The global healthcare revenue cycle management market is set to reach $100 billion by 2024, according to a Global Market Insights report.
Here are nine things to know:
1. As insurance transitions from fee-for-service to value-based healthcare, there is an increasing demand to decrease billing errors and implant big data analytics, which will spur the healthcare RCM market.
2. In 2015, the integrated solutions segment accounted for a large chunk of market revenue.
3. The cloud-based solutions sector captured more than 75 percent of the healthcare RCM market share in 2015, due to the increasing adoption of EHRs.
4. In the United States, a boost in funding and insurance coverage will likely lead to the market's growth in the coming years.
5. The German healthcare RCM market captured more than 20 percent of the European RCM market revenue in 2015, due to increased healthcare spending.
6. The Chinese market will likely see a 15 percent jump through 2024, because of an increase in IT skills and economic growth.
7. The Japanese market is expected to pass $6 billion by 2024, because of industry adoption of cloud systems.
8. In Brazil, the market is anticipated to grow at a compound annual growth rate of 13 percent through 2024. A rise in government and private investment in HIT as well as an increasing life expectancy will spur market growth.
9. Dominate players include:
• Cerner in North Kansas City, Mo.
• Athenahealth in Watertown, Mass.
• Allscripts in Chicago
• Siemens in Munich, Germany
• CareCloud in Miami
• GE Healthcare in Little Chalfont, U.K.
• McKesson in San Francisco
• Experian in Dublin, Ireland
• Quest Diagnostics in Madison, N.J.