BACK-END REVENUE CYCLE MANAGEMENT MARKET GLOBAL FORECASTS UPTO 2018-2028
The healthcare revenue cycle includes multiple independent yet connected segments, starting from registration to claims management, that are separated by front-end and back-end components. As back-end revenue cycle management functions are critical in determining the organization output, many healthcare stakeholders are engaged in outsourcing the back-end revenue cycle management solutions to save resources in terms of time as well as money while improving the performance of revenue cycle.
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As the complexity of back-end revenue cycle has increased significantly on the back of an increased patient volume, process improvements, importance of denial management and declining reimbursement rates, demand for back-end revenue cycle management solutions will witness significant demand during the forecast period. However, high cost associated with deployment, integration, skilled IT professionals’ labor and data breach as well as cyber-security management are expected to impede the adoption rate of back-end revenue cycle management solutions, thereby restricting the growth of the back-end revenue cycle management market during the forecast period.
Back-end Revenue Cycle Management Market – Notable Development
nThrive, a leading provider of revenue cycle management services company featured its Patient-to-PaymentTM suite of solutions at the Healthcare Financial Management Association’s (HFMA) annual meeting, ANI 2017.
In February 2019, Ricoh USA, Inc., a Tokyo headquartered digital technology company announced the achievement of BLI PaceSetter award for the company’s work in the Healthcare space including Ricoh’s Magnetoencephalography, healthcare direct services and healthcare administrative solutions which includes revenue cycle management.
Some of the most prominent competitors operating in the competitive landscape of global back-end revenue cycle management market include –
The SSI Group
Allscripts Healthcare Solutions, Inc.
Conifer Health Solutions
GeBBs Healthcare Solutions
Back-end Revenue Cycle Management Market Dynamics
Cloud-based Delivery to Gain Popularity in Back-end Revenue Cycle Management Market
With the increasing adoption of back-end revenue cycle management in the healthcare organizations, preference for outsourcing the services is higher as compared to the integration of on-premise management solutions. While outsourcing the back-end revenue cycle management services requires the healthcare organizations to share their data with the third party, integration of cloud-based services is gaining momentum owing to the benefits such as flexibility, customization and affordability as compared to on-premise management services. Further, the accessibility of data from different locations for healthcare providers is another beneficial aspect associated with cloud-based services in the back-end revenue cycle management industry space. With the superior benefits, demand for cloud-based back-end revenue cycle management services is likely to gain popularity in the coming years.
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High Cost of Deployment to Impede Penetration of Back-end Revenue Cycle Management Services
While the adoption of automation technologies in the healthcare sector is aimed at relieving the work pressure at a good price point, the transformation from conventional approaches to automated ones involve greater challenges in actual implementation. Healthcare organizations are at much more vulnerability than that of other industry sectors owing to the crucial nature of patient data management. Although front-end and back-end revenue cycle management services are aimed at cutting the cost while enhancing the efficiency of the healthcare organizations, higher deployment cost of services are the major hurdle in the back-end revenue cycle management services landscape. As the funding constraints continue to hover around the ongoing healthcare modernization, higher deployment cost as well as expensive maintenance are likely to impede the growth of the back-end revenue cycle management market in the coming years.
Growing Investments toward Improving Healthcare Infrastructure to Fuel Back-end Revenue Cycle Management Market Growth
While developed countries are actively engaged in developing their healthcare infrastructure with the integration of advanced technologies to continue modernization of healthcare facilities, greater strides are underway in the developing economies to improve the status of overall healthcare accessibility and efficacy. Integration of healthcare IT solutions, Big data and automation is no more limited to developed economies. Developing countries are witnessing increased investment and government support to improve their hospital infrastructures and overall healthcare delivery output. With the greater penetration of advanced technologies in the healthcare sector, demand for back-end revenue cycle management services is likely to grow during the forecast period.
Back-end Revenue Cycle Management Market – Segmentation
Back-end revenue cycle management market is segmented based on delivery mode, product & service and by end-user.
Based on product & service, the market is segmented into,
Based on delivery mode, the back-end revenue cycle management market is segmented into,
On the basis of end-user, back-end revenue cycle management market is segmented into,
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