Healthcare Revenue Cycle Management (RCM) Software Market - Introduction
- Healthcare revenue cycle management (RCM) software is a financial healthcare system to track all financial transactions performed, ranging from patient appointment scheduling to final submission or payments of medical or hospital bills. The healthcare RCM system helps medical practices to manage all financial records of their patient’s treatments while being admitted and to discharge the process more efficiently.
- Healthcare revenue cycle management (RCM) software helps reduce the business expenses on maintaining the records of the financial transaction with traditional methods and also saves them time in maintaining value-based payment records in the entire revenue cycle.
- Hospitals are experiencing issues such as billing errors, improper monitoring, regulatory compliances, slower billing process, claims issues, and low interoperability that reduces the overall performance of financial operations. The healthcare revenue cycle management (RCM) software helps increase the return on investment of the healthcare process by reducing the processing time in the patients-to-payment course.
- The healthcare industry is increasing its investment in RCM patient management software solutions, medical billing solutions, RCM reporting solutions, which in turn is expected to create a significant demand for healthcare revenue cycle management (RCM) software during the forecast period.
Key Drivers of the Healthcare Revenue Cycle Management (RCM) Software Market
- Rise in demand for an advanced suite of patient-centric financial solutions is expected to drive the market. Increase in investment for healthcare RCM software by health systems, such as hospitals and physical practices, is also expected to boost the healthcare revenue cycle management (RCM) software market.
- Increase in awareness about healthcare revenue cycle management (RCM) software solutions in developing countries is projected to create considerable opportunities for solution providers of healthcare revenue cycle management (RCM) software.
Lack of skilled professional staff and lack of awareness to hinder market
- Lack of skilled professional medical staff to utilize the different features of healthcare RCM software to increase the efficiency in financial operations restrain the market.
- Lack of awareness about healthcare revenue cycle management (RCM) software in the healthcare sector in developing countries is expected to hamper the market
Impact of COVID-19 on Global Healthcare Revenue Cycle Management (RCM) Software Market
- The hospital and healthcare industry is witnessing an increase in investment for advanced medical solutions during the COVID-19 period in order to maintain the patients’ payment records. Hospitals are witnessing issues about management of patient records due to an increase in cases of CORONA virus-infected patients. Healthcare RCM software also helps the hospital to check the claim eligibility of patients, which reduces the operational time of the hospital during the pandemic.
- Demand for healthcare revenue cycle management (RCM) software is increasing during the COVID-19 pandemic situations due to an increase in the demand for advanced patient management and healthcare solutions across all regions
North America to Hold Major Share of Global Healthcare Revenue Cycle Management (RCM) Software Market
- North America holds a prominent share of the healthcare revenue cycle management (RCM) software market due to a rise in the demand for digital medical platforms and an increase in consumer spending on advanced solutions in healthcare in North America
- The healthcare revenue cycle management (RCM) software market in Asia Pacific is projected to expand at a rapid pace during the forecast period due to an increase in investment by major players to provide solutions across regions and also due to a rise in the adoption of advanced healthcare revenue cycle management (RCM) software systems in the healthcare industry in major countries, such as China, Japan, and India, in the region
Key Players Operating in Global Healthcare Revenue Cycle Management (RCM) Software Market
- Change Healthcare
Change Healthcare was founded in 2005, and based in Nashville, Tennessee, U.S. The company is a leading provider of revenue and payment cycle management solutions. The company also specializes in offering clinical information exchange solutions. The company offers solutions in enterprise imaging, revenue cycle management, and payment solution.
- Chetu Inc.
Chetu Inc. is a leading provider of software solutions and enterprise applications. The company offers a wide range of payment solutions such as hospital revenue management, RCM patient management software, medical coding software services, medical billing software solutions, and revenue cycle management reporting solutions to the healthcare industry.
Other key players operating in the global healthcare revenue cycle management (RCM) software market include The 3M Company, Allscripts Healthcare Solutions Inc., Cognizant Technology Solutions Corp., Change Healthcare Inc., Epic Systems Corp., and Quest Diagnostics Inc.
Global Healthcare Revenue Cycle Management (RCM) Software Market: Research Scope
Global Healthcare Revenue Cycle Management (RCM) Software Market, by Deployment
Global Healthcare Revenue Cycle Management (RCM) Software Market, by End-user
- Medical Labs
Global Healthcare Revenue Cycle Management (RCM) Software Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Medical Billing Software Solutions
- RCM Patient Management Software
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.