Technology Spending on Revenue Cycle Management Market : Global Forecast Over 2024
The global technology spending on revenue cycle management market features an increasingly competitive landscape. Transparency Market Research observes that the entry of several new companies in the market will up the ante for the incumbent players. Fast-paced regulatory framework in the healthcare industries has created new scope for these vendors to explore new revenue streams in the global technology spending on revenue cycle management market.
In 2015, a majority of share in the global technology spending on revenue cycle management market was held by three players. These companies are Optum Health, Inc., Cerner Corporation, and Allscripts. They have risen to prominence by leveraging the strengths of their distribution channels and engaging in long-term strategic tie-ups.
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The global market for technology spending on revenue cycle management was worth US$28.50 bn in 2015. Rising at CAGR of 6.9% during 2016–2024, the technology spending on revenue cycle management market will attain a worth of US$51.56 bn by the end of this period.
Based on various deployment types, cloud-based revenue cycle management will attract higher share of technology spending during the forecast period. The gains of lower up-front costs and increasing accessibility of cloud-based solutions underpins the popularity of the deployment model in the global technology spending on revenue cycle management market.
Regionally, North presently holds the majority of shares in the global technology spending on revenue cycle management market. However, Asia Pacific holds profound potential and is projected to clock the most attractive CAGR of 8.5% during 2016–2024.technology spending on revenue cycle management marketDeployment helps Healthcare Providers recoup Patient Service Revenues
Worldwide drive for technology spending on revenue cycle management market has stemmed from the need for a unified process for managing all clinical and administrative functions across patient care episodes. This helps healthcare organizations in a better utilization of patient service revenues, thereby propelling investments in technology spending on revenue cycle management. The gains garnered are reflected in the integration of data from electronic health record (EHR), medical billing systems, and various disparate health IT systems, thus boosting the market. Moreover, the intensifying need for hassle-free regulatory compliance has spurred technology spending on revenue cycle management market.
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Deployment of solutions by healthcare organizations for monitoring revenue goals is accentuating the technology spending on revenue cycle management market. Moreover, these solutions have been playing important role in patient recovery outcomes. One of the ways this is accomplished is by improving patient payments or enabling providers review insurance claims for streamlining reimbursement, especially in developing nations.
Advent of Cloud-Based Revenue Cycle Management Solutions opens New Avenues
However, the deployment of revenue cycle management solutions still suffers from the inherent complexity of the systems. In many cases, the adoption of these solutions to a disorderly insurance claims processing in some healthcare organizations has further befuddled the process. On the other hand, growing shifts of healthcare industries for value-based reimbursement is a notable factor bolstering technology spending on revenue cycle management systems. The strides in this direction are prominent in developing regions, notably in Asia Pacific.
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The technology spending on revenue cycle management market has gained momentum from the advent of cloud-based solutions to help healthcare providers derive maximum return on investment. Further, rising popularity of healthcare reforms on the lines of value-based care in various regions is creating lucrative frontiers in the global technology spending on revenue cycle management market. The application of cognitive computing solutions paves way for new avenues.
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