22 July 2020
Visiongain has launched a new report Medical Billing Outsourcing Market Report 2020-2030: Forecasts by Service (Front End, Middle End, and Back End), End-User (Hospital, Physician Office, and Others) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). Including Forecasts by Major Developed Countries and Developing Countries, Plus Profiles of Leading Companies.
Medical billing is referred as a revenue cycle management (RCM), which comprises of the most complex and crucial components of the healthcare IT business. The traditional systems in practice for revenue management are gradually becoming obsolete, and new payment models and revenue management tools are taking its place. The introduction of new technological resolutions, increasing and changing government requirements, bad debt and uncollectible accounts have sparked a new trend leading to an augmented preference for medical billing outsourcing by several healthcare providers.
By outsourcing medical billing, healthcare companies saves a lot of time and money in terms of salaries, office infrastructure, purchasing, upgrading, and maintaining billing software. With the reduction in overhead costs, timely submission of claims and increased reimbursements will result in increased revenues for the firm as well. Well-established outsourcing companies provide a very transparent billing process. Most of the service providers have a HIPAA-compliant and 100% secure medical billing processes to safeguard against any hacking attempts. Thus improved safety and security features is anticipated to drive the market growth.
The Visiongain report analyst commented “that due to mandatory implementation of complex ICD-10 coding systems, increasing healthcare costs, and a federal mandate to implement electronic medical records (EMR) to maintain reimbursement levels, the healthcare organisation such as hospitals and physician offices are witnessing a succeeding rise in the outsourcing of billing services”.
In 2019, North America seized the dominant share in the market for medical billing outsourcing. The presence of a large number of healthcare providers in U.S. has turned their focus on end-to-end outsourcing firms for managing their billing processes. Owing to the increased cognizance about the paybacks offered by the outsourcing firms, healthcare providers are relying on the third-party firms to capitalize on operating margins and manage high-volume transactions. Asia Pacific is projected to record lucrative growth in the forecast years due to higher investment in healthcare sectors coupled with standardization in the outsourcing practices across the globe.
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include R1 RCM, Inc., Cerner Corporation, Allscripts Healthcare Solutions, Inc., Experian Information Solutions, Inc., eClinicalWorks, GE Healthcare, Genpact, HCL Technologies Limited, Kareo, Inc., and McKesson Corporation.
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