MARKET OVERVIEW
Growing population and the consequent rise in demand for healthcare facilities along with claims to various medical reimbursements have rendered the medical bills to be highly error prone. Furthermore, various government related compliance requirements coupled with increased fraudulence screening are leading to the demands for a more robust solution. Automation in front desk activity and online payments for patients have reduced the number of claim denials. Automated solutions has also helped front desk staff, coders, providers and billers to increase productivity. These benefits are expected to stimulate the Healthcare RCM market.
MARKET SCOPE
The "Global Healthcare RCM Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the healthcare RCM market with detailed market segmentation by component, product, end user, deloyment and geography. The report provides key statistics on the market status of the leading healthcare RCM market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- The component segment includes hardware and software.
- Based on product, the market is segmented into on integrated, and standalone.
- Based on deployment, the market is classified as, on
- premise, and cloud based.
MARKET DYNAMICS
Drivers
- Regulatory mandated for adoption of EHR/EMR
- Government initiatives to boost adoption of RCM solutions
- Loss of revenue due to billing errors
- Process improvements in developing markets
- Growing consolidation among vendors for end-to-end solutions
- Rising demand for cloud-based RCM solutions and potential RCM markets for it vendors
Restraints
- High pricing and costly maintenance of RCM solutions
- Scarcity of skilled IT professionals
- IT infrastructural constraints in developing markets
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The healthcare RCM market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the healthcare RCM market in these regions.
IMPACT OF COVID-19 ON HEALTHCARE RCM MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities. Thus, healthcare IT have boosted its growth in this period to carry on the work safely, efficiently, and effectively.
MARKET PLAYERS
The report covers key developments in the healthcare RCM market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from healthcare RCM market are anticipated to lucrative growth opportunities in the future with the rising demand for healthcare RCM in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the healthcare RCM market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Change Healthcare
- Convergent Outsourcing, Inc.
- Dell
- drchrono Inc.
- GENERAL ELECTRIC COMPANY
- Leidos
- Navigant Consulting, Inc.
- nThrive, Inc.
- R1 RCM Inc.
- Xerox Corporation
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
