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(I-SoftwareNews.Com, March 26, 2021 ) The Back-end Revenue Cycle Management Market to estimate the current market size and exhaustive secondary research was done to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
According MarketsandMarkets™ Research – The report “Back-End Revenue Cycle Management Market by Product and Services (Claim Processing, Denial Management, Payment Integrity), Delivery Mode (On-Premise, Cloud Based), End-User (Payer, Provider (Inpatient, Outpatient)), and Region – Global Forecast“, is projected to reach USD 12.2 billion by 2027 from USD 8.6 billion in 2019, at a CAGR of 4.4%.
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 back-end revenue cycle management market.
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Growth Drivers in Depth:
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.
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. This is because of the differences in data communication standards, owing to which a number of information systems are unable to exchange data. Issues related to effective integration are thus a major challenge limiting the successful utilization of back-end revenue cycle management solutions.
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Geographical View in-detailed:
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.
Global Key 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 revenue cycle management market.
Mr. Aashish Mehra