Healthcare revenue cycle management market valuation to cross the much-coveted USD 100 billion mark by 2024, Germany poised to emerge as a lucrative revenue pocket
The medical sector is undergoing a series of interminable changes over the last few years. In consequence, healthcare revenue cycle management industry is set to witness a marked ascent pertaining to the rising need for timely bill reimbursements and insurance claims. Increased complexity in the medical coding process has led to the necessity of revenue cycle management solutions that help reduce billing errors.
Healthcare spending is projected to grow rapidly over the span of the next few years, which will lead to the government implementing cost-cutting measures such as reduction in bill reimbursements, which would have a positive impact on healthcare revenue cycle management market. The rise in the number of medical care providers adopting revenue cycle management practices will further augment the revenue scale of this industry.
U.S. Healthcare Revenue Cycle Management Market, By Product, 2017 & 2024 (USD Million)
The healthcare sector has been on a continually expanding spree across the globe, which has led to a surge in the implementation of revenue cycle management services across myriad geographies, particularly advanced economies such as Germany and the U.S. Indeed, a report by Global Market Insights, Inc., claims that Germany healthcare revenue cycle management market is anticipated to witness a CAGR of 11.3% over 2018-2024. The region is a vastly developed zone with extensive healthcare expenditure that has helped augment the regional industry.
Currently, as per estimates, Germany also plays host to an expanding geriatric population that is highly susceptible to chronic infections. This would help upsurge the number of hospital admissions, consequently leading to an expansion of the regional healthcare revenue cycle management market. That said, the nation is also remnant of technological advancements – the development of upgraded software in order to processing huge patient databases and their hefty adoption in Germany will also propel the regional healthcare revenue cycle management market over 2018-2024.
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The United States is also touted to be one of chief regional growth avenues for the global healthcare revenue cycle management market. The U.S. Patient Protection and Affordable Care Act signed in 2010 has enabled several changes in the medical sector, which has ensured compulsory medical insurance and increased Medicaid coverage in the U.S. This statute is expected to significantly propel U.S. healthcare revenue cycle management industry in the years to come. Not to mention, the region is also governed by a stringent regulatory landscape, coupled with the existence of strong market players that will help augment the regional industry trends.
The surging development in cloud computing industry has increased the necessity of cloud services in practically every industry, the healthcare sector bearing no exception. In fact, as per a reliable estimate, cloud based deployment held close to 76.4% of the overall industry valuation in the year 2017. The deployment model is claimed to accrue substantial popularity, given the surging usage of cloud-based software to ensure efficient data processing. Cloud based software, in the medical industry, are essentially deployed for analyzing revenue cycle data such as charges, accounts, and transaction receivables. In addition to such software being able to resolve problems and reduce errors, they also help deliver data security, that further helps expand the commercialization potential of the cloud-based healthcare revenue cycle management market.
Most of the prominent players in healthcare revenue cycle management market have been striving to bring forth an array of novel products to the mainstream to sustain their position. Say for example, last year, MedTek, one of the leading providers of coding, transcription, and billing services, brought to light, the Revenue Cycle Edge, a highly comprehensive solution for revenue cycle optimization. With this HRCM solution, the company generated a seamless workflow for the overall revenue cycle process for medical care leaders working toward greater efficiency at clinics, hospitals, specialty practices, and ambulatory surgery centers. Speaking of which, some of the other players accumulating a major share in healthcare revenue cycle management market include Athenahealth, CareCloud, Allscripts Healthcare Solutions, Experian, Cerner, Siemens Healthcare, GE Healthcare, Quest Diagnostics, and McKesson.
Author Name :Saipriya Iyer
Global dental practice management software market to witness a double-digit CAGR (11.6%) over 2018-2024, U.S. to be a major growth avenue
With the increased emphasis on customer satisfaction and operational efficiency, dental practice management software (DPMS) market stands as one of the most pivotal verticals of the healthcare industry. The business crossed a billion-dollar benchmark in 2017, with a large-scale adoption of the revolutionary tool by individual professionals as well as multi-purpose clinics. The fraternity is extensively characterized by swift innovations in technology focused on balancing the customer service aspect of dental practices and developing optimum treatment mix have. Booking appointments and scheduling, cancellation, reminders, billing and insurance management are some fundamental patient-centric elements of DPMS, with added features like easy access to patient records and dental images that make client servicing simpler for dentists. Further, the worldwide trend towards digitization and availability of cost-effective cloud based solutions have triggered the expansion of the dental practice management software market worldwide.
