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(Health-NewsWire.Net, July 27, 2021 ) 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.
According to the new market research 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" published by MarketsandMarkets™, the Back-End RCM Market is projected to reach USD 10.4 billion by 2023 from USD 8.1 billion in 2018, at a CAGR of 5.0%.
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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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.
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.
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Market Segmentation in Detailed:
Services segment to dominate the back-end revenue cycle management market.
By product & service, 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.
The cloud-based systems to register the highest CAGR during the forecast period
On the basis of delivery mode, 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.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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