Technology Spending on Revenue Cycle Management Market
Technology Spending on Revenue Cycle Management Market (Platforms - Integrated and Standalone; Solutions - In House (Services and Software) and Outsourced (BPO); Deployment - Cloud-based and On-premise; End Users - Hospitals and ASCs) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
Global Technology Spending on Revenue Cycle Management: Snapshot
The global technology spending on revenue cycle management is primarily being driven by the wide array of advantages that their implementation can offer, such as increase in revenue generation, better efficiency in healthcare practices, easier compliance with industry norms and regulations, and greater accuracy and easier access to healthcare IT systems. However, its market is currently being restricted by a host of issues, including the inability to handle uninsured patients, the losses and increased pressure incurred due to changes in regulations, the low mobility of a system in response to shifting market dynamics, and the overall concerns regarding the integrity and security of data.
The current trends in the global market for technology spending on revenue cycle management include a growing use of credit card programs that can aid and cover a greater percentage of a national population and allow healthcare organizations to access their medical data faster. The global market for technology spending on revenue cycle management is expected to reach an evaluation of US$51.56 bn by the end of 2024. It was calculated at US$28.50 bn at the end of 2015 and is expected to expand at a healthy CAGR of 6.9% within a forecast period from 2016 to 2024.
Companies Going for Cloud-based Revenue Cycle Management
Revenue cycle management can be dissected into integrated and stand-alone, on the basis of platforms. An integrated platform for revenue cycle management is a combined system for a healthcare organization’s financial performance management, a patient’s electronic health records (EHR), and business intelligence tools, all collected under a single revenue cycle solution. A stand-alone platform in revenue cycle management, on the other hand, can work independently of other solutions or software. It works individually without requiring patient health records or medical records integration. Based on deployment, revenue cycle management is segmented into cloud-based and on-premise. Cloud-based deployment is trending and has greater growth opportunities in the forecast years due to its accessibility and lower costs.
APAC Grows Stronger in Demand for Revenue Cycle Management
North America played the leading role among all key regions in technology spending on revenue cycle management in 2015. However, over the coming years, technology spending on revenue cycle management in Asia Pacific will exhibit the leading CAGR of 8.5%, between 2016 and 2024. Asia Pacific is therefore expected to hold an important position in the sustainable growth of the global technology spending on revenue cycle management industry over the above forecast period.
The Asia Pacific region is still relatively behind in terms of adoption and development of new technologies. Although the expenditures on technology in modern revenue cycle management is currently low in the region, the market is expected to grow substantially, owing to factors such as the positive modulations in global regulatory reforms, the evolving economic scenario and its consequent increase in purchasing power of consumers and enterprises, growing awareness of the advantages of modern revenue cycle management processes and the presence of a large and growing number of patients suffering from various chronic disorders. Japan currently represents a highly lucrative market in terms of spending, compared to the rest of the APAC nations.
Cerner Corporation, McKesson Corporation, DST Systems, Inc., Allscripts, 3M, and Perot Systems have been some of the key players that have led the global market in technology spending on revenue cycle management. A large number of the more prominent entities from this market are known to be located within the U.S.
Simpler Access of Healthcare IT System to Propel Technology Spending on Revenue Cycle Management Market Forward
The global technology spending on revenue cycle management market is predicted to be influenced by the numerous benefits offered by their implementation. It is capable of providing benefits like increased revenue generation, improved effectiveness in healthcare practices, greater accuracy, simpler access to healthcare IT systems, and easier adherence to industry regulations and standards. Nevertheless, global technology spending on revenue cycle management market is currently constrained by a number of issues. Such limitations comprise the incapability to manage uninsured pool of patients, increased pressure and the losses incurred as a result of regulatory changes, the reduced mobility of a structure in answer to changing market dynamics. All these elements cause overall concerns about the security and integrity of data.
Recent trends in the global technology spending on revenue cycle management market comprise a rising use of credit card programmes that can help and cover a larger proportion of a country's population. It can enable health organizations to access their medical information more quickly.
