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Medical Billing Outsourcing Market: Drivers and Opportunities

Now that the US government has allocated enough funds to the healthcare sector, systems and programs under it is very much expected to perform efficiently maximizing its full potential. The benefit of this will in time benefit the global medical billing outsourcing market – one of the top leading industries that works to provide equal and immediate healthcare to all patients.

This market will see growth, due to the needs of healthcare providers, insurers and other ancillary entities. The sector will, on most part, rely on technology to ensure that operations is smooth sailing. Transactions and operations should also remain transparent and reliable.

Global Medical Billing Outsourcing Market: Drivers and Opportunities

According to the Digital Journal, the key drivers in this market are compliance and risk management, the need to make processes efficient, and the pressure coming from health organization in achieving desired goals. Clients need to look for greater control, transparency and agility in outsourcing models in order to ensure the best results.

On account of all of these factors, the global medical billing outsourcing market is expected to report a high single digit growth rate over the review period of the report. However, the market could be restrained from reaching its full growth potential because of an ever-shifting and disparate regulatory landscape. Considering that some of the leading vendors in the global medical billing outsourcing market have a multinational presence, they are compelled to remain responsive to any changes in the regulatory scenario in each country. Likewise, data migration issues could stunt the market’s growth to some degree.

6 Findings about the Global Medical Billing Market

Vendors in the global medical billing outsourcing market are poised to benefit from this, according to Transparency Market Research report.

Here are six findings on the global medical billing outsourcing market.

  1. The rising geriatric population, as well as rising healthcare expenditure and the complex modern healthcare infrastructure in developed economies, is creating the urgent need for cost-effective solutions for the regions of North America and Europe, the report states. Therefore, more healthcare organizations are resorting to outsourcing a number of their practices, including billing.
  2. The global medical billing outsourcing market is expecting an influx of small and mid-sized healthcare businesses looking to reduce their workload, office space, and overall costs, according to the report. Further compounding this is the fact that multiple small and mid-sized healthcare organizations aren’t financially prepared to set up their own IT departments.
  3. Specifically, the global medical billing outsourcing market is expected to report a high single digit growth rate over the period of 2016-2023.
  4. However, the global medical billing outsourcing market faces restraints, such as the constantly changing regulatory structure across regions and the steady rate of data migration problems faced by client companies. The report notes this makes it complicated to provide standard services for vendors.
  5. Additionally, the report notes that the overall pace of the global medical billing outsourcing market’s growth can be hindered by the lack of trust that organizations can place on vendor companies. “The amount of trust that each company needs to place on vendors is exceptionally high and therefore any breach of contract can lead to severe consequences for the vendor, while also reduces the trust level that client companies show in the future,” the report states.
  6. Key players in the global medical billing outsourcing market are:
  • Cognizant Technology Solutions
  • HCL Technologies
  • Accenture
  • Genpact

Sources: http://www.digitaljournal.com/pr/2931862, http://www.beckershospitalreview.com/finance/6-findings-on-global-medical-billing-outsourcing.html

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