According to FutureWise analysis the market for back-end revenue cycle management in 2023 is US$ 10.4 billion, and is expected to reach US$ 15.62 billion by 2031 at a CAGR of 5.20%.
The back-end revenue cycle management market growth can be credited to the emphasis placed on denials management, increasing patient population, procedural improvements in healthcare organizations, and sharp reduction in reimbursement. However, some aspects that could be potentially detrimental to the growth include the exorbitant cost of deployment, assimilation of back-end revenue cycle management strategies, a breach in data and lack of confidentiality, as well as a scarcity of efficient IT professionals in the healthcare sector.
FutureWise Market analysis predicts that the services segment is registered to grow substantially over the forecast period. The potential market value of this segment can be linked to the nature and dynamics of services such as development and training, upgrades in software, installation, maintenance and consulting. With the delivery mode segment, the back-end revenue cycle management market is bifurcated into cloud-based modes and on premise. In the case of cloud-based solutions, they serve to aid healthcare organizations to collect and combine information from diverse locations. These solutions are cost-effective in installation and maintenance, as opposed to the on premise solutions, which in turn, are instrumental in the immense growth as well as the popularity of cloud-based delivery mode.