Demand for Centralized System for Managing all Patient Data to Boost Market
The requirement for a centralized method of managing all administrative and clinical functions across episodes of patient care has resulted in a global push for the technology spending on revenue cycle management market. This enables healthcare organizations to make better use of revenue generated by patient services, resulting in increased technology spend on revenue cycle management. Such improvements are found in the convergence of data from systems of medical billing, electronic health records (EHRs), and other diverse health information technology systems. This convergence is likely to fuel growth of the market. Furthermore, the growing need for convenient regulatory compliance is further likely to work in favor of the market in near future.
The industry is being supported by the implementation of technologies by healthcare companies to monitor sales targets. In addition, these solutions are likely to play an important part in the results of patient recovery. One way to do this, particularly in developing countries, is to increase payments of patients or to encourage providers to review claims of insurance in order to streamline reimbursement.
Global Technology Spending on Revenue Cycle Management: Overview
This report provides forecast and analysis of the technology spending on revenue cycle management at the global and regional levels. It provides historical data of 2015 along with forecast from 2016 to 2024 in terms of spending (US$ Mn). The report also includes macroeconomic indicators along with an outlook on technology spending on revenue cycle management. It includes drivers and restraints of revenue cycle management and impact in each region during the forecast period. The report also comprises the study of current issues with end users and opportunities for revenue cycle management vendors. It also includes the workflow process with a list of vendors and industry stakeholders.
In order to provide users of this report with a comprehensive view of the market, we have included detailed competitiveness analysis and company players with unique selling propositions. The dashboard provides a detailed comparison of revenue cycle management vendors on parameters such as collective market share and geographic concentration. The study encompasses market attractiveness analysis by platform, by solution, by deployment, by end users and by region.
Global Technology Spending on Revenue Cycle Management: Scope of the Study
The report includes revenue generated from sales of revenue cycle management solutions in all regions and important countries in these regions. By platform, the Technology spending on revenue cycle management has been segmented into integrated and stand-alone platforms. By solution, the Technology spending on revenue cycle management has been segmented into in-house and outsource. The in-house segment is further divided into hardware, software, and services. By deployment, the Technology spending is segmented into cloud-based and on-premise. On the basis of end users, the Technology spending on revenue cycle management is segmented into payers and providers. The payer segment is further divided into insurance companies, government, and others and the provider segment is further divided into hospitals, ambulatory surgical centers and clinics and others (DME companies, HME companies, and healthcare specialty processes). On the basis of region, the Technology spending is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
Data has been estimated based on the Technology spending on revenue cycle management solutions, and the revenue is derived through regional pricing trends. Technology spending and forecasts for each segment have been provided in the context of global and regional markets.
Global Technology Spending on Revenue Cycle Management: Research Methodology
The Technology spending on revenue cycle management has been analyzed based on expected demand. Prices considered for the calculation of revenue are regional average prices obtained through primary quotes from numerous vendors. All key end users have been considered, and potential applications have been estimated on the basis of secondary sources and feedback from primary respondents. Regional demand patterns have been taken into account while determining the Technology spending by various end users of revenue cycle management solutions in different regions. Top-down approach has been used to estimate the Technology spending on revenue cycle management by region. Market numbers for platform, solution and deployment segments have been derived using the bottom-up approach, which is cumulative of each region’s demand. The company-level share has been derived on the basis of revenues reported by key vendors. The market has been forecast based on constant currency rates.
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include press releases, company news, Google Books, company annual reports, white papers, Factiva, other websites, and publications.
The report provides detailed competitive and company profiles of some of the key participants operating in the global market. Some of the players in the revenue cycle management include McKesson Corporation, Cerner Corporation, Allscripts, Perot Systems (a NTT DATA company), CPSI, 3M, TriZetto Corporation, and DST Systems, Inc.
The market has been segmented as below:
Global Technology Spending on Revenue Cycle Management – By Platform
Global Technology Spending on Revenue Cycle Management – By Solution
Global Technology Spending on Revenue Cycle Management – By Deployment
Global Technology Spending on Revenue Cycle Management – By End Users
- Insurance Companies
- ASC’s and Clinics
Global Technology Spending on Revenue Cycle Management – By Region
- North America
- Rest of Europe
- Asia Pacific (APAC)
- New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- Saudi Arabia
- Rest of Middle East & Africa