REDDING, Calif., May 11, 2021 /PRNewswire/ -- According to a new market research report "Mid-revenue Cycle Management/ Clinical Documentation Improvement Marketby Product & Service [Solutions (Coding, Charge Capture, DRG Group, Pre-Bill Review), Consulting Services], End User (Providers, Payers), and Geography - Global Forecast to 2027", published by Meticulous Research®, the mid-revenue cycle management/clinical documentation improvement market is expected to grow at a CAGR of 6.6% from 2020 to 2027 to reach $4.55 billion by 2027.
The growth of this market is primarily driven by factors such as rising healthcare expenditure, a growing need to manage unstructured healthcare data, and alterations in revenue due to medical billing errors. The changing scenario in developing economies, driving the adoption of healthcare IT solutions, is expected to generate market growth opportunities during the forecast period. However, IT infrastructure constraints in developing economies and data security concerns are expected to hamper the market's growth to a certain extent.
Mid-revenue cycle management involves all processes associated with clinical and financial coverage. The mid-revenue cycle management/clinical documentation improvement market covers solutions and consulting services that improve financial and quality outcomes. With the shift towards value-based and pay-for-performance models prioritizing clinical documentation improvement and coding, mid-revenue cycle management has become a focal point in healthcare. Mid-end revenue cycle management comprises clinical documentation, clinical coding, charge capture, and pre-bill reviews.
The global mid-revenue cycle management/clinical documentation improvement market is segmented based on product& service, end user, and geography.
Based on product & service, the solutions segment accounted for the largest share of the overall mid-revenue cycle management/clinical documentation improvement market in 2020. The rising need to improve revenue-cycle productivity by eliminating coding errors associated with manual coding practices and the sudden outbreak of COVID-19 leading to the increased need for optimizing financial operations and streamlining medical workflows are major factors driving the growth of the solutions segment.
By type, the clinical coding segment accounted for the largest share of the overall mid-revenue cycle management/clinical documentation improvement solutions market in 2020. The need to enable quick access to information during payments or reimbursements, reduce errors, and improve communication supports the segment's largest share.
Based on end user, the healthcare providers segment accounted for the largest share of the overall mid-revenue cycle management/clinical documentation improvement market in 2020. The rising demand for these solutions among healthcare providers for increasing data accuracy in clinical documentation, minimizing coding errors to increase revenues, and shortening the claim reimbursement cycle boost the growth of this segment.
Geographically, the mid-revenue cycle management/clinical documentation improvement market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major country-level markets in these regions. North America commanded the largest share of the global mid-revenue cycle management/clinical documentation improvement market in 2020, followed by Europe and Asia-Pacific. North America's largest share is mainly attributed to technology upgradations by healthcare providers in the U.S., the growing adoption of various healthcare IT solutions by healthcare providers; and the rising need to minimize revenue losses due to medical billing and coding errors, curtail the soaring healthcare costs, and improve the quality of healthcare while maintaining operational efficiency.
Some of the key players operating in the global mid-revenue cycle management/clinical documentation improvement market are 3M Company (U.S.), Nuance Communications, Inc. (U.S.), Iodine Software (U.S.), ChartWise Medical Systems, Inc. (U.S.), Dolbey (U.S.), nThrive, Inc. (U.S.), Streamline Health Solutions, LLC (U.S.), VitalWare (U.S.), Optum, Inc. (U.S.), Craneware (U.K.), and Epic Systems Corporation (U.S.) among others.
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