LONDON--(BUSINESS WIRE)--Technavio has announced the top six leading vendors for the global healthcare revenue cycle management (RCM) outsourcing market in their latest research report. This report also lists 39 other prominent vendors who are expected to contribute to market growth over the forecast period.
To identify the top vendors, Technavio’s market research analysts have considered the top contributors to the overall revenue of this market. To calculate the market size, the report considers revenue generated from front-end services, middle services, and back-end services.
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“The need to provide best-in-class medical service to patients has resulted in most healthcare providers making significant investments in upgrading their in-house RCM systems. However, they are facing budgetary constraints as well as increasing maintenance costs for in-house RCM systems. The RCM software also needs to be updated periodically every 6-12 months, which adds to the non-clinical burden of healthcare providers. Therefore, they are likely to rely more on third-party providers to prevent a loss of revenue during the forecast period,” said Amit Kumar, one of Technavio’s lead analysts for ITO and BPO research.
Six leading vendors in the global healthcare RCM market:
Conifer Health Solutions
Conifer Health Solutions was established in 2008 and is headquartered in Frisco, Texas, US. The company is a health services company that offers a complete range of technology-enabled performance improvement and health management solutions. They cater to hospitals, health systems, physician groups, and self-insured organizations.
The company helps physician groups focus on improving outcomes and supporting financial stability. Their services help in patient scheduling and managing patient financial services in a simple and compliant manner. These services are also helping measure clinical performances for determining the appropriate level and in managing clinically integrated networks.
Emdeon Business Services
Emdeon Business Services was established in 2005 and is headquartered in Tennessee, US. The company engages in providing revenue and payment cycle management and offers clinical information exchange solutions that connect patients and providers to the US healthcare system.
The company offers connectivity between hospitals and the all-payer network of commercial and government health plans, remittance and payment of medical claims, a wide range of transactions, extended content and advanced editing solutions for speed payment, and increased profitability.
MedAssets
MedAssets was incorporated in 1999 and is headquartered in Alpharetta, Georgia, US. The company provides products and solutions that cater to the financial needs of healthcare organizations, including hospitals, non-acute healthcare providers and payers, and health systems as well as service providers and product manufacturers across the US and Canada.
The company’s RCM segment includes patient access and financial responsibility (offers patient bill estimation, patient access workflow manager, and process improvement tools and services); case management, coding, and documentation (offers tools and processes for documentation and coding to meet regulatory and payer requirements); claims processing (offers aggregation of claim data through patient accounting systems); and denials management and reimbursement integrity (involves payer management and communication).
McKesson
McKesson was founded in 1833 and is headquartered in San Francisco, California, US. The company provides medical supplies, pharmaceuticals, and healthcare IT to the healthcare industry. As of March 2015, the company had close to 70,400 employees. The company reported net revenue of close to USD 137.39 billion in FY2014 and USD 179.05 billion in FY2015. The company also spent around USD 392 million on R&D in FY2015.
The company distributes proprietary drugs and equipment as well as health and beauty care products. They also provide specialty pharmaceutical products and solutions to biotech and pharmaceutical manufacturers. In FY2015, their distribution solutions segment reported an increase in revenue of around USD 41.91 billion, representing growth of 31.26% over the previous year. This increase was driven by the acquisition of a Germany-based pharmaceutical company, Celesio, and the growing drug utilization market.
Parallon Business Solutions
Parallon Business Solutions was founded in 2011 and is headquartered in Tennessee, US, and operates as a subsidiary of HCA Holdings. The company provides a wide range of business and operational services to the healthcare sector in the US and also internationally.
Through technology solutions, the company designs and implements strategic technology to enable hospitals to meet their strategic objective. They are partnered with more than 300 hospitals to provide healthcare IT solutions and help in transforming patient care delivery.
The company provides technology solutions in the following key applications areas: remote build and upgrade capabilities, EHR upgrades, application management and operations, managed services and hosting of applications, and legacy support.
The key service technology solution offerings are portfolio management, project management, application implementation, go-live support, optimization and workflow consulting, technology architecture, application staffing, and technical staffing services.
The SSI Group
The SSI Group was founded in 1988 and is headquartered in Mobile, Alabama, US. The company offers provider, payer, and physician services and technologies for managing the revenue cycle. These services include claims processing (ASP, direct, and clearinghouse), document management, and business office outsourcing of paper claims.
The providers served by the company include healthcare enterprises, hospitals, medical centers, dialysis centers, surgical centers, psychiatric and behavioral health, nursing homes, home health organizations, and physicians. The payers it works with include commercial payers, Medicare, Blue Cross, Blue Shield, and Medicaid.
The company annually processes over 600 million transactions, which equates to USD 800 billion in billed electronic claims revenue for its providers.
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