Press release
Mid-Revenue Cycle Management/Clinical Documentation Improvement Market to Register the Highest Growth Rate by Applications, and Future Forecast 2025
Clinical Documentation Improvement
In order to minimize healthcare costs, check the loss of revenue due to medical billing and coding errors, resolve issues raised by the decline in reimbursement rates, manage ever-increasing amounts of unstructured data, and maintain regulatory compliance, the use of mid-RCM solutions is increasing in healthcare organizations across the globe. However, the factors such as lack of IT infrastructure in developing countries, scarcity of skilled IT professionals, and the risks associated with HCIT solutions in terms of data security & privacy are hindering the growth of the market to some extent.
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Solutions Segment Dominate the Market in 2018
Based on product and service, mid-revenue cycle management/clinical documentation improvement market is segmented into solutions and consulting services. Solution segment commanded the largest share of the mid-revenue cycle management/clinical documentation improvement market in 2018, owing to the highly lucrative manner of improving revenue cycle productivity by eliminating coding errors allied with manual coding practices and help streamline the workflow surrounded by the healthcare organizations.
Healthcare Provider Spurs the Demand for Mid-Revenue Cycle Management/Clinical Documentation Improvement Solutions
Healthcare provider commanded the largest share of mid-revenue cycle management/clinical documentation improvement market in 2018. The growth of this segment is mainly attributed to rising demand of these solutions from healthcare providers for data accuracy in clinical documentation, minimizing coding errors to increase revenue, and shortening the claim reimbursement cycle.
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North America Dominates the Market, while Asia Pacific Leads the Growth
North America commanded the largest share of the mid-revenue cycle management/clinical documentation improvement market in 2018, owing to increasing demand for advanced computer-assisted coding systems and rend of decreasing reimbursement rates throughout the region. However, the Asia-Pacific region is projected to grow at a significant pace in the next few years, mainly due to the improving healthcare infrastructure and the rising healthcare insurance coverage and medical tourism.
Key questions answered in the report:
1 Who are the top competitors in this market and what strategies do they employ to gain shares?
2 What is driving the growth and which market segments have the most potential for revenue expansion over the forecast period?
3 What strategies should new companies looking to enter this market use to compete effectively?
4 What are the major drivers, restrains, challenges, and opportunities in the global mid-revenue cycle management/clinical documentation improvement market?
5 Who are the major players in various countries and what share of the market do they hold?
6 What are the geographical trends and high growth regions/ countries?
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Key Players in the Mid-Revenue Cycle Management/Clinical Documentation Improvement Market
The key players operating in the mid-revenue cycle management/clinical documentation improvement market are 3M Company, Nuance Communications, Inc., Iodine Software, ChartWise Medical Systems, Inc., Dolbey Systems, Inc., nThrive, Inc., Streamline Health Solutions, LLC, VitalWare, LLC., M*Modal, Optum, Inc., Craneware, Epic Systems Corporation, TruCode LLC, and Cerner Corporation.
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