U.S. Dental Practice Management Software Market, By Component, 2013-2024, USD Million
Evolving lifestyle around the world has affected the general health of people and escalated the dental problems across varied demographics. Subsequently, the growing awareness regarding oral hygiene has boosted the dental industry and immensely promoted the dental practice management software market. A striking factor influencing the industry is the rising geriatric population which is experiencing oral disorders like gum disease, cavities, tooth decay and tooth loss more frequently. Statistics released by the World Health Organization indicate that the global population of people with aged 60 and above will virtually double from 900 million in 2015 to nearly 2 billion in 2050. As older people are more susceptible to dental problems, the projected increase of elderly population indicates a lucrative future for the dental practice management software industry.
The development of DPMS industry is continuously being supported by huge venture capital investments and technology-friendly initiatives by governments. Recently, a prominent dental practice management platform, iDentalSoft received considerable investment through a new round of funding led by FCA Venture Partners. iDentalSoft, formed in California, is a secure cloud-based DPMS platform that assists in improving clinical efficiency, streamline workflow and optimize production. It allows fast access to patient schedules, details, treatment plans, x-rays, billing and credit card payments among other tools, displaying the tremendous utility of DPMS in reducing the administrative workload of dentists.
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Investment activities of such nature have enabled the influx of innovations in the industry fueled by the government mandates, like the Health Information Technology for Economic and Clinical Health Act (HITECH Act) introduced by the U.S. The act encourages expansion of healthcare IT infrastructure and has subsequently helped the dental practice management software market in the U.S. Being one of the most technologically advanced country, the U.S. has been a vital base for startup companies that want to design DPMS products. Owing to the cutting-edge healthcare services provided in the country and increasing geriatric populace with dental ailments, the U.S. dental practice management software market dominated the overall industry accruing a revenue of USD 450.7 million in 2017.
Speaking of enhanced DPMS, it is necessary to consider its assistance in bearing the security aspect of a dental practice, as numerous government health agencies have specific legislations for data protection. For instance, Ontario’s Personal Health Information Protection Act requires data storage facilities to be locked with limited and authorized access using ID cards. As such, the latest services in the dental practice management software industry are generally cloud-based, where a physical server is not required to be present at the practice. A cloud server enables automatic data backup and protection, and its lifetime cost is considerably lower than a complete desktop system that requires timely maintenance with essential features to be added separately.
With the mounting pressure on businesses all over to adopt secure modes of information storage due to risk of data corruption and loss, integration of cloud services in DPMS reduces the legal obligations of dental practices and the high cost that comes with it. Not to mention the incredible upsurge in the use of smartphones has permitted patients a faster and easy mode to select their choice of clinic and browse treatments, book appointments and even review the practice post-treatment. The affluence of customers on the reputation of dental practices and the speed at which they expect the services has magnified the industry’s competitiveness, bolstering the cloud-based dental practice management software market.
All in all, the rapid progression in cloud technology, convenience of smart devices in the hands of patients and the shifting customer preference towards better service quality has endlessly changed the dentistry landscape. Key market contributors like Patterson Dental, Henry Schein, Carestream Dental, Bestosys, Open Dental Supply amongst others have established their presence with prolific DPMS products. Constant evolution of software capabilities combined with the awareness pertaining to their benefits in patient-care and servicing is expected to catapult the dental practice management software market with an anticipated 11.6% CAGR over 2018 to 2024.
Author Name : Pankaj Singh
Identity and access management market to accumulate sizable returns from the IT & telecom sector: North America to emerge as a lucrative investment ground over 2018-2024
A robust increase in the adoption of advanced technologies such as cloud computing and IoT will drive the identity and access management market in the upcoming years. IAM apparently makes businesses more agile, efficient and scalable, and also offers them considerable benefits such as reduced risk of data breaches, centralized access control, ensured regulatory compliance, improved user experience, and a significant reduction in IT costs. This has quite overtly led to a spurt in investments in IAM market from venture capitalists and enterprise organizations.
