner (United States), McKesson Corporation (United States), GE Healthcare (United States), eClinicalWorks (United States), GeBBs Healthcare Solutions Inc. (United States), Conifer Health Solutions (United States), Quest Diagnostics (United States), Athenahealth (India), Allscripts Healthcare Solutions (United States) and EPIC Systems (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Key Developments in the Market:
In January 2024, Ensemble Health Partners (Ensemble), a leading innovator in revenue cycle management, is proud to announce its partnership with Epic, a leading electronic health records system, in Epic’s new Rev Cycle Partners program, designed to help healthcare organizations optimize their use of Epic to improve revenue cycle outcomes.
In October 2023, Omega Healthcare announced today the launch of its Omega Digital Platform (ODP), designed to help healthcare organizations reduce administrative burdens while improving financial performance. Utilizing deep domain and technology expertise in artificial intelligence (AI), robotic process automation (RPA) and bots, machine learning (ML), and natural language processing (NLP), Omega Healthcare's technology-enabled solutions drive greater efficiency and accuracy.
Influencing Trend:
Implementation of upcoming Technologies such as Block Chain & Artificial Intelligence (AI) and Digitization in Payment Systems Across the Globe
Market Growth Drivers:
Payment Efficiency and Enhanced Regulatory Compliance, Demand for Cloud Based RCM Solutions and Revenue Loss as a Result of Billing Errors
Challenges:
Shift from Traditional Approach to Software based Payment Platform and Fierce competitive pressures
Restraints:
Cyber Security and Chances of Information Leakage
Opportunities:
Implementation Across Emerging Regions
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Healthcare Revenue Cycle Management Software - Market
- Analysis about New Entrants in Healthcare Revenue Cycle Management Software - Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Healthcare Revenue Cycle Management Software - Study Sheds Light on
The Healthcare Revenue Cycle Management Software - Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Healthcare Revenue Cycle Management Software - industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Healthcare Revenue Cycle Management Software - industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.