The Global Patient Access Front end Revenue Cycle Management solutions Market Research Report provides a brief overview inclusive of the competitive landscape and key developments, policies, manufacturing costs, and processes. The report also provides the analysis of import/export, production and consumption ratio, supply and demand, cost, price, estimated revenue, and gross margins. The report further discusses in detail the driving factors influencing the growth of the market currently and in the coming years.
The global patient access/front-end Revenue Cycle Management (RCM) solutions market size was USD 1.53 Billion in 2021 and is expected to register a revenue CAGR of 8.6% during the forecast period. Growing adoption of denials management is a key factor driving market revenue growth.
Denial Management is a critical component of the health revenue cycle and essential for a healthy cash flow and effective revenue cycle management. When insurance companies decline a certain amount of submitted claims, healthcare institutions must need to prioritize root cause and denial avoidance to maintain a healthy revenue flow. Despite changes in payment methodologies, claim denials create significant income loss for healthcare providers. According to research on denial rates, out of USD 3 trillion in total claims submitted by healthcare organizations, USD 262 billion were refused, equating to over USD 5 million in denials per provider on average. Over half of denials are generally ignored by providers and up to 65% of rejected claims are never resubmitted. In addition, healthcare service providers are now giving more importance to denial management, which creates high demand for patient access solutions. Moreover, patient access solution addresses denials strategically with an analytics-driven approach that delves down into fundamental reasons, enhances revenue cycle efficiency and speed reimbursement, and improves overall revenue cycle performance.
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Segmental Analysis
The global Patient Access Front end Revenue Cycle Management Solutions market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the Patient Access Front end Revenue Cycle Management Solutions sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
Segments Covered in this report are:
Solution Outlook (Revenue, USD Billion; 2019-2030)
- Cloud-Based Solutions
- On-Premise Solutions
Component Outlook (Revenue, USD Billion; 2019-2030)
- Service
- Implementation Services
- Support Maintenance Services
- Training Education Services
- Software
- Eligibility Verification Software
- Payment Estimation Software
- Medical Necessity Management Software
- Claims Denial Appeal Management Software
- Precertification Authorization Software
- Claims Payment Assessment Processing Software
- Other Software
- Service
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Healthcare Service Providers
- Healthcare IT Outsourcing Companies
- Others
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Competitive Outlook:
The global Patient Access Front end Revenue Cycle Management Solutions market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Patient Access Front end Revenue Cycle Management Solutions market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers acquisitions, new product launches, and joint ventures.
Key Companies Profiled in the Report:
McKesson Corporation, Experian Plc, Conifer Health Solutions, LLC, Epic Systems Corporation, Patient Access Solutions Inc., AccessOne, Inc., Cognizant, The SSI Group, LLC, Exela Technologies, Inc., and Craneware, Inc
Additional information offered by the report:
Along with a complete overview of the global Patient Access Front end Revenue Cycle Management solutions market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
The report elaborates on the global Patient Access Front end Revenue Cycle Management solutions market size and share governed by the major geographies.
It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
It further presents a detailed description of the company profiles of the key market contenders.
Global Patient Access Front end Revenue Cycle Management Solutions Market Geographical Landscape - Synopsis:
The report closely studies the growth trajectory of the global Patient Access Front end Revenue Cycle Management Solutions market. It brings to light the global dominance of the leading regional segments, including North America, Asia Pacific, Europe, Latin America, and the Middle East Africa.
The study elaborates on the crucial information pertaining to the regional market share. It simultaneously focuses on the significant details about the growth patterns of each regional market.
Moreover, the report encases an exhaustive geographical study of the market, emphasizing the business growth prospects and market barriers for each of the key market regions.
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