Global Medical Billing Outsourcing Market by Component, Service, End-User and Geography - Growth, Trends and Forecast (2018-2023) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 22, 2018--The “Global Medical Billing Outsourcing Market - Segmented by Component, Service, End-User and Geography - Growth, Trends, and Forecast (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
The global medical billing outsourcing market is expected to register a CAGR of 10.5% during the forecast period, 2018 to 2023.
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.
Market DevelopmentsAllscripts, 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.
DriversGrowing Emphasis on Compliance and Risk Management Increasing Need to Make Billing Processes Efficient Efforts to Contain and Decrease In-House Processing Costs
RestraintsIncreasing Legislative & Regulatory Pressure High Costs of Technology
Key Topics Covered
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter’s Five Forces Analysis
6. Market Dynamics
6.1 Market Drivers
6.2 Market Restraints
6.4 Key Challenges
7. Market Segmentation
7.1 By Component
7.2 By Service
7.3 By End User
7.4 By Geography
8. Company Profiles & Competitive Landscape
8.1 Accretive Health
8.3 Cerner Corporation
8.5 Experian Information Solutions Inc.
8.6 GE Healthcare
8.10 McKesson Corporation
8.11 Quest Diagnostics
8.12 The SSI Groups
For more information about this report visit https://www.researchandmarkets.com/research/rgp9pf/global_medical?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181122005168/en/
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Related Topics:Managed Care
INDUSTRY KEYWORD: HEALTH MANAGED CARE
SOURCE: Research and Markets
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PUB: 11/22/2018 06:21 AM/DISC: 11/22/2018 06:21 AM