Key players adopted growth strengthen their product portfolios and maintain a competitive position in the Back-end Revenue Cycle Management Market
The back-end revenue cycle management market is projected to reach USD 10.4 billion by 2023 from USD 8.1 billion in 2018, at a CAGR of 5.0%. 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 back-end revenue cycle management market. Also, growth opportunities in emerging markets, cloud-based solutions, artificial intelligence in health insurance, and rising adoptions of EHR’s may act as an important boosting factor for the exponential growth of back-end revenue cycle management market. On the other hand, 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 the key factors that are expected to restrain market growth to a certain extent during the forecast year.
The major players in the back-end revenue cycle management market include athenahealth (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), eClinicalWorks (US), Optum, Inc. (US), and McKesson Corporation (US). Analysis of the market developments between 2016 and 2018 revealed that several growth strategies such as product approvals, strategic acquisitions, and expansions along with partnerships & agreements were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the back-end revenue cycle management market.
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In 2017, athenahealth was among the key players in the back-end revenue cycle management market. The company focuses on partnerships and acquisitions to expand its business operations. The company also offers qualitative software tools by adopting advanced technologies. In line with this strategy, athenahealth acquired several healthcare information technology companies to enhance its capabilities and competency in the back-end revenue cycle management market. For instance, in 2017, athenahealth acquired Praxify Technologies, Inc., a Palo Alto-based company. The acquisition was aimed at advancing the company’s platform strategy and mobile capabilities to reduce workflow inefficiencies. Continuous focus on research & development and technological advancements of the current back-end revenue cycle management solutions have helped the company to maintain a strong leadership position in the market.
Cerner has a strong foothold in the back-end revenue cycle management market. The company caters to the healthcare technology and financial management needs of its global customers. Cerner focuses on research and development activities, deploying products, and acquisitions to enhance its market presence. For instance, in the past three years, the company deployed more than 15 back-end revenue cycle management solutions across various hospitals, care centers, and medical centers. The acquisition of Siemens Health Services in January 2015 further strengthened its back-end revenue cycle management portfolio.
In 2017, Allscripts Healthcare Solutions was one of the leading providers in the back-end revenue cycle management market. To maintain its leading position in the market, the company focuses on product deployments at several government and private institutes. For example, during 2016–2017, the company deployed its products at various healthcare organizations in the US, some of which include the Rothman Institute (US) and Baptist Health Care Corporation (US). In August 2018, Allscripts Payerpath received accreditations from the Healthcare Network Accreditation Program (HNAP) ensuring compliance with industry standards and HIPAA regulations.
Related Reports:
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 to 2023
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