The Factors such as the growing importance of denials management, increasing patient volume, process improvements in healthcare organizations, and declining reimbursement rates are driving the growth of the market. However, the high cost of deployment, integration of back-end revenue cycle management solutions, data breaches and loss of confidentiality, and lack of skilled IT professionals in healthcare are expected to limit market growth to a certain extent in the coming years.
According MarketsandMarkets Research – The Back-end Revenue Cycle Management Market is projected to reach USD 10.4 billion, at a CAGR of 5.0%.
Market Dynamics:
Growing importance of denials management;
To reduce costs and maximize profits, insurance companies are increasingly denying claims as well as coverage to patients being treated for chronic or persistent illnesses. This is putting an extra burden on healthcare providers to manage operating costs, and in turn is supporting the adoption of back-end revenue cycle management solutions (with a growing number of healthcare providers focusing on properly analyzing denied claims and appealing them).
Many healthcare providers across the globe still use manual and paper-oriented approaches to manage denials. This results in errors, delayed follow-ups, and miscommunication between healthcare providers and insurance companies. The use of back-end revenue cycle management solutions over manual and paper-oriented approaches can not only help healthcare providers overcome these issues but also help them save significant costs.
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Services segment to dominate the back-end revenue cycle management market
By product & service, segmented into software and services. The services segment is expected to account for the largest share of the back-end RCM Market in 2018. The large share of this segment can be attributed to the recurring nature of services such as training and development, installation, software upgrades, consulting, and maintenance. However, due to the need for periodic software upgrades, the software segment is expected to witness the highest growth during the forecast period.
cloud-based systems to register the highest CAGR during the forecast period
On the basis of delivery mode, segmented into on-premise and cloud-based systems. The cloud-based segment is expected to register the highest CAGR of the back-end revenue cycle management market during the forecast period. Growth in this segment can be attributed to the comparatively lower capital expenses and operational costs incurred in this model, alongside its scalability, flexibility, and affordability.
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Geographically, the back-end revenue cycle management market is divided into North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to account for the largest share in 2018 owing to factors such as growing HCIT investments in the region and the presence of regulatory mandates. North America is followed by Europe and Asia. The market in Asia is relatively nascent; however, it is projected to be the fastest-growing market during the forecast period.
Athenahealth (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), eClinicalWorks (US), Optum, Inc. (US), McKesson Corporation (US), Conifer Health Solutions (US), GeBBs Healthcare Solutions (US), The SSI Group (US), GE Healthcare (US), nThrive (US), DST Systems (US), Cognizant Technology Solutions (US), and Quest Diagnostics (US) are the key players in the back-end revenue cycle management market.
According MarketsandMarkets™ Research – The Back-end Revenue Cycle Management Market is projected to reach USD 10.4 billion, at a CAGR of 5.0%.Major Revenue Cycle Management Market Dynamics:# Growing importance of denials management;To reduce costs and maximize profits, insurance companies are increasingly denying claims as well as coverage to patients being treated for chronic or persistent illnesses.
This is putting an extra burden on healthcare providers to manage operating costs, and in turn is supporting the adoption of back-end revenue cycle management solutions (with a growing number of healthcare providers focusing on properly analyzing denied claims and appealing them).Many healthcare providers across the globe still use manual and paper-oriented approaches to manage denials.
This results in errors, delayed follow-ups, and miscommunication between healthcare providers and insurance companies.
The use of back-end revenue cycle management solutions over manual and paper-oriented approaches can not only help healthcare providers overcome these issues but also help them save significant costs.
As a result, the demand for back-end revenue cycle management solutions is expected to increase among end users during the forecast period.Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=204439794Back-end Revenue Cycle Management Market Size Estimation;Both top-down and bottom-up approaches were used to estimate and validate the total size of the market.
These methods were also used extensively to estimate the size of various subsegments in the market.
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The Healthcare RCM Process is a complicated cycle, it follows an order and it flows in the way as mentioned below: RegistrationFinancial CounselingCharge CaptureUtilization ReviewMedical Record DocumentationClaims SubmissionThird Party Follow-upRejection ProcessingPayment PostingAppealsContract Management These are the processes included as a part of Healthcare Revenue Cycle Management Services.
They differ in their features based on the type of software that the Hospital or Clinic is using.
These are the organizations that not only provide Healthcare Revenue Cycle Software but also Healthcare RCM Solutions.
From providing Healthcare Revenue Cycle Analytics that include customized reporting of financial data, information management and providing key performance metrics, it is also ensured that intuitive data visualizations are present to get a better understanding of the reports by just rolling one’s eyes through the charts and graphs -- all just in a single glance.
Errors such as code flaws, inaccurate capturing of patient data, low quality of patient engagement and other factors are analysed using Healthcare Revenue Cycle Analysis softwares in order to get an overview of the situation and ensure that Healthcare Revenue Cycle Management Optimization is done correctly to leave no room for errors.
Also, in hindsight, Healthcare Revenue Cycle Management (RCM) Outsourcing does not account to being a better fit than Healthcare RCM Softwares.
