PUBLISHER: The Business Research Company | PRODUCT CODE: 1464150
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464150
Patient access/front-end revenue cycle management (RCM) Solutions encompass a robust suite of tools and services designed to enhance the patient experience and optimize revenue cycle management for healthcare providers. Tailored to address the patient access process, these solutions streamline a range of front-end procedures including registration, eligibility verification, insurance validation, pre-authorization, and patient financial counseling. By improving efficiency and effectiveness in these critical areas, these solutions play a pivotal role in facilitating smoother operations and achieving improved financial outcomes for healthcare organizations.
The primary products and services of patient access/front-end revenue cycle management (RCM) solutions encompass both services and software offerings. Services typically encompass a range of functions, features, and support provided by RCM solution providers to healthcare organizations. These services can include implementation, training, ongoing support, and consulting. Deployment options for these solutions may include on-premise solutions as well as web and cloud-based solutions, offering flexibility in how healthcare organizations access and utilize the technology. Patient access/front-end RCM solutions are utilized by Healthcare Information Technology (HCIT) outsourcing companies as well as healthcare providers to streamline operations and improve revenue cycle management processes.
The patient access /front-end RCM solutions market research report is one of a series of new reports from The Business Research Company that provides patient access /front-end RCM solutions market statistics, including patient access /front-end RCM solutions industry global market size, regional shares, competitors with patient access /front-end RCM solutions market share, detailed patient access /front-end RCM solutions market segments, market trends, and opportunities, and any further data you may need to thrive in the patient access /front-end RCM solutions industry. This patient access /front-end RCM solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The patient access /front-end RCM solutions market size has grown rapidly in recent years. It will grow from $2.26 billion in 2023 to $2.52 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to rising demand for patient access services, growing adoption of denials management, increasing demand for standardizing patient data, high demand for patient access/front-end RCM solutions in the medical sector.
The patient access /front-end RCM solutions market size is expected to see rapid growth in the next few years. It will grow to $3.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to increasing demand for web and cloud-based solutions, rising demand for training, education, medical necessity, and pre-certification services, growing focus on integration platform as a service (IPAAS), increasing healthcare expenditure, and rising healthcare awareness, Major trends in the forecast period include growing importance of denials management to drive the market, increasing adoption of connected healthcare ecosystems, high deployment costs of patient access solutions, increasing adoption of patient access solutions in the healthcare industry, and changing demographics impacting the market.
The anticipated rise in patient engagement is set to drive substantial growth within the patient access/front-end revenue cycle management (RCM) solutions market in the coming years. Patient engagement involves active collaboration between patients and healthcare providers, aiming to enhance the healthcare experience, improve outcomes, and empower patients. Efficient data collection at the front end of the revenue cycle minimizes billing errors, reduces claim denials, and decreases the need for costly corrections, thereby enhancing RCM processes' effectiveness. For instance, according to Xtelligent Healthcare Media in November 2022, a significant proportion of patients expressed a desire for improved engagement, indicating a strong impetus behind the growth of patient access/front-end RCM solutions.
Key players in the patient access/front-end RCM solutions market are leveraging innovative technologies, such as Enabled Solutions, to enhance revenue cycle outcomes. These solutions utilize advanced technological tools and robust cybersecurity measures to optimize revenue cycle management processes and safeguard sensitive financial and patient data. For example, Omega Healthcare launched the Omega Digital Platform (ODP) in October 2023, offering end-to-end RCM solutions incorporating artificial intelligence, robotic process automation, machine learning, bots, and natural language processing. This comprehensive platform streamlines workflows, reduces administrative burdens, and enhances financial performance, allowing clients to reallocate resources, improve patient and employee satisfaction, and achieve better financial outcomes.
In February 2022, Clearlake Capital Group L.P. completed the acquisition of Pelitas, reinforcing nThrive's commitment to enhancing support for the healthcare community. This strategic acquisition aims to enhance revenue assurance, streamline revenue staff efficiency, and alleviate administrative burdens, enabling providers to focus on delivering high-quality care and improving patient outcomes. Pelitas specializes in providing healthcare patient access, digital patient intake, and front-end RCM software solutions, further strengthening nThrive's offerings in this space.
Major companies operating in the patient access /front-end rcm solutions market report are McKesson Corporation, Optum Inc, Genentech Inc (Roche), Qway Healthcare Inc., 3M Company, Cognizant Technology Solutions Corporation, Experian PLC, Cerner Corporation, Cerner Corporation, Epic Systems Corporation, Conduent Inc, PATIENT ACCESS SOLUTIONS, INC., Conifer Health Solutions, Exela Technologies Inc, VIRTUSA CORPORATION, Waystar, Availity LLC, Craneware Inc., Allscripts Healthcare Solutions Inc., Kareo Inc, The SSI Group LLC, AccuReg Software, KYRUUS, HEALTHASYST, ACCESS ONE INC., Clearwave Inc, PLEXIS HEALTHCARE SYSTEMS, VEE TECHNOLOGIES, Cirius Group Inc., FINTHRIVE
North America was the largest region in the patient access /front-end RCM solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the patient access /front-end rcm solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the patient access /front-end rcm solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The patient access /front-end RCM solutions market includes revenues earned by entities by providing appointment scheduling, patient registration, insurance verification, authorization and eligibility checks. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The Patient Access /Front-end RCM Solutions market consists of sales of appointment scheduling software, patient registration systems, insurance verification platforms, authorization and eligibility checking software. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Patient Access /Front-end RCM Solutions Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on patient access /front-end RCM solutions market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for patient access /front-end RCM solutions ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The patient access /front-end RCM solutions market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.