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Mid-Revenue Cycle Management/Clinical Documentation Improvement Market to Grow at 7.9% CAGR to 2023 - Driven by Medical Billing, Documentation and Clinical Coding
PUNE, India, May 3, 2019 /PRNewswire/ --ReportsnReports added New Study on Mid-Revenue Cycle Management/Clinical Documentation Improvement Market Dominated by Medical Billing, Clinical Documentation & Clinical Coding Applications. Mid-revenue cycle management/clinical documentation improvement market expected to reach US$ 4.5 billion by 2023 from USD 3.1 billion in 2018, at 7.9% CAGR. Report analyzes & aims at estimating size & future growth potential of market for different segments like product & service, end user, and region.
Browse 69 Market Data Tables and 26 Figures spread through 135 Pages and in-depth TOC on " Mid-Revenue Cycle Management/Clinical Documentation Improvement Market by Product & Service (Clinical Documentation, Clinical Coding (NLP, Structure Input), Charge Capture, CDI, DRG, Pre-Bill Review), End User, and Region - Global Forecast to 2023 " at https://www.reportsnreports.com/reports/1842436-mid-revenue-cycle-management-clinical-documentation-improvement-market-by-product-service-clinical-documentation-clinical-coding-nlp-structure-input-charge-capture-cdi-drg-pre-bill-review-end-user-and-st-to-2023.html .
Clinical Documentation Improvement 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.
"The Mid-Revenue Cycle Management/Clinical Documentation Improvement Market is Projected to Grow at a CAGR of 7.9%."
The mid-revenue cycle management/clinical documentation improvement market is segmented into solutions and consulting service. 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.
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Growth in the clinical documentation improvement 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 & coding errors, declining reimbursement rates, and the need to reduce rising healthcare cost are key factors supporting growth in demand for these solutions. North America accounted for a major share of the market. Market is well-established in North America, with US dominating market in this region. Healthcare insurance industry in the US, with programs like Medicare and Medicaid, plays a primary role in country's healthcare delivery system.
Prominent players in clinical documentation improvement market 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).
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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.
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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.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–30%, Tier 2–50% and Tier 3–20%
- By Designation – C-level–45%, Director Level–30%, Others–25%
- By Region – North America–65%, Europe–15%, Asia Pacific–10%, Rest of the World–10%
Another research titled Global Clinical Workflow Solutions Market . The clinical workflow solutions market is expected to reach USD 12.1 billion by 2023 from an estimated USD 6.8 billion in 2018, at a CAGR of 12.4%. Rising need to curtail healthcare costs & increasing patient volume due to rising prevalence of chronic diseases are the primary growth drivers for this market. Prominent players in clinical workflow solutions market are Hill-Rom Holdings, Inc. (US), Ascom Holding AG (Switzerland), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Cisco Systems, Inc. (US). Download Free PDF Brochure https://www.reportsnreports.com/contacts/requestsample.aspx?name=1866593 .
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