Global Medical Billing Outsourcing Market: Growth, Trends, and Forecasts (2019-2024) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 29, 2019--
The “Medical Billing Outsourcing Market Size - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The Medical Billing Outsourcing market is majorly driven by factors such as growing emphasis on compliance and risk management, increasing need to make the medical billing process efficient and efforts to decrease In-House processing costs.
Unless an office or a medical practitioner 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 estimate that over 20% of a physician’s revenue ends up 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.
Efficient billing can further reduce the cost to the company and can get maximum benefits. Rising patient flow in the hospitals and increasing burden of medical processes, such as records of patient check-in, insurance eligibility, etc. is creating chaos in the point of care, and a need to manage such records has been raised. For the sake of improvisation of the medical billing process, the medical billing outsourcing is done to help in assisting the clinicians in the management of the patient and billings records. Hence, the rising need for efficient medical billing is influencing the market in a positive manner.
Key Market Trends
Outsourced Medical Billing is Expected to Grow Rapidly Over the Forecast Period
By outsourcing the medical billing services, the healthcare providers hire a medical billing service provider for the management of the billing works. For the work these service providers do, healthcare providers give a percentage cut of the revenue generated through it depending upon the agreement they do.
The healthcare providers do the timely submission of claims when they choose to opt for outsourced medical billing. Outsourcing service provider follows the latest guidelines for medical billing which include the use of ICD 10 coding and employment of the skilled medical coders.
The service providers of medical billing demand high fees, which sometimes restricts the healthcare providers to opt for the same and it directly affects the growth of the medical billing outsourcing market in a negative way.
The outsourcing helps healthcare providers to increase the revenue generation, reduce the labor cost, deal with the changing regulations and increase the control on medical billing processes. Owing to the above-mentioned benefits, healthcare providers are widely adopting the medical billing outsourcing service, which is a driver for the market.
Depending upon the hospitals and its budgets, the cost of the service is considered as the factor which is hindering the growth of the market.
North America is Believed to Dominate the Market in Coming Future
The emergence of novel technologies along with their adoption is helping the United States to expand in the healthcare sector. Rising healthcare expenditure is the prime factor responsible for the growth of this sector.
The Medical Billing Outsourcing market in the region is believed to expand, due to the rising need for efficient medical billing and increasing patient flow in the hospitals. Being a developed nation, the healthcare system of the United States is well established and adoption to the paperless work is much higher. To reduce the burden of management of the huge patient flow in the hospitals, medical billing outsourcing is widely done in the country.
As, per capita income is high in the country, the cost barrier is never a point of concern in the United States, which is the positive factor for the market studied. The medical billing outsourcing efficiently manages the insurances, including Medicare and Medicaid. Therefore, it is easy for healthcare providers to manage the whole billing processes across the hospitals. hence, the market for the US medical billing outsourcing is believed to expand in the forecast period.
The medical billing outsourcing market is highly competitive and many small to mid-sized companies are competing among each other along with the global players. Due to the advancements and digitalization of healthcare industry, the demand for medical billing outsourcing services is increasing which is providing a great opportunity to the companies to establish their market presence and grab substantial share.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Emphasis On Compliance And Risk Management
4.2.2 Increasing Need To Make Billing Processes Efficient
4.2.3 Efforts To Contain And Decrease In-House Processing Costs
4.3 Market Restraints
4.3.1 Increasing Legislative and Regulatory Pressure
4.3.2 High Costs Of Technology
4.4 Porter’s Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Component
5.1.1 In House
5.2 By Service
5.2.1 Front End
5.2.3 Back End
5.3 By End User
5.3.2 Physicians Office
5.3.3 Other End-Users
5.4.1 North America
220.127.116.11 Rest of Europe
5.4.3 Asia Pacific
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Middle East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
5.4.5 South America
184.108.40.206 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Accretive Health
6.1.3 Cerner Corporation
6.1.5 Experian Information Solutions Inc.
6.1.6 GE Healthcare
6.1.8 HCL Technologies
6.1.10 McKesson Corporation
6.1.11 Quest Diagnostics
6.1.12 The SSI Groups
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/p6hhmu
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INDUSTRY KEYWORD: HEALTH PRACTICE MANAGEMENT OTHER HEALTH
SOURCE: Research and Markets
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PUB: 11/29/2019 10:17 AM/DISC: 11/29/2019 10:17 AM