Latest niche market research study on “Global Medical Billing Outsourcing Market-Growth, Trends, and Forecast (2018-2023)” published at OrbisResearch.com
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.
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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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Key Developments in the Medical Billing Outsourcing Market
May 2018: Allscripts, announced that it closed its acquisition of HealthGrid Holding Company. Allscripts will integrate the HealthGrid capabilities into its FollowMyHealth platform, enabling provider organizations to reach 100% of their patient populations without requiring their healthcare consumers to sign into a portal.
Major Players: 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.
Reasons to Purchase the Report
Current and future Medical Billing Outsourcing market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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Few points from Table of Contents:
1. Introduction
1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter’s Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Degree of Competition
6. Market Dynamics
6.1 Market Drivers
6.1.1 Growing Emphasis on Compliance and Risk Management
6.1.2 Increasing Need to Make Billing Processes Efficient
6.1.3 Efforts to Contain and Decrease In-House Processing Costs
6.2 Market Restraints
6.2.1 Increasing Legislative & Regulatory Pressure
6.2.2 High Costs of Technology
6.3 Opportunities
6.4 Key Challenges
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