The global market for healthcare revenue cycle management software is estimated to reach $43.3 billion by the end of 2022, according to a report from Future Market Insights (FMI).
During the forecast period, 2017 to 2022, the global healthcare revenue cycle management software market is projected to soar at a compound annual growth rate (CAGR) of 6.9 percent. The report, titled, “Healthcare Revenue Cycle Management Software Market: Global Industry Analysis and Opportunity Assessment 2017-2020,” anticipates the market-to-market positive growth over the coming years on account of the increasing cumulative patient revenue, improvement payment collection and billing efficiency, and recognition of profit.
“From hospitals to independent physician clinics, the stress of enhancing the quality of patient care is increasing in parallel to the declining reimbursements and increasing risk-margin burdens,” the report noted.
The surging multifaceted nature in restorative coding for charge repayments is expected to drive the healthcare revenue cycle management market, according to the research. The revenue cycle management systems are intended to decrease charging mistakes by medicinal services suppliers and are broadly utilized as a part of nations—such as the U.S.—where medicinal coding process is “unpredictable and dreary.” Furthermore, lessening in medicinal services repayments by government and private bodies and rising rate of claim refusals will actuate substantial number of social insurance suppliers to receive revenue cycle management hones, the report concluded.
What’s more, “consistence to visit corrections in directions, constrained openness to persistent information, high-related cost and absence of prepared experts may hamper the business development. Adherence to rules, such as ICD-10, the Affordable Care Act (ACA) and the 340B Program have supplemented to the multifaceted nature of healthcare system,” the report revealed.
The report further predicted that signs of change in government controls in the healthcare space prompts a climb in the operational expenses. This will prompt a decline in the revenue of the healthcare division, which as of now works at a low edge, researchers said. “Additionally, there are consistent recuperation reviews to distinguish illicit installments under the expense for-benefit Medicare and this further reductions their revenue. To keep their operational costs low and keep up the review report, healthcare suppliers have begun putting resources into RCM systems and are currently outsourcing their restorative revenue cycle management operations to outsider merchants,” the report stated.
