Healthcare providers face certain challenges in ascertaining the disadvantages of in-house operation or benefits of outsourcing revenue management operations.
The healthcare system is witnessing a subsequent increase in outsourcing of medical billing services by hospitals and physicians, according to new research.
This increase is attributed to factors such as 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 effectivehandling of in-house billing functions.
The research report on “Medical Billing Outsourcing Market Analysis By Component (In-House Outsourced), By Service (Front End, Middle, Back End), By End User (Hospitals, Physician Offices, Others),And Segment Forecasts To 2024” notes:
- North America reported highest revenue growth in this market. The U.S. is witnessing 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.
- Multispecialty medical groups are implementing consolidation requiring electronic health record (EHR) integration and building large healthcare networks This integrationcreates a need forRevenue CycleManagement (RCM), which in turn demands additional expertise and trained personnel to manage the same. Consolidation of large healthcare practices is expected to be a one of the factors that will help in the growth of the market.
- Hospitals end-use segment accounts for the largest market share in the medical billing outsourcing market. The ability to gain total control over billing procedures and minimize loss is the main focus of these providers. As healthcare costs rise and profits are decline, RCMoutsourcing is expected to be the best practice considered by these care facilities to manage their revenue.
- Some of the key players 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.
Grand View Research has segmented the medical billing outsourcing market by component, service and end user:
- Component Outlook (Revenue, USD Million, 2013 – 2024)
- Service Outlook (Revenue, USD Million, 2013 – 2024)
- Front End
- Middle End
- Back End
- End User Outlook (Revenue, USD Million, 2013 – 2024)
- Physician Offices
- Regional Outlook (Revenue, USD Million, 2013 – 2024)
- North America
- Asia Pacific
- Latin America
- South Africa
- Saudi Arabia
- North America