San Francisco, 13 March 2019: The Report 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 Research Report of U.S. Medical Billing Outsourcing
Market@ https://www.grandviewresearch.com/industry-analysis/us-medical-billing-outsourcing-market
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
Access Press Release of
U.S. Medical Billing Outsourcing Market@ https://www.grandviewresearch.com/press-release/us-medical-billing-outsourcing-market-analysis
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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