The significant role of effective back-end revenue cycle management is exceptional in healthcare which contributes in global back-end revenue cycle management market. As numerous regulatory initiatives combine with cost containment and current demand for faster billing cycles, healthcare providers are increasingly adopting back-end revenue cycle management. Back-end revenue cycle management refers to the steps that healthcare organizations should take to receive payment for services rendered. Historically viewed as a straightforward back-office function, revenue cycle management now touches every aspect of practice. The three main functions of back-end revenue cycle management include revenue generation, capturing revenue, and collection of revenue.
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Within traditional fee-for-service care delivery models, billing was characterized by the tasks and functions performed in the back office and was not often viewed as a shared responsibility between front office, back office, and clinical staff. Today, billing strategies have evolved and matured within provider organizations to reflect clinically driven revenue cycle management models. Using back-end revenue cycle management can aid healthcare insurers in overcoming the rising reimbursement complexities. Increasing patient volume, declining reimbursement rates, process enhancements in healthcare organizations, and the growing importance of denials management are further factors driving the back-end revenue cycle management market growth.
Currently, more and more health systems and hospitals seek to consolidate revenue cycle management vendors; one-stop-shop revenue cycle management solutions are becoming more attractive and widespread to numerous revenue cycle managers. Further, integrated back-end revenue cycle management has been gaining significant prominence among health systems and hospitals. Integrated back-end revenue cycle management reduces the risks concerning billings and significantly improves the revenue generation capabilities by streamlining back-end processes of practices. With its incorporation, health systems and hospitals can offer the patient with a single consistent touchpoint to reduce the communication lag, help reduce errors, and ultimately accelerate cash flow. Allscripts Healthcare Solutions, Inc., Cognizant Technology Solutions, GeBBs Healthcare Solutions, GE Healthcare, Quest Diagnostics, Optum, Inc., and McKesson Corporation are some of the global leaders in back-end revenue cycle management market.
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Current Market Trends Covered in the Report:
- Process Improvements in Healthcare Organizations
- Declining Reimbursement Rates
- Artificial Intelligence in Health Insurance
- Rising Adoption of Electronic Health Records
Global Back-End Revenue Cycle Management Market – Segmentation
Global Back-End Revenue Cycle Management Market by Delivery Mode
Global Back-End Revenue Cycle Management Market by Product & Service
Global Back-End Revenue Cycle Management Market –Region
- Rest of Europe
- Rest of Asia-Pacific
Rest of the World
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