According to the market research insights, Global Healthcare Revenue Cycle Management Market is expected to reach over USD 100 billion by 2024, at a lucrative CAGR of 11.8 percent. The market is mainly driven by technological advancements in healthcare revenue cycle management solutions, and augmenting healthcare expenditures in developed and developing nations. Moreover, folks living in developed economies like the U.S. and Germany are well aware of the reimbursement available for the treatment of various diseases.
Improvement in Healthcare Revenue Cycle Management (HRCM) solutions has allowed efficient data management of large revenue generated from healthcare services that will boost the industry growth. However, rising numbers of geriatric population in developing countries are susceptible to chronic diseases that will surge the number of hospital admissions. Besides, the lack of trained professionals may hold back HRCM market growth throughout the projected timeframe. In the year 2017, Claims and denial management segment held the largest revenue of USD 13.9 billion and is predicted to lead again with robust growth in the coming years. Meanwhile, Medical coding and billing segment, which was accounted for significant revenue share in 2017, also expected to show 11.3 percent CAGR over the coming years. The segment growth is mainly relying on rising cases of insurance issues pertaining to a misunderstanding of medical documents. Though, high adoption of coding and billing procedures in hospitals will further surge demand for these services thereby stimulating business growth.
On the basis of geography, North America Healthcare Revenue Cycle Management Market led the global market in the year 2017, with 40 percent revenue share. Now the market in this region is also estimated to show a similar trend in the coming years, wherein high growth is attributed to significant changes in laws, which have largely affected the finances, organization, and delivery of healthcare services. Additionally, a growing number of hospitalizations in the region will also foster the Healthcare Revenue Cycle Management Market during the projected period.