Global Back End Revenue Cycle Management Market is estimated to value over USD 10.95 billion by 2026 end and register a CAGR of over 4.8% during the forecast period 2019 to 2026.
Shifts in digital technology have changed the way consumers interact with the industry. These developments allow for increased transparency, particularly when providing aid in the streamlining of a patient’s economic experience. Such factors give way for efficiency and clarity for the hospital settings and finance teams. Implementing solutions into the revenue system can provide aid in generating claims with more clarity, while also facilitating growing patient expectations concerning price transparency and convenience, thus assisting in the expansion of the global back end revenue cycle management market size.
With technology-related solutions making an entry into the market, there are now establishments that facilitate a more consumer-driven approach to revenue cycle management. This, in turn, places emphasis on tasks that are more human-centric, such as interacting directly with patients. It is worth noting that though certain healthcare frameworks may already provide Al-powered solutions to automate specific front-end revenue cycle processes, they strategies may not be optimized in a way which lends aid in facilitating an improved patient experience. In such cases, when solutions have a fault in the point of integration, hospitals and other healthcare frameworks alike, have reduced chances of maximizing the scope of these investments. Integrated automation solutions can establish claims with increased clarity, increased efficiency in patient experience and improve the quality and value of patient access service with the team members.
The company which is registered to propel in the back end revenue management market is Conifer Health Solutions (US). This company has implemented innovations in their technology which allows for healthcare systems to be consistent with the needs of consumers, along with delivering more patient-centric amenities.
While Conifer has made many inroads in the integration of tools, there is also a strong emphasis on a human level of technology. For this, they have launched a training program known as “Serve for Better” that lends support concerning the positive impact on teams on the overall patient experience. This particular program serves as a guide on how to deliver positive daily experiences and aids in the mission of improving patient experiences. Moreover, the program has designed scripting that is patient-friendly and makes efforts in promoting empathy and appoints teams to form a connection with patients. All these measures are undertaken to provide a world class experience in terms of connection, empathy and quality with teams to upgrade patient satisfaction.
Other such company which is expected to see a boost in the back end revenue management market is eClinicalWorks (US). This is because the company maximizes technology advancements and have undertaken necessary steps to implement efficient workflows and processes. The revenue cycle management of this company offers services by allowing the staff of efficient billers to manage back-office tasks. All of this is carried out with direct communication of the eClinicalWorks application. The dashboards provide users with clarity and transparency into the procedure and also gives much visibility into the practice’s economic performance in the real time.
Some key players who have dominated this market include Cerner Corporation (US), McKesson Corporation (US), GE Healthcare (US), SSI Group (US), Allscripts Healthcare Solutions, Inc. (US), nThrive (US), athenahealth (US), Optum, Inc. (US), GeBBs Healthcare Solutions (US), Conifer Health Solutions (US) and eClinicalWorks (US)
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Global Back-End Revenue Cycle Management Market Segmentation:
By Product & Service
• Services
• Software
By Delivery Mode
• On-Premise Delivery Mode
• Cloud-Based Delivery Mode
By End User
• Healthcare Payers
• Healthcare Providers
By Region
• North America
• Europe
• Asia Pacific
• Rest of the World
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FutureWise Key Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the back-end revenue cycle management market by product & service, by delivery mode, by end user and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific and the rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
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