San Francisco, 15
March, U.S. Medical Billing Outsourcing
Market Size, Share & Trends Analysis Report By End Use (Hospitals,
Physician Offices), By Service, By Component (In-House, Outsourced), And
Segment Forecasts, 2019 - 2026
The U.S.medical billing outsourcing market size is poised to reach USD 7.8 billion by 2026,
based on a new report by Grand View Research, Inc., exhibiting a CAGR of 11.0%
during the forecast period. Increasing population of baby boomers and rising
chronic diseases among young generation are resulting in widened base of
patients in the country.
Furthermore, growing burden on
revenues & profits, declining Medicare payments, and mounting billing
volumes are leading to need to decrease in-house processing costs. Therefore,
hospitals are increasingly outsourcing their billing activities. The challenge
mounts when billing process mandates adherence to the International
Classification of Diseases-10th revision (ICD-10) code along with dealing with
rising healthcare costs and declining reimbursements. Challenges in managing
in-house billing processes include setbacks experienced in IT structure, untrained
staff, billing errors, and lack of proper financial policy in place.
In order to curb or alleviate
these challenges, several healthcare providers, such as acute care hospitals
and clinics/physician offices, prefer outsourcing their medical billing process.
Studies suggest that in 2015, 95.0% of independent physicians acknowledged that
outsourcing revenue management is right decision.
Acceptance of Revenue Cycle
Management (RCM) in various healthcare facilities varies with application.
Scheduling, coding, billing, patient registration, and claims processing are
adopted more than other RCM applications in the U.S.
Access Full Research
Report On U.S. Medical Billing Outsourcing Market Analysis:
Further key findings from the study suggest:
·
Advantages associated with
outsourcing of medical billing services include improvement in billing process
by decreasing errors, swift turnaround time, and smooth administrations for hospitals
and other medical institutes
·
Outsourced medical billing is
likely to witness the highest growth during the forecast period owing to
growing focus on minimizing the cost of healthcare delivery and improving
patient & physician relationship
·
The front end services segment
dominated the market in 2018 as they increase downstream cash flow and decrease
rework & cost to collect
·
On the other hand, the
middle-end services market is expected to register the fastest growth during
the forecast period
·
By end use, hospitals accounted
for the largest revenue share in the U.S. medical billing outsourcing market in
2018. Errorless billing procedures and minimization of loss is a focus of RCM
providers
·
Physician offices, however, are
estimated to post a higher CAGR during the same period. According to the Black
Book's 2016 RCM survey, demand from physicians’ offices are increasing as they
want to align financial and clinical outcomes
·
Some of the key players in this
market are Allscripts; Accretive Health, Inc.; Cerner Corporation; Experian
Information Solutions, Inc.; EClinicalWorks; GE Healthcare; Genpact; McKesson
Corporation; Kareo; Quest Diagnostics; and The SSI Group.
Browse More Reports Of This Category By
Grand View Research At: https://www.grandviewresearch.com/industry/healthcare-it
Grand View Research has segmented the U.S.
medical billing outsourcing market by component, service, and end use:
U.S. Medical Billing
Outsourcing Component Outlook (Revenue, USD Million, 2015 - 2026)
·
In-House
·
Outsourced
U.S. Medical Billing
Outsourcing Service Outlook (Revenue, USD Million, 2015 - 2026)
·
Front End
·
Middle End
·
Back End
U.S. Medical Billing
Outsourcing End Use Outlook (Revenue, USD Million, 2015 - 2026)
·
Hospitals
·
Physician Offices
·
Others
Browse Press
Release of this Report:
www.grandviewresearch.com/press-release/us-medical-billing-outsourcing-market-analysis
www.grandviewresearch.com/press-release/us-medical-billing-outsourcing-market-analysis
About Grand View
Research
Grand View
Research provides syndicated as well as customized research reports and
consulting services on 46 industries across 25 major countries worldwide. This
U.S.-based market research and consulting company is registered in California
and headquartered in San Francisco. Comprising over 425 analysts and
consultants, the company adds 1200+ market research reports to its extensive
database each year. Supported by an interactive market intelligence platform,
the team at Grand View Research guides Fortune 500 companies and prominent
academic institutes in comprehending the global and regional business
environment and carefully identifying future opportunities.
For more
information: www.grandviewresearch.com/
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