Medical Billing Outsourcing Market To Witness Enhanced Demand In Medical Sector Till 2024

The medical billing outsourcing market was valued at USD 6.3 billion in 2015 and is anticipated to reach a value of USD 16.9billion by 2024, according to 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 billingan intricate part of any medical practice, posing significant challenges. The challenge mounts when this 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 the 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. According to studies, in 2015, 95% of independent physicians have acknowledged that outsourcing revenue management is the right decision.

Healthcare providers face certain challenges in ascertaining the disadvantages of in-house operation or benefits of outsourcing revenue management operations;hence, they arrived at this decision by implementing thorough assessment and evaluation of the revenue percentage they spend on several billing operations. Currently, the healthcare system is witnessing a subsequent increase in outsourcing of medical billing services by hospitals and physicians. This increase is attributed to factors such as 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 effectivehandling of in-house billing functions.

Browse full research report on Global Medical Billing Outsourcing Market: http://www.grandviewresearch.com/industry-analysis/medical-billing-outsourcing-market

Further Key Findings From the Study Suggest:

Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/healthcare-it

Grand View Research has segmented the medical billing outsourcing market bycomponent, service and end user:

Component Outlook (Revenue, USD Million, 2013 - 2024)

Service Outlook (Revenue, USD Million, 2013 - 2024)

End User Outlook (Revenue, USD Million, 2013 - 2024)

Regional Outlook (Revenue, USD Million, 2013 - 2024)

Access press release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-medical-billing-outsourcing-market

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.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc

Web: www.grandviewresearch.com

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