The increasing incidence of medical malpractices and negligence in the U.S. over the last few years has led to the creation of strict guidelines for medical review process in the country. Moreover, there has been a huge rise in the number of healthcare centres and physicians in the country having limited expertise in conducting reviews, in the past years. Due to these factors, the requirement of medical peer/external physician review services has increased massively in the U.S. and this demand is also expected to shoot-up in the coming years.
The presence of clear guidelines regarding external physician/ medical peer review services in the U.S. is another major factor boosting the adoption of these services in the country. In addition to this, medical peer review procedures have numerous advantages such as the ability to enhance member satisfaction and safety and quality of patient care and reduce the risk of medical errors and consequent negative healthcare outcomes, owing to which, they are being increasingly adopted in the healthcare industry of the U.S.
Due to the above-mentioned factors, the U.S. medical peer/external physician review services market is predicted to exhibit substantial growth during the forecast period (2020 - 2030). Medical peer review and external physician review services are mainly provided by the medical universities and academic institutes, certified physicians, medical professional societies, peer review organizations (PROs), and law and consulting firms/organizations. Out of these service providers, the law and consulting organizations are expected to provide the maximum number of external physician/medical peer review services in the U.S. during the forecast period.
The guidelines regarding the medical peer/external physician review service procedures in the U.S. clearly state that the person or the organization conducting the feedback and review process must posses excellent interpersonal and communication skills, medical knowledge, professionalism, adequate knowledge of system-based practices, and good patient care skills. The major authorities/organizations setting these rules are the American Academy of Family Physicians (AAFP), American Council for Graduate Medical Education (ACGME), Joint Commission on Accreditation of Healthcare Organizations (JCAHO), American Board of Medical Specialties (ABMS), and the American Medical Association (AMA).
One of the major trends currently being observed in the U.S. medical peer/external physician review services market is the surging number of acquisitions amongst the various medical peer review service providing companies all around the world. These acquisitions are mainly being done by the companies in order to expand their product and service portfolio across the world and subsequently increase their revenue. For instance, Concentra Inc. completed the acquisition of the Riverview and Arrowood Medical Centers in Rock Hill, South Carolina, and Charlotte, North Carolina in January 2020, in order to expand its clientele.
Therefore, it can be concluded that the popularity of medical peer/external physician review services will skyrocket throughout the U.S. in the upcoming years, mainly because of the rising prevalence of medical malpractices in the country.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction 4.1 Definition of Market Segments 4.1.1 By provider 22.214.171.124 Medical professional societies 126.96.36.199 Peer review organizations (PROs) 188.8.131.52 Medical universities and academic institutes 184.108.40.206 Certified physicians 220.127.116.11 Law and consulting firms/organizations 4.2 Market Dynamics 4.2.1 Trends 18.104.22.168 Increasing number of acquisitions 4.2.2 Drivers 22.214.171.124 Occurrence of medical negligence and malpractices 126.96.36.199 Structured guidelines for peer review services 188.8.131.52 Inclination toward external peer review subjected to lack of internal expertise 184.108.40.206 Increasing number of hospitals 220.127.116.11 High number of active physicians 18.104.22.168 Impact analysis of drivers on market forecast 4.2.3 Restraints 22.214.171.124 Inappropriate external peer review 126.96.36.199 High cost of external peer review services 188.8.131.52 Impact analysis of restraints on market forecast 4.2.4 Opportunities 184.108.40.206 Expanding healthcare industry and rising requirement of healthcare practitioners 220.127.116.11 Penetration in less developed U.S. states 4.3 Market Entry Strategies 4.4 Porter's Five Forces Analysis 4.5 Major Hospitals (Customers)
Chapter 5. Market Size and Forecast 5.1 Overview 5.2 By Service Provider 5.3 By State
Chapter 6. Company Landscape 6.1 List of Major Players and their Impact on Market 6.2 Strategic Developments 6.2.1 Acquisitions 6.2.2 Others