Global Healthcare RCM Outsourcing Market by Manufacturers, Countries, Type and Application, Forecast to 2023 - MarketResearchNest.com

Global Healthcare RCM Outsourcing Market by Manufacturers, Countries, Type and Application, Forecast to 2023

Description :
Healthcare industry is undergoing a transition with increased competition among healthcare service providers. Currently, companies are more focused on providing quality care at lower price to their pa...

Publish Date : 12-Jul-2018

No.Of Pages : 134

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Healthcare industry is undergoing a transition with increased competition among healthcare service providers. Currently, companies are more focused on providing quality care at lower price to their patients. Increasing healthcare cost is an alarming concern in this industry. In order to achieve cost savings, the industry players have introduced significant innovations in non-clinical solutions such as simplified administrative costs. The administrative components comprise all the services that range from front-end to back-end services. The process starts from gathering information from patients, documentation record, submitting, analyzing, and eventually paying for medical bills. This whole spectrum of administrative services is considered as healthcare RCM. Revenue cycle management (RCM) is the fundamental process that enables a company to be paid for providing their services. For most healthcare providers, RCM includes everything from pre-registering a patient all the way through the final zero balance invoicing for a particular visit.

Scope of the Report:
This report studies the Healthcare RCM Outsourcing market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the Healthcare RCM Outsourcing market by product type and applications/end industries.
The market is driven by various end-users, such as small/rural hospitals, community hospitals, large hospitals and academic medical centers. As the downstream consumption usually follows with developed and rapid economic growth areas, such as BRICS, the developed areas' company prefers investing to underdevelopment regions these years.

Revenue management analytics is gaining traction in the healthcare industry due to its ability to align the activities and documentation of front-end physician practice managers and administrators and the back-end central billing office. Analytics is helping in delivering insightful results and streamlining operations as well as improving patient collections, workflows, and patient care.

In today's challenging circumstances, outsourcing the administrative functions to third-parties seem to be a reasonable solution. This will not only help physicians focus on their core task by freeing up their time and resources but will also improve their practice's revenue. Practices and hospitals that have outsourced their revenue cycle management function to third-party experts have experienced significant improvement in their collection rates, denial resolution efficiency, patient satisfaction rates, and revenue.

The market for Healthcare RCM Outsourcing is fragmented with players such as Conifer Health Solutions, nthrive (Medassets + Precyse), optum360, Change Healthcare(Emdeon), McKesson RelayHealth, Parallon(HCA), MedData(Cardon Outreach), MedAssist(Firstsource), The SSI Group, Availity, Accretive Health(R1 RCM Inc), GeBBS Healthcare, Cerner and so on.

The industry is expected to remain innovation-led, with frequent acquisitions and strategic alliances adopted as the key strategies by the players to increase their industry presence. Market stays in mature period with a clear concentration. Meanwhile, optimize product mix and further develop value-added capabilities to maximize margins. Manufacturers can take advantage of this situation by reinforcing their production units and supply-chains to avoid any delay in production turn-around-times (TAT) and supply-lead-times.

Significant and lasting barriers make entry into this market difficult. These barriers include, but are not limited to: (i) product development costs; (ii) capital requirements; (iii) intellectual property rights; (iv) regulatory requirement; and (v) Transitions' unfair methods of competition.

Despite the presence of competition problems, due to the global recovery trend is clear, investors are still optimistic about this area, the future will still have more new investment enter the field. Even so, the market is intensely competitive .The study group recommends the new entrants just having money but without technical advantage and upstream and downstream support do not to enter into this field.

The global Healthcare RCM Outsourcing market is valued at 11700 million USD in 2017 and is expected to reach 23000 million USD by the end of 2023, growing at a CAGR of 11.9% between 2017 and 2023.
The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions.
North America, especially The United States, will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Healthcare RCM Outsourcing.
Europe also play important roles in global market, with market size of xx million USD in 2017 and will be xx million USD in 2023, with a CAGR of xx%.

Market Segment by Companies, this report covers
Conifer Health Solutions
nthrive (Medassets + Precyse)
optum360
Change Healthcare (Emdeon)
McKesson RelayHealth
Parallon (HCA)
MedData (Cardon Outreach)
MedAssist (Firstsource)
The SSI Group
Availity
Accretive Health (R1 RCM Inc)
GeBBS Healthcare
Cerner

Market Segment by Regions, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Market Segment by Type, covers
Pre-intervention
Intervention
Post-intervention

Market Segment by Applications, can be divided into
Small/Rural Hospitals
Community Hospitals
Large Hospitals and Academic Medical Centers

SECONDARY RESEARCH

Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.

PRIMARY RESEARCH

Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.

MARKET ENGINEERING

The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.

EXPERT VALIDATION

The market engineered data is verified and validated by a number of experts, both in-house and external.

REPORT WRITING/ PRESENTATION

After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.

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