Press release
Healthcare Revenue Cycle Management Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region | McKesson Corporation, 3M Health Information Systems, GE Healthcare
"The healthcare revenue cycle management market size has grown rapidly in recent years. It will grow from $60.08 billion in 2023 to $69.38 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to increasing healthcare expenditure, transition to value-based care models, regulatory compliance requirements, growing adoption of electronic health records (EHR) and emphasis on cost reduction and efficiency.
The healthcare revenue cycle management market size is expected to see rapid growth in the next few years. It will grow to $124.79 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to growing patient financial responsibility, scalable revenue cycle management solutions for mid-sized hospitals, value-based care models driving importance of RCM, partnerships between RCM and EHR providers for comprehensive solutions, payment processing enhancements in RCM systems. Major trends in the forecast period include automation and artificial intelligence (AI), shift towards value-based care reimbursement models, integration of RCM systems with telehealth platforms, data analytics, outsourcing and partnerships.
Market Overview -
Healthcare revenue cycle management is the process of overseeing financial transactions in the healthcare system, from patient registration to reimbursement, ensuring efficient billing, coding, and collections to optimize revenue. It involves a combination of services and technology solutions aimed at maximizing financial performance and compliance within healthcare organizations.
Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=14926&type=smp
Impact Of Electronic Health Records (EHR) On Healthcare Revenue Cycle Management
The growing adoption of electronic health records (EHR) is expected to propel the growth of the healthcare revenue cycle management market going forward. Electronic health records (EHR) are digital versions of patients' medical records, containing comprehensive health information accessible to authorized healthcare providers. Electronic health records (EHR) adoption is on the rise due to several factors, including the demand for improved access to patient care, its efficiency and effectiveness in healthcare delivery, and its ability to transfer information seamlessly. Electronic health records (EHR) streamline healthcare revenue cycle management by facilitating accurate documentation, efficient claim processing, and timely reimbursement for medical services rendered. For instance, according to the Office of the National Coordinator for Health Information Technology (ONC), a US-based government agency, as of 2021, nearly 4 in 5 office-based physicians (78%) and almost all non-federal acute care hospitals (96%) have adopted a certified electronic health record (EHR). Therefore, the growing adoption of electronic health records is driving the growth of the healthcare revenue cycle management market.
Competitive Landscape -
Major companies operating in the healthcare revenue cycle management market are McKesson Corporation, 3M Health Information Systems, GE Healthcare, Experian Health, Cerner Corporation, Epic Systems Corporation, Change Healthcare, R1 RCM Inc., Nuance Communications, Conifer Health Solutions, Allscripts Healthcare Solutions, Health Catalyst, Craneware, MEDHOST Inc., NextGen Healthcare, Greenway Health, MedeAnalytics, Source Medical, Patientco, Athenahealth Inc., eClinicalWorks, Optum, nThrive, Waystar, IBM Watson Health, Trizetto Provider Solutions, Quadax, Experity
Innovative Solutions Driving Growth In The Healthcare Revenue Cycle Management Market
Major companies operating in the healthcare revenue cycle management market are focused on developing innovative solutions, such as advanced revenue management platforms, to help providers improve financial performance, reduce administrative burden, and enhance the overall quality of patient care. Advanced revenue management platforms in healthcare refer to sophisticated software solutions designed to streamline and optimize the financial aspects of healthcare organizations, particularly in managing revenue cycles. For instance, in March 2022, FinThrive, a US-based healthcare company, launched its end-to-end revenue management platform. It offers seamless revenue management by providing flexibility, scalability, and visibility across the revenue cycle, ensuring accurate billing, compliance with regulations, and efficient financial performance. These platforms aim to optimize revenue opportunities, reduce administrative costs, improve efficiency, and enhance the overall financial health of organizations, particularly in industries like healthcare where managing revenue cycles is crucial for sustainability and success.