Japan Identity and Access Management (IAM) Market Size, By Solution, 2017 & 2024 (USD Million)
IAM industry has also received a considerable boost from robust investments in new artificial intelligence and machine learning solutions that are being undertaken for managing the rapid proliferation of identities and achieving least privileged access. For instance, recently Google established a collaboration with Facebook to develop their artificial intelligence to offer users a much better work experience.
Proliferation of workplace mobility is a major factor that would propel identity and access management market. Global acceptance of workplace mobility by businesses has empowered employees to work from anywhere, at any time and from any device. As per sources, by 2020, mobile workforce will reach to about 105.4 million people, that translates to roughly 72.3% of the total workforce in the U.S. On a global scale, the number is set to reach 1.87 billion by 2020, or 42.5% of the worldwide workforce. These statistics provide vital evidence to the fact that identity and access management market share is likely to soar in the years to come.
The Internet of Things has already redefined the concept of identity management. As IoT moves beyond consumer mainstream wearables and into massive enterprise deployments, IT teams are paying more attention towards securing access to the networks that connect to valuable products, including smart grid hardware, factory equipment, and more. IAM and privileged access management (PAM) demands are expected to become more complicated, with tougher obstacles and exponentially more endpoints. In consequence, the requirement of a strong IAM solution would become more commonplace, thereby augmenting the overall IAM industry.
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IT & telecom applications to drive the IAM market trends:
The rapidly escalating growth in the telecom & IT sector is certain to impel identity and access management market. As the IT & telecom industry works with a large user base, it is essential for the service providers to maintain the security of the sensitive user data. According to a survey by The Communications Fraud Control Association (CFCA), the telecommunications industry experienced $38.1 billion in fraudulent charges in 2016. As per CFCA, cyber fraudsters are seemingly working to develop new ways to siphon money from renowned, well-established organizations of various sectors.
The aforementioned survey results are a strong indicator of the fact that the IT sector will serve to be one of the most profitable growth avenues for IAM market. By implementing IAM solution business could be shielded by fraudsters and hackers, eventually saving billions in remuneration for organizations. According to Global Market Insights, Inc., identity and access management market size from IT and telecom applications was worth USD 1,420 million in 2017 and is expected to register a commendable growth rate over the ensuing years.
Unveiling North America IAM industry outlook:
North America is undoubtedly one of the most crucial regional generators for identity and access management market. In 2017, North America accounted for a mammoth 46% of the overall industry share, primarily on account of the changing workforce requirements and the surging adoption of cloud applications and BYOD. The U.S. the most dominant regional ground for North America IAM market, given that security is the foremost crucial parameter for the plethora of companies in the country.
North America IAM market has also received a considerable boost owing to the presence of a stringent regulatory landscape in the region. The continent is known to face periodic cybersecurity thefts – in 2017 alone, the average cost of a data breach was around USD 117,000 for SMEs and USD 1.3 million for large enterprises. On these grounds, the regional governments have undertaken stringent initiatives and invested extensively to come up with highly secure systems to protect user data, thereby propelling North America IAM industry share.
Some of the most prominent contenders in the global identity and access management market include IBM Corporation, SailPoint Technologies Holdings, Inc., Okta, Inc., Symantec, Gemalto, Crossmatch, Oracle, HID Global Corporation, CA Technologies, OneLogin, Inc., OpenText Corp., Ping Identity, ForgeRock, Net IQ, and Dell, Inc. These companies are often found conducting mergers and acquisitions to increase their business reach and expand their customer base. For instance, Marsh, a global leader in insurance broking and innovative risk management solutions, recently announced a collaboration with IBM Corp. to provide clients with a wider access to blockchain solution for ensuring proof of insurance.
IAM solutions have proven to be effective in reducing challenges faced by organizations with regard to security and privacy such as data loss, data leakage, insecure usage, and insider attacks. IAM also decreases burden on the IT departments due to its self-service functionality. Driven by the fact that IAM delivers secure ways for authentication, authorization, and management of users without compromising on convenience and usability, the global IAM market share is anticipated to grow at a CAGR of 10.4% over 2018-2024.
Author Name : Mateen Dalal