Back-end Revenue Cycle Management Market Worth $10.4 billion – Insights and In Depth Analysis of Industry Segments and Key Players

Major Growth Boosting Factors: 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.

Revenue Growth Opportunities: The Back-end Revenue Cycle Management Market is projected to reach USD 10.4 billion by 2023 from USD 8.1 billion in 2018, 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. 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: www.marketsandmarkets.com/requestsampleNew.asp?id=204439794

By product & service;

The back-end revenue cycle management market is 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.

On the basis of delivery mode;

The back-end revenue cycle management market is segmented into on-premise and cloud-based systems. The cloud-based segment is expected to register the highest CAGR of the Back-End RCM 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.

Download PDF Brochure: www.marketsandmarkets.com/pdfdownloadNew.asp?id=204439794

Geographical Scenario:

The Back-End RCM 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.

Global Leaders:

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 RCM Market.

McKesson is one of the major players in the back-end revenue cycle management market. To sustain its leading position in the market, the company focuses on deploying products in various hospitals and institutes. In line with this, during 2016–2017, the company deployed its products at various healthcare organizations in the US, some of which include Oregon Advanced Imaging (US), Emergency Recovery (US), and the Orthopedic Institute of Wisconsin (OIW) (US).

Leave a Reply

Your email address will not be published. Required fields are marked *