Jun 11, 2021 (Market Insight Reports) -- Delaware, U.S. - The healthcare revenue cycle management market is likely to register significant gains in coming years owing to surging healthcare expenditure across the globe. High number of hospital admissions will be useful for the market growth since it increases the demand for advanced HRCM software.
Presently, numerous market players are focusing on strategic collaborations and the introduction of new products to survive the market competition. Citing an instance, in November 2020, Trevelino/Keller, a leading digital public relations and marketing company, reportedly announced two novel client partnerships with PRTCL and Phytest. For PRTCL, the firm would partner to introduce the nation's first ever collection of sports-related nutrition supplements especially formulated for women.
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For Phytest, the firm's partnership would support the brand since it builds awareness along with launching a novel website, further highlighting novel RCM services for laboratories. The firm's RCM technology is specifically designed to maximize revenue as well as making the billing process simple and providing visibility into financial performance.
Global Market Insights, Inc., forecasts that healthcare revenue cycle management market size will be worth $114 billion by 2025.
Below are some of the key trends that are likely to influence HRCM industry growth:
Increasing demand for integrated HRCM software
With respect to product, the integrated software segment will witness nearly 12% growth over the forthcoming time period. The segment is expected to witness a remunerative business trend owing to increasing demand for HRCM software suite that help simplify the coding and billing process substantially. Integrated software completely fills the gap between clinical sides of healthcare and business. It also assists healthcare professional in performing all administrative tasks effectively since the information is processed with high accuracy.
Rising number of hospital admissions worldwide
In terms of end-user, in 2018, the hospitals segment was valued at approximately $16 billion and is poised to show tremendous growth over the forthcoming years. This anticipated growth is ascribed to the rising number of hospital admissions across the globe. Administrative staff and doctors mostly rely on integrated HRCM software for management of relevant data. In fact, advanced HRCM software lets amalgamation of financial and clinical data thus enabling customer satisfaction. Furthermore, government hospitals across rural locations receive substantial funds that are expected to surge the adoption of advanced HRCM software, thereby supporting the segmental growth.
Well-improved healthcare infrastructure across Japan
On the geographical front, healthcare revenue cycle management market in Japan will witness nearly 14% growth over the forecast time period. Japan is one of the developed economies with well-established healthcare infrastructure. This further proves to be useful for the country's growth since it increases the demand for HRCM software. Likewise, favorable demographic trends have also encouraged the market growth. As per a survey, nearly 26% of the overall Japanese population accounted for individuals in the 65 years and above age group. Majority of the geriatric population suffers from chronic diseases that are likely to increase the number of hospital admissions, thus driving the market growth.
Lately, the industry has been witnessing various strategic initiatives such as partnerships & collaborations, new product launches, mergers & acquisitions, as prominent industry players are actively focusing on enhancing their market share and presence. Citing an instance, in November 2020, Clearlake Capital a renowned private investment firm, reportedly signed a new definitive agreement for acquiring the technology division of nThrive, a leading healthcare revenue cycle management firm. The novel partnership would further give the company access to operational resources. It would also allow it to deliver in innovation for healthcare users and customers. Currently, nearly 900 hospitals as well as health systems across North America use the software of nThrive.
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SSI Group, Dell, Cognizant Technology Solutions, Etransmedia, CareCloud, AGS Health, Experian, Cerner, Allscripts Healthcare Solutions, Conifer Health Solutions, Accretive Health, Emdeon, and Athenahealth among many others are some of the key players operating in the healthcare revenue cycle management market.
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