The healthcare revenue cycle management market is growing, according to a Global Market Insights report.
Here are seven key trends:
1. The market is ascending due to the increased need for timely bill reimbursements and insurance claims. The medical coding process is also becoming more complex and leads to an increased need for revenue cycle management solutions to reduce billing errors.
2. Healthcare spending in the sector is expected to grow significantly through 2024, which could lead to the government implementing cost-cutting measures. In 2015, the market was worth around $39 billion and is expected to grow at a compound annual growth rate of 11 percent in the next six years.
3. Globally, more than 20 percent of the Europe healthcare revenue cycle management market in 2015 was attributed to Germany, which is also expected to grow over the next few years. The rising adoption of big data analytics, increased healthcare spending and convenient regional government norms will drive the growth.
4. There has been a worldwide increase in business digitization and demand for medical insurance, which is expected to drive the Chinese healthcare revenue cycle industry to a 15 percent growth through 2024. The country's growing older population and subsequent rise of illness, as well as the penetration of the health IT market, will drive market growth. The Chinese healthcare revenue cycle management industry is expected to surpass $5 billion by 2024.
5. Integrated healthcare revenue cycle management dominates the product landscape, holding 85 percent of the overall market and valued at $34 billion.
6. The report outlines surging development in the cloud computing industry, which increases the need for cloud services in healthcare. Cloud-based healthcare was driven by a rising popularity in cloud-based systems, which are less expensive and installed more conveniently. The cloud-based revenue cycle management industry will exceed $80 billion by 2024.
7. Physician billing organizations are a major end user, comprising 40 percent of the overall healthcare revenue cycle management market in 2015. The market is expected to grow at a compound annual growth rate of 12.3 percent through 2024.