LONDON--(BUSINESS WIRE)--The global healthcare revenue cycle management (RCM) software market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global healthcare revenue cycle management (RCM) software market is the rise in adoption of electronic health record (EHR). The growing popularity of EHR is mainly because they help healthcare service providers in managing patients’ records and providing healthcare. EHR provides accurate, up-to-date, and complete information about patients and also enables quick access to patient records. Several governments across the world are promoting the adoption of EHRs through strict regulations which compel healthcare service providers to integrate EHRs into their system for efficient operations. While EHRs aid administrators in managing patients' records electronically, the adoption of RCM software automates RCM. Hence, the combination of both EHR and healthcare RCM software will aid healthcare service providers in managing the entire business process electronically.
As per Technavio, the growing adoption of value-based revenue cycle management (RCM) will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global healthcare revenue cycle management (RCM) software market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global healthcare revenue cycle management (RCM) software market: Growing adoption of value-based revenue cycle management (RCM)
Healthcare service providers are increasingly moving from fee-for-service to value-based care reimbursement. Value-based RCM focuses on quality care at a reasonable cost rather than focusing on volume-based RCM. This model follows an approach to make sure that the physicians are rewarded for the quality of treatment. The adoption of value-based RCM is increasing mainly due to advantages such as reduced healthcare costs, better care for individuals, customer satisfaction, and customer retention. The growth of the value-based RCM model is also supported by the adoption of programs and acts by various governments.
“The healthcare RCM software market is witnessing an increase in the number of strategic partnerships and acquisitions between market participants such as healthcare service providers and healthcare RCM software providers. Such partnerships are enabling healthcare RCM software providers to expand their product portfolio, improve geographic presence, expand sales force and distribution network, and strengthen their market position,” says a senior research analyst at Technavio.
Global healthcare revenue cycle management (RCM) software market: Segmentation analysis
This market research report segments the global healthcare revenue cycle management (RCM) software market by deployment (cloud and on-premise), end-user (hospitals, physicians, and medical labs) and geographic regions (North America, APAC, Europe, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The number of healthcare facilities and patient registrations is increasing significantly owing to the growing healthcare spending and rising population. This leads to numerous amount of data generation, resulting in the growing need to integrate EHRs and healthcare RCM software. This, in turn, will significantly contribute to the growth of the healthcare revenue cycle management (RCM) software market in the region.
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Five Forces Analysis
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