Mid-Revenue Cycle Management/Clinical Documentation Improvement Market

3M (US), Optum (US), and Nuance (US) are the leading players in the Mid-Revenue Cycle Management /Clinical Documentation Improvement Market

The mid-revenue cycle management/clinical documentation improvement market is projected to reach USD 4.5 billion by 2023 from USD 3.1 billion in 2018, at a CAGR of 7.9%. Market growth is largely driven by the increasing utilization of mid-RCM solutions to reduce 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.

3M (US), Optum (US), and Nuance (US) are the leading players in the mid-revenue cycle management /clinical documentation improvement market. The companies are mainly focusing on agreements, collaborations, partnerships, product launches & enhancements, and acquisitions to maintain and enhance their presence in the market.

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3M held the leading position of the global mid-revenue cycle management/clinical documentation improvement market in 2017. The company offers integrated software and consulting services for clinical documentation improvement, computer-assisted coding, performance management, compliance, and ICD-10. 3M's healthcare data dictionary and terminology services help promote EHR accuracy and interoperability. The company also provides products, such as coding and reimbursement systems for hospitals and payer organizations; health record management software; financial management applications; risk analysis and resource management software; compliance software; home healthcare applications; and consulting & training services as well as inpatient and outpatient solutions to accelerate the auto-coding process with accuracy and compliance. The 3M Coding and Reimbursement System software is used by hospitals worldwide. The company has a strong geographical presence in over 38 countries across North America, Asia Pacific, Europe, and the Middle East & Africa. With a focus on solutions related to ease healthcare regulatory compliance, the company is likely to dominate the market in the coming years. The company also focuses on strategies, such as acquisitions to expand its offerings and customer base. For instance, in 2016, 3M acquired Semfinder (Switzerland). This acquisition helped strengthen the company’s position in the healthcare coding and analytic solutions market.

Optum was the second-largest player in the mid-revenue cycle management/clinical documentation improvement market in 2017. The company has maintained its leadership position in the market through its strong distribution network across North America, Europe, Asia Pacific, and the Rest of the World. The company operates through three major segments OptumHealth, OptumInsight, and OptumRx. OptumHealth provides health information & services and integrated care delivery products. OptumInsight is a health information, technology, services, and consulting company. The company provides software and information products, advisory consulting services, and business process outsourcing to hospitals, physicians, commercial health plans, government agencies, life science companies, and other organizations in the healthcare industry. The company’s leadership position is attributed to its focus on partnerships, collaborations, and acquisitions.

Related Reports:

Mid-Revenue Cycle Management/Clinical Documentation Improvement Market by Product & Service (Clinical Documentation, Clinical Coding (NLP, Structure Input), Charge Capture, CDI, DRG, Pre-Bill Review), End User, and Region - Global Forecast to 2023

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Mid-Revenue Cycle Management/Clinical Documentation Improvement Market Size,  Share & Growth Report
Report Code
HIT 6830
RI Published ON
1/2/2019
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