Healthcare Information Systems Industry Expected to Grow at CAGR of 13.3% from 2023 to 2030 - Grand View Research, Inc.
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Organizational leaders have furthered their investments in revenue cycle management (RCM) following the onslaught of the COVID-19 pandemic. The outbreak expedited the demand for remote coding services, audit & compliance, payer connect, analytics and reporting. Revenue cycle leaders are poised to emphasize digitization strategy to provide seamless workflows. Automation of RCM and outsourcing of healthcare IT services will be pronounced to boost revenue.
The global revenue cycle management market size amassed USD 269.2 billion in 2022 and will expand at an 11.2% CAGR till 2030. The soaring number of insurance claim and denial management services will reinforce the need for robust RCM. In February 2023, Kaiser Family Foundation cited the CMS data suggesting that almost 17% of in-network claims were denied in 2021. Furthermore, integrated solutions will be sought to boost reimbursement policies, minimize costs and bolster productivity.
Industry dynamics that could bring a paradigm shift in the marketplace are delineated below:
Go through the table of content of Healthcare Information Systems Industry Data Book to get a better understanding of the Coverage & Scope of the study
North America healthcare information systems market share is expected to be pronounced on the heels of buoyant government policies and the presence of prominent players. According to the U.S. CMS, healthcare spending in the nation touched USD 4.3 trillion in 2021. In August 2022, the U.S. Department of Health and Human Services (HHS) announced an infusion of nearly USD 60 million to underscore the healthcare workforce and boost access to quality healthcare in rural communities. HIS will gain ground across hospitals, laboratories, and pharmacies to streamline workflow and enhance patient satisfaction, prompting industry leaders to infuse funds across the U.S. and Canada.
The competitive scenario alludes to a deluge of investments in organic and inorganic growth strategies, such as technological advancements, innovations, product offerings, R&D activities, mergers and acquisitions, partnerships and geographical expansion. The Philips Future Health Index 2023 revealed that healthcare leaders are emphasizing overcoming staffing shortages and investing in AI. Meanwhile, in November 2022, Altera Digital Health noted that Altera Patient Flow within the Sunrise EMR platform helped Singapore General Hospital know real-time bed status and integrate with RFID technology. Prominently, SingHealth extended Sunrise contract with Altera Digital Health in July 2022. Reportedly, Singapore's Integrated Health Information Systems (IHiS) will continue to use the Sunrise platform.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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