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(Health-NewsWire.Net, November 28, 2020 ) The study involved four major activities to estimate the current market size for back-end revenue cycle management. 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 Back-end Revenue Cycle Management Market is projected to reach USD 10.4 billion, at a CAGR of 5.0%
The Key Factors Who will Drives the Market Growth?
- Growing Importance of Denials Management
- Increasing Patient Volume
- Process Improvements in Healthcare Organizations
- Declining Reimbursement Rates
Major Market Opportunities:
- Emerging Countries
- Cloud-Based Solutions
- Artificial Intelligence in Health Insurance
- Rising Adoption of Electronic Health Records
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Market Segmentation in Depth:
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.
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Some 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 RCM Market.
McKesson is one of the major players in the 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).
Worldwide Geographical Segmentation in-detailed:
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.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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