Back-end Revenue Cycle Management is a management and collection of income received from the backend office. The back-end revenue cycle initiates following the providers have conducted a visit with the patients, coding responsibilities, and performing clinical documentation. Revenue cycle management staff works on various segments like medical billing, claims management, and the final financial responsibility of the patients and their collections.
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Back-end employees carry out various responsibilities related to the charge capturing. Charge capturing is the operation of translating physician time and services through the billable charges.
Healthcare organizations utilize charge masters that links clinical codes to a price. Nevertheless, insufficient clinical documentation can affect in the imprecise capturing of charge and leakage of the revenue. Various organizations have been continually hiring members in the staff to work on the charge capture issues charges rework. Healthcare revenue cycles are very complicated in the process of revenue management as it moves all over the organization.
COVID-19 scenario analysis:
With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Aside from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategy to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.
Technological progress, cost containment, and increased access will in the near future be an integral part of healthcare reforms. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, this segment’s growth will increase several folds over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduces the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis situation. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which will accelerate the back-end revenue cycle management market growth in the future.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:
The importance of denials management growth, the growing volume of patients, improvements in healthcare organization processes, and reimbursement rates are declining are the major factors propelling the back-end revenue cycle management market.
While trying to reduce the cost and getting maximum profits, insurance companies are opposing the claims and coverage given to the persistent and chronic illnesses suffering patients’ treatment. This is facing the healthcare sector to reduce the operating costs to minimal, which is encouraging them to use the back-end revenue cycle management solutions. Many healthcare facilities all over the world are using the traditional methods of pen and paper to manage their financial account. The calculational errors, miscommunication between the clients, insurance companies, and the healthcare facilities and delayed follow-ups, and are been solved by the use of the back end revenue cycle management solutions.
If the purchase cost of the back end revenue cycle management software prices are considered they are generally on the higher side and the update and maintenance are even higher. Additionally, there has been a lack of IT expertise when the healthcare facilities staff members are taken into consideration which makes it mandatory to train the employees to improve the efficiency of the employees as well as the software.
Key benefits of the report:
- This study presents the analytical depiction of the global Back-end Revenue Cycle Management industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Back-end Revenue Cycle Management market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global Back-end Revenue Cycle Management market analysis based on competitive intensity and how the competition will take shape in coming years.
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