SAN FRANCISCO, April 22, 2019 /PRNewswire/ -- The global medical billing outsourcing market size is projected to reach USD 19.7 billion by 2026 expanding at a CAGR of 11.8%, based on a new report by Grand View Research, Inc. Large amount of medical code representation for diagnosis and treatment coupled with the presence of multiple payers renders medical billing an intricate part of any medical practice, posing significant challenges.
Key suggestions from the report:
In-house segment accounted for the largest market share in 2018. However, outsourced medical billing is expected to be the largest and fastest-growing segment in future
Front-end services led the market in 2018. However, middle-end services segment is expected to register the highest CAGR of 12.4% over the forecast period
Hospitals accounted for the largest market share of the medical billing outsourcing market in 2018 and is estimated to maintain the dominance even during the forecast years
North America held the largest share of the global market. It is projected to expand further as U.S. has witnessed a change in healthcare system with the implementation of ICD-10 coding and pressure from the government to incorporate EMR management system
Some of the key firms 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, LLC
Currently, the healthcare system is witnessing a subsequent rise in outsourcing of medical billing services by hospitals and physicians due to 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 effective handling of in-house billing functions. In addition, multispecialty medical groups are implementing consolidation requiring EHR integration and building large healthcare networks. This integration creates a need for Revenue Cycle Management (RCM), which, in turn, demands additional expertise and trained personnel to manage the same. Thus, consolidation of large healthcare practices is also expected to be a one of the factors fueling the market growth.
Grand View Research has segmented the global medical billing outsourcing market on the basis of component, service, end use, and region:
Medical Billing Outsourcing Component Outlook (Revenue, USD Million, 2015 - 2026)
Medical Billing Outsourcing Service Outlook (Revenue, USD Million, 2015 - 2026)
Medical Billing Outsourcing End Use Outlook (Revenue, USD Million, 2015 - 2026)
Medical Billing Outsourcing Regional Outlook (Revenue, USD Million, 2015 - 2026)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.