Outsourcing complex and time-consuming medical billing and coding tasks to a reliable medical billing company enables hospitals and healthcare centers to streamline the complex collection process and focus more on medical treatment and services. Instead of recruiting new employees or training the existing employees to comply with the latest billing standards and to stay HIPAA compliant, it would be better for physicians to choose a company that would meet their medical billing and coding requirements. According to the latest report from Market Search Engine, the global medical billing outsourcing market is predicted to exceed US$ 16 billion by 2024.
Key factors driving the growth of this market are rapidly changing healthcare regulations and efforts to reduce in-house processing rates and increase revenue growth. However, high rates of technology and the reluctance of providers to offer patient records to third party sources may restrain the market growth.
The market is divided on the basis of component, services, end users and regional analysis.
- The component segment is divided into in-house and outsourced component
- Under services segmentation, the market covers front end, back end and middle
- End users include hospitals, physician offices and others
- Geographically, the market covers various regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each market is further divided to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, India, Brazil, and GCC countries among others
- Key players operating in this global market include Cognizant Technology Solutions, HCL Technologies, Accenture, and Genpact
Experienced medical billing outsourcing companies work hand-in-hand with hospitals and other medical entities to ensure all billing and coding requirements are met. Such companies provide services by certified coders who are thoroughly knowledgeable in CPT®, HCPCS, and ICD-10-CM codes.