Medical Billing Outsourcing Market Is Anticipated To Reach $16.9 Billion By 2024: Grand View Research, Inc.
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 research report on Medical
Billing Outsourcing Market: 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: http://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
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- Japan
- India
- China
- Latin
America
- Brazil
- Mexico
- MEA
- South
Africa
- Saudi
Arabia
Access press release of this
research report by Grand View Research: http://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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information: www.grandviewresearch.com
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