“The Mid-Revenue Cycle Management/Clinical Documentation Improvement Market is Projected to Grow at a CAGR of 7.9%.”
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Top Key Players in this Market Report: are3M Company (US), Optum (US), Nuance (US), M*Modal (US), nThrive (US), Dolbey Systems (US), Streamline Health (US), Vitalware (US), Chartwise (US), Craneware (US), Epic Systems (US), Cerner (US), eZDI Inc. (US), Iodine Software (US), Flash Code (US), and TruCode (US).
The Report analyzes and aims at estimating the market size and future growth potential of the mid-revenue cycle management/clinical documentation improvement market for different segments such as product& service, end user, and region. The report also includes an in-depth competitive analysis of key players along with their company profiles, product offerings, recent developments, and key market strategies.
The mid-revenue cycle management/clinical documentation improvement market is expected 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. On the other hand, IT infrastructural constraints in developing countries, a scarcity of skilled IT professionals, and the risks associated with HCIT solutions in terms of data security & privacy may restrain the growth of this market to a certain extent.
“The solutions segment accounted for the largest share of the market.”
In 2017, solutions accounted for the largest share of the market. The large share of the solutions segment can be attributed to the benefits offered by mid-revenue cycle solutions when they are integrated with EHRs/EMRs, encoder systems, voice/text/speech recognition software, CDI, transcription systems, and other hospital information management systems. Moreover, these solutions also eliminate the duplication of administrative work of entering selected codes into each record. They also decrease the potential for data documentation, charge capture, and coding errors, and improve the overall mid-revenue cycle process.
“The healthcare providers segment is projected to witness the highest growth during the forecast period.”
The healthcare providers segment is projected to grow at the highest rate over the next five years. Growth in the mid-revenue cycle management solutions market for healthcare providers can be attributed to the significant demand for these solutions from healthcare providers for improving data accuracy in clinical documentation, maximizing hospital revenues by minimizing coding errors, and shortening the claims reimbursement cycle. Revenue losses due to medical billing and coding errors, declining reimbursement rates, and the need to reduce the rising healthcare cost are other key factors supporting the growth in the demand for these solutions.
“APAC is projected to witness the highest growth during the forecast period.”
The APAC region is projected to grow at the highest rate over the next five years. The improving healthcare infrastructure and the rising healthcare insurance coverage and medical tourism are supporting the growth of the mid-revenue cycle management solutions market in the APAC.
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This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by top players in the market. The report analyzes the global mid-revenue cycle management/clinical documentation improvement market by product & service, end user, and region.
- Product Development/Innovation: Detailed insights on upcoming trends and product launches in the market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various mid-revenue cycle management/clinical documentation improvement solutions across regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of growth strategies and products of leading players in the mid-revenue cycle management/clinical documentation improvement market.
Table of Contents in this Report:
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
2 Research Methodology
2.1 Research Approach
2.1.1 Secondary Data
184.108.40.206 Key Data From Secondary Sources
2.1.2 Primary Data
220.127.116.11 Breakdown of Primaries
18.104.22.168 Key Data From Primary Sources
22.214.171.124 Key Industry Insights
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Mid-Revenue Cycle Management Solutions Market Overview
4.2 North American Mid-Revenue Cycle Management Solutions Market
4.3 Mid-Revenue Cycle Management Solutions Market: Major Geographic Regions
4.4 Geographic Mix: Mid-Revenue Cycle Management Solutions Market
5 Market Overview
5.2 Market Dynamics
5.2.1 Key Market Drivers
126.96.36.199 Increasing Healthcare Expenditure
188.8.131.52 Loss of Revenue Due to Medical Billing and Coding Errors
184.108.40.206 Declining Reimbursements
220.127.116.11 Growing Need to Manage Increasing Unstructured Healthcare Data
5.2.2 Key Market Restraints
18.104.22.168 It Infrastructural Constraints in Developing Countries
5.2.3 Key Market Opportunities
22.214.171.124 Rising Use of NLP in Documentation
5.2.4 Key Market Challenges
126.96.36.199 Data Security Concerns
188.8.131.52 Reluctance to Switch From Conventional Methods
184.108.40.206 Scarcity of Skilled It Professionals
6 Industry Insights
6.2 Coding Guidelines
6.3 Trends in NLP-Enabled Documentation & Coding
7 Mid-Revenue Cycle Management/Clinical Documentation Improvement Market, By Product & Service
7.2.1 Clinical Documentation
220.127.116.11 Advantages of NLP-Enabled Documentation Over Manual Processes is Driving the Adoption of Clinical Documentation Solutions
7.2.2 Clinical Coding
18.104.22.168 NLP Solutions
22.214.171.124.1 NLP Coding Solutions to Dominate the Mid-Revenue Cycle Management Clinical Coding Solutions Market During the Forecast Period
126.96.36.199 Structural Input Solutions
188.8.131.52.1 Structured Input Solutions Help to Improve the Coding Process and Reduce the Coding Procedure Cost
7.2.3 Charge Capture
184.108.40.206 Rising Adoption of Smartphones Among Healthcare Professionals to Drive the Adoption of Charge Capture Solutions
7.2.4 Clinical Documentation Improvement
220.127.116.11 CDI Solutions to Witness the Highest Growth During the Forecast Period Primarily Due to A Decrease in DNFB and Increase in Coding Accuracy
7.2.5 Diagnosis-Related Grouping
18.104.22.168 DRG Solutions Improve Pricing and Reimbursement Accuracy
7.2.6 Pre-Bill Review
22.214.171.124 Declining Reimbursement Rates Have Triggered Awareness of the Pre-Bill Review Process
7.3 Consulting Services
7.3.1 Consulting Services to Witness the Highest Growth Rate in the Mid-Revenue Cycle Management Solutions Market From 2018 to 2023
8 Mid-Revenue Cycle Management/Clinical Documentation Improvement Market, By End User
8.2 Healthcare Providers
8.2.1 Inpatient Settings
126.96.36.199 Mid-Rcm Solutions Play an Integral Role in Inpatient Settings, Improving Quality and Growing Revenues—A Key Growth Driver
8.2.2 Outpatient Settings
188.8.131.52 Growing Preference for Outpatient Facilities to Reduce the Cost of Care to Drive Market Growth
8.3 Healthcare Payers
184.108.40.206 Advantages Such as the Increased Productivity and Profitability of Coding Operations are Driving the Adoption of Mid-Rcm Solutions By Healthcare Payers
9 Mid-Revenue Cycle Management/Clinical Documentation Improvement Market, By Region
9.2 North America
9.4 Asia Pacific
9.5 Rest of the World
10 Competitive Landscape
10.2 Market Leadership Analysis
10.3 Competitive Scenario
10.3.1 Agreements, Collaborations, & Partnerships
10.3.2 Product Launches and Enhancements
11 Company Profiles
(Business Overview, Products and Services Offered, Recent Developments, SWOT Analysis, MnM View)*
11.1 3M Company
11.2 Optum, Inc. (A Subsidiary of Unitedhealth Group, Inc.)
11.3 Nuance Communications, Inc.
11.5 Dolbey Systems
11.6 Nthrive, Inc.
11.7 Streamline Health Solutions, LLC
11.8 Vitalware, LLC.
11.9 Chartwise Medical Systems, Inc.
11.10 Iodine Software
*Details on Business Overview, Products and Services Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
11.11 Other Leading Players
11.11.2 EPIC Systems Corporation
11.11.3 Cerner Corporation
11.11.4 EZDI, Inc.
12.1 Insights of Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
12.4 Available Customizations
12.5 Related Reports
12.6 Author Details