(2019 – 2024) “Medical Billing Outsourcing Market” Report studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Medical Billing Outsourcing Analysis. The Medical Billing Outsourcing market is expected to register a CAGR of approximately 10.5% during the forecast period of (2019 – 2024).
Medical Billing Outsourcing Market Report Covers Leading Manufacturers: Accretive Health, Allscripts, Cerner Corporation, EClinical Works, Experian Information Solutions Inc., GE Healthcare, Genpact, HCL, Kareo, McKesson Corporation, Quest Diagnostics and The SSI Groups Inc. among others.
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The global medical billing outsourcing market is expected to register a CAGR of 10.5% during the forecast period, 2018 to 2023. The medical billing outsourcing service entails the hiring of a medical billing service provider outside the practice to do all the billing work often giving a fair percentage cut of the total revenue generated to them.
Increasing Need to Make Billing Processes Efficient to Boost Growth of the Medical Billing Outsourcing Market
Unless an office or a medical practice is using the services of an experienced billing provider who has been trained to look for holes in paperwork, there’s a good chance that their revenue is not as high as it could be. In fact, statistics estimates that over 20% of a physician’s revenue ends up becoming lost due to loopholes and mistakes in the medical billing process. This has created an increasing need to make the process of billing more efficient and skilled professionals are required for the process. The efficient billing can further reduce the cost to the company and can get maximum benefits. Thus these increasing need to make billing process more efficient is expected to contribute to the growth of the market in the forecast period.
Other factors driving the market growth are growing emphasis on compliance and risk management and efforts to contain and decrease in-house processing costs.
High Costs of Technology to Restrain Growth of the Medical Billing Outsourcing Market
Health care in the developed countries is really expensive, and one of the reasons is that managing health care bills is really expensive. Researchers from Duke University and Harvard recently published a report in the Journal of the American Medical Association (JAMA) to determine administrative costs associated with billing and insurance-related activities at a large academic medical center using a certified electronic health record (EHR) system. Through numerous interviews with people involved at various points of the billing process – in addition to 34 doctors – they analyzed five types of patient encounters to calculate salary and overhead costs when developing billing costs to third-party payers and patients. In just one year, researchers found the academic health system incurred a cost of $99,000 a year in billing and insurance-related activities just to collect payments for a single primary care doctor. Despite having a certified EHR system, the economies of scale in the large medical center were somewhat limited, as associated costs for all payer sources (Medicare, Medicaid, numerous health insurance carriers and individuals) provide challenging nuances on claim adjudication requirements. Hence the high cost of the services and the extra costs involved makes this process costly, leading to the hindrance of market growth.
The other factors restraining the market are increasing legislative & regulatory pressure.
North America is expected to dominate the Medical Billing Outsourcing Market
North America is expected to dominate the market in 2018, due to 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.
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Reasons to Purchase Medical Billing Outsourcing Market Report:
- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- The authentication mode is likely to witness the highest adoption of these systems in the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
- This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
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