Healthcare Revenue Cycle Management Market size to exceed $489Bn by 2032

Healthcare Revenue Cycle Management Market size is anticipated to surpass USD 489 billion by 2032, as per a new research report announced by Global Market Insights Inc.
 

A high preference for big data analytics, along with snowballing demand for health insurance, especially in North America, is increasing the expansion for HRCMs. Medicaid and Medicare policymakers pursue several initiatives to ensure access to inexpensive healthcare facilities and services. For instance, the Department of Health and Human Services (HHS) announced new policies to fortify the Affordable Care Act to enable the coverage of various health plans for consumers. This escalated the need for services that provide numerous advantages, such as controlling the data from when any healthcare service is claimed until the patient has recovered.
 

Efficient reporting capabilities to accelerate standalone HRCM segment

Healthcare revenue cycle management market from standalone segment is poised to grow at a CAGR of 11.5% by 2032. Healthcare providers typically prefer standalone software as it offers more comprehensive reporting capabilities and advanced features. Standalone systems are used to streamline the process flow and have high operational efficiency as they have longer lifecycles and customizable features, which is foreseen to stimulate segment progress.
 

Browse key industry insights spread across 174 pages with 241 market data tables & 12 figures & charts from the report, “Healthcare Revenue Cycle Management Market Size By Product (Integrated, Standalone), By Function (Claims & Denial Management, Medical Coding & Billing, Eligibility Verification, Payment Remittance), By Deployment (On-premise, Cloud Based), By End-use (Hospitals, Physician Office, Diagnostic Labs & Ambulatory Surgical Centers), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/healthcare-revenue-cycle-management-market
 

Surging awareness about reimbursement to boost claims & denial management segment

Healthcare revenue cycle management market from claims and denial management segment accounted over USD 40 million in 2022. The increased knowledge of reimbursements among people in developed regions is accelerating business landscape. For instance, as per a study, generous reimbursement can reduce the cost of healthcare for medical treatments.
 

Better data control & accessibility to spur on-premise segment development

On-premise segment held over 24% share of the healthcare revenue cycle management market in 2022. Ongoing technological advancements in on-premise HRCM software are projected to augment segment progression. Additionally, better data control and accessibility to several users at once for effective workflow in hospitals are complementing segment expansion.
 

High prominence in disease detection to favor diagnostic labs & ambulatory surgical centers segment

The progress for HRCM systems for revenue management in diagnostic laboratories and ambulatory surgical centers is set to remain high in the coming years. The soaring number of diagnostic and ambulatory surgical centers globally is a primary factor pushing service adoption. The segment potential is also driven by rising patient preferences for diagnostic labs due to their cost-effectiveness and their importance in detecting diseases.
 

High demand for efficient financial management systems to help Europe HRCM industry outlook

Europe healthcare revenue cycle management market valuation is slated to hit USD 130.5 billion by 2032. The region may emerge as a major hub for this industry owing to the growing adoption of HRCM in countries such as Germany on account of the enormous expansion of the healthcare sector. As per Hospital Future Act (KHFZ), the German federal government is obliged to provide more than €3 billion (~USD 3.18 billion) to hospitals, of which 15% of funding is earmarked for IT security and digital health tools.
 

Novel developments in the field to remain a key growth strategy

Some of the key healthcare revenue cycle management market players profiled in the report include AGS Health Inc., Change Healthcare, Formativ Health, Dell Technologies, and others.