What is Back-End Revenue Cycle Management Market Scope?
Revenue Cycle Management (RCM) is the process of identifying, collecting, and managing the practice’s revenue from payers based on the services provided. In the healthcare sector, these facilities use to manage the administrative and clinical functions associated with claims processing, payment, and revenue generation. Back-end insurance eligibility verification is one of the most important, and time-consuming aspects of the healthcare revenue cycle. The American Hospital Association found that 43 percent of hospitals have spent more than USD 10,000 in the first quarter of 2016 to manage claim denials and 26 percent have invested over USD 26,000. This has created lucrative opportunities for the back-end revenue cycle management market.
The Back-End Revenue Cycle Management market study is being classified, by Application (Healthcare Payer and Healthcare Service Provider) and major geographies with country level break-up.
Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Back-End Revenue Cycle Management market throughout the predicted period.
Athenahealth (United States), GE Healthcare (United States), Cognizant Technology Solutions (United States), McKesson Corporation (United States), Cerner Corporation (United States), Conifer Health Solutions (United States), GeBBs Healthcare Solutions (United States), The SSI Group (United States), Allscripts Healthcare Solutions, Inc. (United States) and Optum, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are DST Systems (United States), Quest Diagnostics (United States), eClinicalWorks (United States) and nThrive (United States).
Analyst at AMA have segmented the market study of Global Back-End Revenue Cycle Management market by Type, Application and Region.
On the basis of geography, the market of Back-End Revenue Cycle Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In 2017, nThrive, a leading provider of RCM services featured its Patient-to-PaymentTM suite of solutions at the annual meeting of the Healthcare Financial Management Association (HFMA).
Regulation such as Health Insurance Portability and Accountability Act (HIPAA), Office of Inspector General (OIG), and ICD-10
Influencing Market Trend
- Synchronization of Data from EHR with an RCM System to Bridge the Gap between the Clinical and Financial Side of Patient Care
- Enhanced Profitability, Improved Financial Outcomes and, Improved Patient Satisfaction
- Increasing Complex Systems of Billing and Coding, Combined With Narrowing Submission Windows Demanded By Insurers
- Frequent Change in Healthcare Regulations and Reimbursement Models
- Decreasing Cost of Collections with Increased Automation, and Reduce Redundancies
- Growing Automation in Healthcare IT to Improve RCM Measures
- Integration of Software with EHRs
- Technological Developments such as Big Data Analytics and Health IT Solutions
- Outsourcing Cost and Security of Patient Health Information
- High Cost of Software Installation
- Selection of Professionally Trained Third Party Which Focuses Solely On Coding, Billing, and Submitting Claims
Key Target Audience
Back-end Revenue Cycle Management Service Providers, Software Developers and Integrators, Software & Service Providers, Healthcare Industries, Partners/Investors, End-Use Industry and Others
Customization available in this Study:
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