Back-end Revenue Cycle Management Market – Growing Importance of Denials Management

PUNE, India, 2021-Aug-27 — /EPR Network/ —

The Key Growth Elements in Detailed?

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.

Worldwide Growth Opportunities in Terms of Revenue:

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%.

Services segment to dominate the Back-End RCM Market.

By product & service, segmented into software and services. The services segment is expected to account for the largest share of the revenue cycle management 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.

The cloud-based systems to register the highest CAGR during the forecast period

On the basis of delivery mode, the back-end RCM 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 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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Regional Growth, Development and Demand Analysis:

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.

Major Key Players Mentioned in the research report are:

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.

Athenahealth was among the key players in the back-end RCM Market. The company focuses on partnerships and acquisitions to expand its business operations. The company also offers qualitative software tools by adopting advanced technologies. In line with this strategy, athenahealth acquired several healthcare information technology companies to enhance its capabilities and competency in the back-end revenue cycle management market. For instance, in 2017, athenahealth acquired Praxify Technologies, Inc., a Palo Alto-based company. The acquisition was aimed at advancing the company’s platform strategy and mobile capabilities to reduce workflow inefficiencies. Continuous focus on research & development and technological advancements of the current back-end revenue cycle management solutions have helped the company to maintain a strong leadership position in the market.

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