New York, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Billing Outsourcing Global Market Report 2022" - https://www.reportlinker.com/p06229188/?utm_source=GNW
The global medical billing outsourcing market is expected to grow from $2.17 billion in 2021 to $13.56 billion in 2022 at a compound annual growth rate (CAGR) of 11.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $20.98 billion in 2026 at a CAGR of 11.5%.
The medical billing outsourcing market consists of sales of medical billing outsourcing services by entities (organizations, sole traders and partnerships) that provide medical billing outsourcing services in which a healthcare provider hires a medical billing service provider outside their practice to do all the billing works. Only goods and services traded between entities or sold to end consumers are included.
The main types of services in medical billing outsourcing are front end and back end.The front-end is in charge of the patient experience, while the back-end is in charge of claims processing and reimbursement.
To push income across the cycle, each component has its own departments, people, and policies. The different components include in-house, outsourced and is used by various sectors such as hospitals and physician offices.
The rising need for error minimization contributed to the growth of the medical billing outsourcing market.It is estimated that, in the US, 80% of medical bills contain errors.
For instance, Equifax, a credit agency firm, found in its audit that the hospital bills ranging above $10,000 have an average error amount of $1,300.It is also estimated that doctors lose around $125 billion each year due to poor billing practices in the USA.
The rising need for error minimization and optimization of the billing process drove the medical billing outsourcing market.
The variable cost charged in the medical billing services by the service provider is expected to limit the medical billing outsourcing market.According to the Medical Billing Service Review, there is a price for every service provided by medical billing service providers.
The charge on the billing services is a percentage ranging between 3% to 10% per bill indicating more the number of patients, more the hospital or clinic should pay to the service providers. The variable cost in the medical billing services has a negative impact on the medical billing outsourcing market.
The medical billing service providers are expanding their service through cloud-based medical billing software and Electronic Health Record (EHR) services.Cloud-based medical billing software provides more security with the patient details compared to the alternatives and companies are launching cloud-based software to provide enhanced security to their clients.
For instance, in 2021, Epic Systems, a US based software company providing cloud-based medical software that may be used by a wide range of practice kinds and sizes. With built-in EHR, medical billing and coding, patient management features, and more, their platform provides complete Revenue Cycle Management (RCM) capability.
In June 2020, R1 RCM, a US-based healthcare revenue management cycle company serving hospitals and physician groups, agreed to acquire Cerner RevWorks for a deal amount of $30 million. The acquisition is expected to extend the comprehensive revenue cycle capabilities of R1 and help drive sustainable financial improvements for healthcare providers and to enhance their patients’ overall experience.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the medical billing outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06229188/?utm_source=GNW
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