The medical billing outsourcing market was valued at USD 6.3 billion in 2015 and is
anticipated to reach a value of USD 16.9billion by 2024, according to a new
report by Grand View Research, Inc. Large amount of medical code representation
for diagnosis and treatment coupled with the presence of multiple payers
renders medical billingan intricate part of any medical practice, posing
significant challenges. The challenge mounts when this process mandates
adherence to the International Classification of Diseases-10th revision
(ICD-10) code along with dealing with rising healthcare costs and declining
reimbursements. Challenges in managing in-house billing processes include
setbacks experienced in the IT structure, untrained staff, billing errors, and
lack of proper financial policy in place. In order to curb or alleviate these
challenges, several healthcare providers,such as acute care hospitals and
clinics/physician offices, prefer outsourcing their medical billing process. According
to studies, in 2015, 95% of independent physicians have acknowledged that
outsourcing revenue management is the right decision.
Healthcare providers face certain
challenges in ascertaining the disadvantages of in-house operation or benefits
of outsourcing revenue management operations;hence, they arrived at this
decision by implementing thorough assessment and evaluation of the revenue
percentage they spend on several billing operations. Currently, the healthcare
system is witnessing a subsequent increase in outsourcing of medical billing
services by hospitals and physicians. This increase is attributed to factors
such as obligatory implementation of complex ICD-10 coding system, increasing
healthcare costs, and federal mandate to implement electronic medical records
(EMR) to maintain reimbursement levels.
Furthermore, clinics/physician offices are
gradually outsourcing their revenue management to cut unnecessary costs and
prevent the burden of managing an administrative team to ensure
effectivehandling of in-house billing functions.
Browse full report by Grand View
Research : http://www.grandviewresearch.com/industry-analysis/medical-billing-outsourcing-market
Further Key Findings From the Study Suggest:
·
North America reported highest revenue
growth in this market. The U.S. is witnessing rapid changes in healthcare
structure reflected by implementation of new medical coding system known as the
ICD-10 coding as well as pressure from the government to implement EMR
management system. These changing regulations coupled with rising healthcare
costs are major growth drivers for the market in this region.
·
Multispecialty medical groups are implementing
consolidation requiring electronic health record (EHR) integration and building
large healthcare networks This integrationcreates a need forRevenue
CycleManagement (RCM), which in turn demands additional expertise and trained
personnel to manage the same. Consolidation of large healthcare practices is
expected to be a one of the factors that will help in the growth of the market.
·
Hospitals end-use segment accounts for the
largest market share in the medical billing outsourcing market. The ability to
gain total control over billing procedures and minimize loss is the main focus
of these providers. As healthcare costs rise and profits are decline,
RCMoutsourcing is expected to be the best practice considered by these care
facilities to manage their revenue.
·
Some of the key players in this industry
include Accretive Health, Inc.; Allscripts; Cerner Corporation; EClinicalWorks;
Experian Information Solutions, Inc.; GE Healthcare; Genpact; HCL; Kareo;
McKesson Corporation; Quest Diagnostics; and The SSI Group.
Browse more reports of this category by Grand View
Research: https://www.grandviewresearch.com/industry/healthcare-it
Grand View Research has segmented the
medical billing outsourcing market bycomponent, service and end user:
Component Outlook (Revenue, USD Million, 2013
- 2024)
·
In-House
·
Outsourced
Service Outlook (Revenue, USD Million, 2013 - 2024)
·
Front End
·
Middle End
·
Back End
End User Outlook (Revenue, USD Million, 2013 - 2024)
·
Hospitals
·
Physician Offices
·
Others
Regional Outlook (Revenue, USD Million, 2013 - 2024)
·
North America
o U.S.
o Canada
·
Europe
o Germany
o UK
·
Asia Pacific
o Japan
o India
o China
·
Latin America
o Brazil
o Mexico
·
MEA
o South Africa
o Saudi Arabia
View Press Release of this research report by Grand View
Research: https://www.grandviewresearch.com/press-release/global-medical-billing-outsourcing-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
