The global healthcare revenue cycle management market will likely exceed $100 billion by 2024, according to a Global Market Insights report.
Here are 10 observations:
1. The U.S. healthcare RCM market is set to reach $38 billion by 2024.
2. The transition to value-based care, a focus on reducing billing errors and the implementation of big data analytics will spur U.S. market growth.
3. The integrated solutions segment dominated the U.S. market in terms of revenue in 2015, because of improved operational capabilities and streamlined financial and clinical systems with emphasis on costs, treatments and outcomes.
4. The U.S. healthcare RCM market services will likely be the dominant segment over the forecast period.
5. In 2015, cloud-based solutions accounted for more than 75 percent of the U.S. market, due to the increasing adoption of EHRs.
6. In 2015, the Germany healthcare RCM market captured more than 20 percent of the European revenue. This was due to increasing healthcare spending as well as the introduction of big data analytics and business digitalization.
7. The Brazil healthcare RCM market will likely grow at a compound annual growth rate of 13 percent through 2024, due to an investment boost in healthcare information technology as well as rising life expectancy.
8. The China healthcare RCM market will see a 15 percent CAGR through 2024, because of an increase in IT skills and health insurance.
9. By 2024, the Japan healthcare RCM market will likely exceed $6 billion, because of adoption of cloud systems.
10. Key market vendors include:
• Cerner in North Kansas City, Mo.
• Athenahealth in Watertown, Mass.
• Allscripts in Chicago
• Siemens in Chicago
• CareCloud in Miami
• GE Healthcare in Little Chalfont, United Kingdom
• McKesson in San Francisco
• Experian in Dublin, Ireland
• Quest Diagnostics in Madison, N.J.