The adoption of revenue cycle management software and services in healthcare settings is driven by the need to increase net patient revenue, improve payment collection & billing efficiency, and recognise cash flow opportunities. From hospitals to independent physician clinics, the stress of enhancing the quality of patient care is increasing in parallel to the declining reimbursements and increasing risk-margin burdens. Since maximising the revenue cycle efficiency is a key focus area for medical organisations, adoption of healthcare revenue cycle management software is becoming vital.

According to a recent study published by Future Market Insights, the global market for healthcare revenue cycle management software is expected to reach a value of US$ 43.4 Bn by the end of 2022. Key findings from the report indicate that the global healthcare revenue cycle management software market will witness a robust growth during the forecast period, 2017-2022.

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By allowing an alignment of actual usage and resource expenditure, cloud-based deployment models enable hospitals and other medical organisations to control their spending through revenue cycle management software. In 2017, sales of healthcare revenue cycle management software accounted by cloud deployment contributed for over four-fifth share of global revenues. By the end of 2022, cloud deployment of healthcare revenue cycle management software is pegged to rake over US$ 38 Bn in global revenues.

The report also projects that North America will remain the largest market for healthcare revenue cycle management software. By the end of 2022, North America’s healthcare revenue cycle management software market will have soared at a robust pace, procuring nearly US$ 14 Bn value. Europe is also expected to be a lucrative region for adoption healthcare revenue cycle management software.

Towards the end of forecast period, Japan is anticipated to record the lowest growth in terms of sales of healthcare revenue cycle management software. Meanwhile, the adoption revenue cycle management solutions across the healthcare sector in Asia-Pacific excluding Japan (APEJ) region is anticipated to rake nearly US$ 6.5 Bn in revenues by 2022-end.

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The report has also profiled leading players in the global healthcare revenue cycle management software market. Companies namely, McKesson Corp., Cerner Corp., Quest Diagnostics, Inc., Epic Systems Corporation, Greenway Health, LLC, EMC Corp, Qsi Management Llc, CareCloud Corporation, athenahealth, Inc., and Allscripts Healthcare Solutions, Inc. are expected to remain active in expansion of healthcare revenue cycle management software market through 2022.

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