North America Healthcare Revenue Cycle Management Market: Top 4 trends boosting the industry size through 2026
Ongoing healthcare investments in the U.S. and Canada are reshaping the North America healthcare revenue cycle management market. The rise in healthcare expenditure can be associated with the increase in chronic and genetic diseases. The U.S. National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP) reports that nearly six in ten adults in the country suffer from chronic conditions such as diabetes, cancer, or heart disease.
As healthcare providers aim to minimize human errors and improve healthcare outcomes, the adoption of revenue cycle management solutions is increasing. These solutions help improve decision making by enabling efficient data processing, management, and analysis.
As per reports, the North America healthcare revenue cycle management market size is set to exceed nearly US$48 billion by 2026. Following are some of the major trends augmenting the market share.
Wide adoption of both standalone and integrated solutions
Standalone healthcare revenue cycle management solutions held a market share of nearly US$2.6 billion in 2019 and are expected to experience a strong demand in the future. In addition to benefits such as payment collection optimization and claim settlement management, they help streamline financial data management and cut overall expenditure.
On the other hand, integrated healthcare revenue cycle management segment generated over US$20 billion in 2019 and will witness notable growth by 2026. Leading market players are constantly focusing designing advanced solutions for financial data management.
Cloud-based solutions to capture a significant market share
On-premise healthcare revenue cycle management solutions captured about 22% of the market share in 2019 and will experience wide adoption through 2026. They are highly preferred among healthcare providers owing to benefits such as low software ownership costs and less or no annual subscription fees.
Meanwhile, the adoption of cloud-based healthcare revenue cycle management solutions will grow at an 11.5% CAGR through 2026. These solutions serve as a cost-effective means for healthcare providers to analyze revenue cycle data such as charges, transactions, and accounts receivable.
Access sample pages of this report, “North America Healthcare Revenue Cycle Management Market Size By Function (Claims & Denial Management, Medical Coding & Billing, Eligibility Verification, Payment Remittance), By End-use (Hospitals, Physicians, Diagnostic & Ambulatory Surgical Centers), By Product (Integrated, Standalone), By Deployment (On-Premise, Cloud Based), Industry Analysis Report, Regional Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents (ToC) @
Increasing adoption among hospitals and physicians
The North America healthcare revenue cycle management industry size from hospitals was valued at US$7 billion in 2019 and it will grow substantially by 2026. This growth will be largely associated with the rising occurrence of numerous diseases and the subsequent rise in hospitalization rates.
The adoption of healthcare revenue cycle management solutions among physicians is anticipated to grow at a CAGR of 11% up to 2026. Physicians often face non-clinical issues such as financial pressure and administrative burden regarding revenue collection from patients which can be solved with help of efficient revenue cycle management tools.
Rising healthcare expenditure in Canada and the U.S.
The U.S. healthcare revenue cycle management market size was estimated to be worth US$20 billion in 2019 and it will record notable growth in the future. This growth can be mainly associated with the widespread occurrence of chronic problems including diabetes, cancer, and others.
Meanwhile, the market in Canada is likely to expand at a 10% CAGR through 2026, with constant expenditure in the healthcare sector. The growing number of healthcare providers in the country will certainly complement the regional outlook in the forthcoming years.
Financial data management is crucial for healthcare providers to proper efficient data exchange. As a result, the trend of health insurance in North America has been growing rapidly. Medical health policy providers such as Medicare and Medicaid are undertaking active initiatives to offer affordable solutions, which will positively impact the industry outlook.
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