The Back-end Revenue Cycle Management Market is projected to reach USD 10.4 billion, at a CAGR of 5.0%
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.
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The research report segments the Back-end Revenue Cycle Management Market based on product & service, delivery mode, software type, end users, and regions.
By product & service, the services segment is expected grow at the highest rate during the forecast period
On the basis of product & service, the market is segmented into software and services. The services segment is estimated to witness the highest CAGR during 2018–2023. The high growth of this segment is primarily due to the recurring nature of services such as training and development, installation, software upgrades, consulting, and maintenance.
Integration of back-end revenue cycle management solutions
The information-intensive nature of data in the healthcare industry has highlighted a need for integration at all levels to ensure that data is collated and compiled into a single exhaustive and accurate patient record. This also applies to back-end revenue cycle management solutions due to the need to maintain end-to-end records—from registration and appointment scheduling to final payment. However, integrating a new back-end revenue cycle management solution with a healthcare organization’s legacy information management systems is a difficult task for market players.
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North America is expected to hold a significant share in the back-end revenue cycle management market during the forecast period
Geographically, the North American market is expected to account for the largest share of the market in 2018. The large share of North America in the market can be attributed to factors such as growing HCIT investments in the region, the presence of regulatory mandates supporting market growth in the US, and increasing digitalization and favorable funding initiatives by the Canadian government.
Key Market Players
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 market.