Healthcare Revenue Cycle Management Market 2020 growth factors, latest trend and regional analysis of leading players by 2025
Category: #business  By Ronak Bora  Date: 2021-03-25
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Healthcare Revenue Cycle Management Market 2020 growth factors, latest trend and regional analysis of leading players by 2025

Healthcare Revenue Cycle Management Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Healthcare revenue cycle management demand is driven by the rising healthcare expenditures worldwide along with increasing health insurance investments in the U.S. and Canada. Medical policy providers, Medicare and Medicaid, are developing various initiatives to assure affordable healthcare services and facilities in the U.S. These policies are reached out to the overall population to provide advanced healthcare services with the help of HRCM.

As per reports, the worldwide healthcare revenue cycle management market size is estimated to achieve USD 114 billion in revenues by 2025.

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The flourishing medical insurance industry is creating a supportive dais for the growth of the US healthcare revenue cycle management market. Robust demand for healthcare services has prompted renowned insurance companies, such as Medicare to roll out various benefit programs for residents. The geriatric population exhibit heightened interest in such schemes, which coupled with the presence of a favorable reimbursement landscape, encourages high investment in medical insurance policies.

With huge number of people having access to medical insurance schemes, insurance providers are challenged with the difficult task of managing vast amounts of financial data, which has prompted adoption of RCM solutions. In addition, the augmenting need for efficient, accurate data management along with increasing uptake of healthcare insurance plans in the US and Canada is likely to supplement industry growth over the coming years.

End-user of healthcare revenue cycle management include physicians, diagnostics, hospitals, as well as ambulatory surgical centers. Among them, hospitals have exhibited high adoption rate of healthcare RCM solutions. In 2018, hospitals accounted for revenue of around 16 billion in the HRCM industry. Such increase in the revenue size is associated with the rise in number of hospital admissions at a global level. Doctors & administrative staff rely upon integrated healthcare revenue cycle management software at large for  management  of both clinical and financial data.

Also, increasing provision of funds for the modernization of government hospitals in rural areas is likely to speed up adoption of upgraded HRCM software.

Healthcare RCM is capable of performing a multitude of functions, including  medical coding & billing, claims & denial management, payment remittance, eligibility verification, and others. However, HCRM solutions find extensive deployment in medical coding & billing practices, which added 11 billion to the HRCM industry.

Medical billing & coding involves managing and handling claims. The new versions of HRCM software are more efficient and facilitate effective time management. Also, currently used billing & coding software have reduced paperwork to a large extent, which is further fueling product penetration. 

Browse full table of contents (TOC) of this report @  https://www.decresearch.com/toc/detail/healthcare-revenue-cycle-management-market

Partial Chapter of the Table of Content 

Chapter 4.    Healthcare Revenue Cycle Management Market, By Product

4.1. Key segment trends

4.2. Integrated

4.2.1.  Market size, by region, 2014 – 2025

4.3. Stand alone

4.3.1.  Market size, by region, 2014 – 2025

Chapter 5.    Healthcare Revenue Cycle Management Market, By Function

5.1. Key segment trends

5.2. Claims & denial management

5.2.1.  Market size, by region, 2014 – 2025

5.3. Medical coding & billing

5.3.1.  Market size, by region, 2014 – 2025

5.4. Eligibility verification

5.4.1.  Market size, by region, 2014 – 2025

5.5. Payment remittance

5.5.1.  Market size, by region, 2014 – 2025

5.6. Others

5.6.1.  Market size, by region, 2014 – 2025

 

About Author

Ronak Bora    

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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