U.S. Medical Billing Outsourcing Market To Progress At USD 7.8 Billion By 2026
Posted by Neha Bora on March 2nd, 2020
San Francisco, 2 March 2020: 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:
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)
U.S. Medical Billing Outsourcing Service Outlook (Revenue, USD Million, 2015 - 2026)
U.S. Medical Billing Outsourcing End Use Outlook (Revenue, USD Million, 2015 - 2026)
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About the AuthorNeha Bora
Joined: September 16th, 2019
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