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Patient Access Front end Revenue Cycle Management solutions Market Upcoming Trends and Business Opportunities till 2030

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Growing adoption of denials management is a key factor driving patient access/front-end RCM solutions market revenue growth

Patient Access Front end Revenue Cycle Management solutions Market Size – USD 1.53 Billion in 2021, Market Growth – at a CAGR of 8.6%, Market Trends – Increasing need to reduce healthcare expenses”
— Emergen Research

VANCOUVER, BC, CANADA, September 27, 2022 /EINPresswire.com/ -- 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, according to latest analysis by Emergen Research. 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.

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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.

The Global Patient Access Front end Revenue Cycle Management solutions Market report assesses the historical and current data along with a thorough analysis of the market dynamics. The report also sheds light on the significant market growth driving and restraining factors that are anticipated to influence the market growth through the forecast period. The Global Patient Access Front end Revenue Cycle Management solutions Market studies the market scenario to offer growth projections for the Patient Access Front end Revenue Cycle Management solutions industry for the forecast period of 2022-2030. The report focuses on potential growth opportunities and limitations the prominent players of the industry might face during the entirety of the forecast timeline.

Key market participants include

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.

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Some Key Highlights from the Report

The software segment is expected to register a significantly fast revenue growth rate over the forecast period due to rising demand for this software in the healthcare sector to reduce healthcare costs. Patient access software facilitates faster admissions by automating benefit checks, expediting prior authorization approvals, and determining insurance eligibility.

The healthcare service providers segment is expected to account for a significantly large revenue share over the forecast period due to rising adoption of patient access solutions in this sector. Use of automated real-time eligibility and assessment technologies can improve patient access in terms of ability and accuracy to assist an increasing number of patients, while also ensuring patients, which has a positive experience with healthcare organizations.

The Asia Pacific market is expected to register a significantly fast revenue growth rate during the forecast period due to rising development of the healthcare sector in countries across this region, especially in India, China, and Japan. China has made a significant progress in modernizing its healthcare system and providing Basic Medical Insurance (BMI) to its vast population, which creates high demand for patient access solutions in this country.

Emergen Research has segmented the global patient access /front-end RCM solutions market based on solution, component, end-use, and region:

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

End-Use Outlook (Revenue, USD Billion; 2019-2030)

Healthcare Service Providers

Healthcare IT Outsourcing Companies

Others

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Regional Overview:

The global Patient Access Front end Revenue Cycle Management solutions market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Patient Access Front end Revenue Cycle Management solutions market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.

Key Benefits of Buying the Global Patient Access Front end Revenue Cycle Management solutions Report:

Comprehensive analysis of the changing competitive landscape

Assists in decision making processes for the businesses along with detailed strategic planning methodologies

The report offers an 8-year forecast and assessment of the Global Patient Access Front end Revenue Cycle Management solutions Market

Helps in understanding the key product segments and their estimated growth rate

In-depth analysis of market drivers, restraints, trends, and opportunities

Comprehensive regional analysis of the Global Patient Access Front end Revenue Cycle Management solutions Market

Extensive profiling of the key stakeholders of the business sphere

Detailed analysis of the factors influencing the growth of the Global Patient Access Front end Revenue Cycle Management solutions Market

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Thank you for reading the research report. To get more information about the customized report and customization plan, kindly connect to us and we will provide you with the well-suited customized report.

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About Us:

At Emergen Research, we believe in advancing with technology. We are growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

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Eric Lee
Emergen Research
+91 90210 91709
sales@emergenresearch.com
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