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(Health-NewsWire.Net, July 16, 2021 ) The increasing use of mid-RCM solutions to minimise healthcare costs, verify revenue loss due to medical billing and coding errors, address concerns posed by reimbursement rate declines, handle ever-increasing volumes of unstructured data, and maintain regulatory compliance is driving market growth. However, in developing countries, IT infrastructure constraints, a shortage of skilled IT professionals, and the risks associated with HCIT solutions in terms of data protection and privacy may limit the market's growth to some degree. The substantial demand for these solutions from healthcare providers for enhancing data quality in clinical reporting, optimising hospital revenues by reducing coding errors, and shortening the claims payment period is driving growth in the mid-revenue cycle management solutions market for healthcare providers. Other key factors driving demand for these solutions include revenue losses due to medical billing and coding mistakes, decreasing reimbursement rates, and the need to minimise rising healthcare costs. A large portion of the market was accounted for by North America. The introduction of ICD-10 coding standards has increased demand for advanced computer-assisted coding systems in the region. ICD-10's improved data provides more visibility into health conditions and care management, as well as better predictive modelling and, eventually, better health outcomes. The downward trend in reimbursement rates in the United States also helps this market grow.
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Key market players include 3M Company, Optum, Inc. (A Subsidiary of Unitedhealth Group, Inc.), Nuance Communications, Inc., M*Modal, Dolbey Systems, Nthrive, Inc, Streamline Health Solutions, LLC, Vitalware, LLC, Chartwise Medical Systems, Inc, Iodine Software.
The Mid Revenue Cycle Management Market size report has been categorized as below
By Product & Service
Solutions
Clinical documentation
Clinical coding
NLP solutions
Structure input solutions
Charge capture
Clinical documentation improvement
Diagnosis-related grouping
Pre-bill review
Consulting Services
By End User
Healthcare Providers
Inpatient settings
Outpatient settings
Healthcare Payers
By Region
North America
US
Canada
Mexico
Europe
Germany
France
Italy
UK
Rest of Europe
Asia Pacific
Japan
China
India
Australia
Rest of Asia Pacific
Rest of the World
South America
Middle East and Africa
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