Global Medical Billing Outsourcing Market
Global Medical Billing Outsourcing Market Overview:
The worldwide market for outsourcing medical billing is anticipated to record a 10.5% CAGR during the forecast period from 2018 to 2023. The medical billing outsourcing service involves hiring a medical billing service provider outside the practice to do all the billing work often giving them a fair percentage cut in total revenue.
Increasing Need to Make Billing Processes Efficient to boost Medical Billing Outsourcing Market growth:
Unless an office or medical practice uses the services of an experienced billing provider trained to look for paperwork holes, there is a good chance that their revenue is not as high as it could be. In reality, statistics estimate that over 20 percent of a physician s income ends up being lost owing to medical billing process loopholes and errors. This has created a growing need to make the billing process more efficient, and the process requires skilled professionals. Efficient billing can further reduce the company s costs and maximize benefits. Thus, this growing need to make billing method more effective is anticipated to contribute to market growth in the forecast period. Other variables driving market growth are increasing emphasis on compliance and risk management and attempts to contain and reduce internal processing expenses.
High technology costs to restrain the Medical Billing Outsourcing Market’s growth:
Health care in developed countries is really costly, and one of the factors is that handling health care bills is really costly. Duke University and Harvard researchers recently published a report in the Journal of the American Medical Association JAMA to determine administrative costs associated with billing and insurance-related activities in a large academic medical center using a certified electronic health record EHR system. Through numerous interviews with stakeholders at various points of the billing process–besides 34 doctors–they analyzed five types of patient encounters to calculate salary and overhead costs when developing billing costs for third-party payers and patients.
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Researchers discovered the academic health system incurred a price of $99,000 a year in billing and insurance-related operations just to collect payments for one primary care doctor. Despite having a licensed EHR scheme, the economies of scale in the big medical center were somewhat restricted, as related expenses for all payer sources Medicare, Medicaid, various health insurance carriers and people provide difficult nuances on the criteria for claim award. Therefore, the elevated service expenses and the additional expenses engaged make this method expensive, leading to market growth hindrance. Other market-restraining variables are growing legislative & regulatory pressure.
The Medical Billing Outsourcing Market is anticipated to dominate North America:
North America is anticipated to dominate the industry in 2018, owing to fast modifications in the healthcare structure reflected by the introduction of the new medical coding scheme known as ICD-10 coding, as well as public pressure to introduce EMR management scheme. These evolving laws, combined with increasing healthcare expenses, are significant market drivers in this region.
Global Medical Billing Outsourcing Market Key Developments:
May 2018: Allscripts, announced to close its acquisition of HealthGrid Holding Company. Allscripts will incorporate the capacities of HealthGrid into its FollowMyHealth platform, allowing supplier organisations to achieve 100% of their patient populations without requiring their healthcare customers to log into a portal.
Global Medical Billing Outsourcing Market Key Developments:
May 2018: Columbus Regional Healthcare System CRHS has chosen Cerner to introduce a fresh integrated electronic health record EHR and income cycle solutions across its acute and outpatient centres.
Global Medical Billing Outsourcing Market Key Players:
Accretive Health, Allscripts, Cerner Corporation, EClinical Works, Kareo, McKesson Corporation, Quest Diagnostics and The SSI Groups Inc. among others.
Reasons to Purchase Global Medical Billing Outsourcing Market Report:
In advanced and emerging economies, current and future Global Medical Billing Outsourcing Market perspective. Analysis of multiple market views with Porter s five-force analysis. Segment expected to dominate the market. Regions expected to experience the highest development in the prediction era. Identify the recent trends, market shares and strategies of significant market players. 3-Month Analyst Support and Market Estimate Excel.
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