San
Francisco, 10 January, Medical Billing Outsourcing
Market Analysis By Component (In-House Outsourced), By Service (Front End,
Middle, Back End), By End User (Hospitals, Physician Offices, Others),And
Segment Forecasts To 2024
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.
Access Full
Research Report On Medical Billing Outsourcing Market Analysis:
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 At: 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
Access Full Press Release of this Report:
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/
