27-May-2019: The global medical billing
outsourcing market size is projected to reach USD 19.7 billion by 2026
expanding at a CAGR of 11.8%, based on 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 billing an
intricate part of any medical practice, posing significant challenges.
Currently, the healthcare system is witnessing a subsequent rise in outsourcing
of medical billing services by hospitals and physicians due to 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
effective handling of in-house billing functions. In addition, multispecialty
medical groups are implementing consolidation requiring EHR integration and
building large healthcare networks. This integration creates a need for Revenue
Cycle Management (RCM), which, in turn, demands additional expertise and
trained personnel to manage the same. Thus, consolidation of large healthcare
practices is also expected to be a one of the factors fueling the market
growth.
In
depth research report on Medical Billing Outsourcing Market
Further
key findings from the study suggest:
· In-house
segment accounted for the largest market share in 2018. However, outsourced
medical billing is expected to be the largest and fastest-growing segment in
future
· Front-end
services led the market in 2018. However, middle-end services segment is
expected to register the highest CAGR of 12.4% over the forecast period
· Hospitals
accounted for the largest market share of the medical billing outsourcing
market in 2018 and is estimated to maintain the dominance even during the
forecast years
· North
America held the largest share of the global market. It is projected to expand
further as U.S. has witnessed a change in healthcare system with the
implementation of ICD-10 coding and pressure from the government to incorporate
EMR management system
·
· Some of
the key firms 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, LLC
Grand View Research has
segmented the global medical billing outsourcing market on the basis of
component, service, end use, and region:
Medical
Billing Outsourcing Component Outlook (Revenue, USD Million, 2015 - 2026)
· In-House
· Outsourced
Medical
Billing Outsourcing Service Outlook (Revenue, USD Million, 2015 - 2026)
· Front
End
· Middle
End
· Back
End
Medical
Billing Outsourcing End Use Outlook (Revenue, USD Million, 2015 - 2026)
· Hospitals
· Physician
Offices
· Others
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more research reports of this category:
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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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