Browse Full Report @
https://www.thebusinessresearchcompany.com/report/healthcare-revenue-cycle-management-global-market-report
Key Segments -
The healthcare revenue cycle management market covered in this report is segmented -
1) By Component: Software, Service
2) By Deployment Mode: On-Premises, Cloud Or Web Based
3) By Function: Claims And Denial Management, Medical Coding And Billing Eligibility Verification, Payment Remittance, Other Functions
4) By End-Use: Hospitals, Laboratories, Physicians, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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Facebook: https://www.facebook.com/TheBusinessResearchCompany
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Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model "
Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps
The healthcare revenue cycle management market size is expected to see rapid growth in the next few years. It will grow to $124.79 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to growing patient financial responsibility, scalable revenue cycle management solutions for mid-sized hospitals, value-based care models driving importance of RCM, partnerships between RCM and EHR providers for comprehensive solutions, payment processing enhancements in RCM systems. Major trends in the forecast period include automation and artificial intelligence (AI), shift towards value-based care reimbursement models, integration of RCM systems with telehealth platforms, data analytics, outsourcing and partnerships.
Market Overview -
Healthcare revenue cycle management is the process of overseeing financial transactions in the healthcare system, from patient registration to reimbursement, ensuring efficient billing, coding, and collections to optimize revenue. It involves a combination of services and technology solutions aimed at maximizing financial performance and compliance within healthcare organizations.
Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=14926&type=smp
Impact Of Electronic Health Records (EHR) On Healthcare Revenue Cycle Management
The growing adoption of electronic health records (EHR) is expected to propel the growth of the healthcare revenue cycle management market going forward. Electronic health records (EHR) are digital versions of patients' medical records, containing comprehensive health information accessible to authorized healthcare providers. Electronic health records (EHR) adoption is on the rise due to several factors, including the demand for improved access to patient care, its efficiency and effectiveness in healthcare delivery, and its ability to transfer information seamlessly. Electronic health records (EHR) streamline healthcare revenue cycle management by facilitating accurate documentation, efficient claim processing, and timely reimbursement for medical services rendered. For instance, according to the Office of the National Coordinator for Health Information Technology (ONC), a US-based government agency, as of 2021, nearly 4 in 5 office-based physicians (78%) and almost all non-federal acute care hospitals (96%) have adopted a certified electronic health record (EHR). Therefore, the growing adoption of electronic health records is driving the growth of the healthcare revenue cycle management market.
Competitive Landscape -
Major companies operating in the healthcare revenue cycle management market are McKesson Corporation, 3M Health Information Systems, GE Healthcare, Experian Health, Cerner Corporation, Epic Systems Corporation, Change Healthcare, R1 RCM Inc., Nuance Communications, Conifer Health Solutions, Allscripts Healthcare Solutions, Health Catalyst, Craneware, MEDHOST Inc., NextGen Healthcare, Greenway Health, MedeAnalytics, Source Medical, Patientco, Athenahealth Inc., eClinicalWorks, Optum, nThrive, Waystar, IBM Watson Health, Trizetto Provider Solutions, Quadax, Experity
Innovative Solutions Driving Growth In The Healthcare Revenue Cycle Management Market
Major companies operating in the healthcare revenue cycle management market are focused on developing innovative solutions, such as advanced revenue management platforms, to help providers improve financial performance, reduce administrative burden, and enhance the overall quality of patient care. Advanced revenue management platforms in healthcare refer to sophisticated software solutions designed to streamline and optimize the financial aspects of healthcare organizations, particularly in managing revenue cycles. For instance, in March 2022, FinThrive, a US-based healthcare company, launched its end-to-end revenue management platform. It offers seamless revenue management by providing flexibility, scalability, and visibility across the revenue cycle, ensuring accurate billing, compliance with regulations, and efficient financial performance. These platforms aim to optimize revenue opportunities, reduce administrative costs, improve efficiency, and enhance the overall financial health of organizations, particularly in industries like healthcare where managing revenue cycles is crucial for sustainability and success.
Browse Full Report @
https://www.thebusinessresearchcompany.com/report/healthcare-revenue-cycle-management-global-market-report
Key Segments -
The healthcare revenue cycle management market covered in this report is segmented -
1) By Component: Software, Service
2) By Deployment Mode: On-Premises, Cloud Or Web Based
3) By Function: Claims And Denial Management, Medical Coding And Billing Eligibility Verification, Payment Remittance, Other Functions
4) By End-Use: Hospitals, Laboratories, Physicians, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model "
Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps
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