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
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.
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