Market Research Report
Medical Billing Outsourcing Market Size, Share & Trends Analysis Report By End Use (Hospitals, Physician Offices), By Service (Front-end, Middle-end, Back-end), By Component (Outsourced, In-House), And Segment Forecasts, 2019 - 2026
|Published by||Grand View Research, Inc.||Product code||447130|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Medical Billing Outsourcing Market Size, Share & Trends Analysis Report By End Use (Hospitals, Physician Offices), By Service (Front-end, Middle-end, Back-end), By Component (Outsourced, In-House), And Segment Forecasts, 2019 - 2026|
|Published: March 5, 2019||Content info: 100 Pages||
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.
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.