LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global healthcare revenue cycle management (RCM) software market is projected to grow at a CAGR of nearly 5% over the forecast period.
This research report titled ‘Global Healthcare Revenue Cycle Management (RCM) Software Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
| The global healthcare RCM software market is growing due to the shift in business processes, accountable care participation, reimbursement and payment reforms, physician practice association, and declining margins. Changing regulations and shifting payment models in the healthcare sector have made hospitals and medical laboratories to change priorities and strategic plans for their organizations. |
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Based on the end-users, the report categorizes the global healthcare revenue cycle management software market into the following segments:
- Physicians
- Hospitals
- Medical labs
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Physicians
“Physicians are the largest end-users of the global revenue cycle management software market and are expected to grow swiftly through the forecast period. The software helps physicians to improve their overall processes and transfer paper documentation to EHR,” says Amrita Choudhury, a lead analyst at Technavio for enterprise application research.
The adoption of RCM software also helps physicians to shorten their revenue cycle by using the electronic capture of codes and pass data to physicians' billing systems. The market segment is expected to grow swiftly through the forecast period to reach over USD 1977 million by 2021.
Hospitals
The global RCM software market by the hospital segment is expected to grow at a CAGR of 4.28% during the forecast period. Hospital-based medical staff uses RCM solutions to track lost transaction and patient accounting details.
Hospital-based physicians, such as anesthesiologists, emergency physicians, radiologist, pathologists, and neonatologists, treat patients in the inpatient setting and use the RCM software to solve revenue cycle issues. Hospitals often use remotely located billing staff or an outsourced RCM company for billing purposes.
Medical labs
“The medical labs segment of the market will grow at a sedate pace through the forecast period. The software aids in the delivery of revenue cycle services, including credentialed coding staffing, auditing, and accounts receivable management,” says Amrita.
The revenue cycle management software uses remote coding resources and secure internet technology to maximize workflow, improve revenue, realize cost savings, and increase compliance. These advantages are encouraging more labs to adopt the software, thereby driving the market growth.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Allscripts
- Cerner
- GE Healthcare
- McKesson
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