Medical Billing is also referred to as Revenue Cycle Management (RCM), is the most crucial and complex component in the healthcare business. The challenges faced for the RCM included the healthcare professionals who had to focus more on the non-medical work which was hectic. However, the advent of the technologies, rise in the government regulations and uncollectible accounts has triggered the use of Medical Billing Outsourcing. Outsourcing the medical billing service suggests that a healthcare provider hires a medical billing service provider other than their practice to do all the billing works, frequently giving a fair percentage cut of the total revenue generated during the process. It eliminates the need of training as the medical billing service provider keeps up-to-date with the changes in healthcare regulations and coding system and follows the regulations of HIPAA thus, protecting the privacy, security, and confidentiality of Protected Health Information (PHI).
COVID-19 scenario analysis :
The Coronavirus disease 2019 (COVID-19) has created a global economic crisis along with a health care crisis. COVID-19 pandemic has stretched the healthcare system worldwide, and developed countries are anticipated to cause economic downfall. The COVID-19 pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in total revenue from March. Many small hospitals, clinics, and nursing homes have been forced to shut their operations. As a result of social distancing and localized curfews, there are delayed elective surgical procedures. In addition, visa cancellations have led to an interruption in medical tourism and can negatively impact the healthcare services market growth.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The key factor which is expected to affect the medical billing outsourcing market growth include, the strict regulation and mandate over the implementation of the digital record keeping by the healthcare providers which is expected to propel the market, The rapid change and the uncertainty of the regulations and regulatory framework being declared which would boost the industry In the forecast period. The steep increase in the focus to generate profitability and higher revenue from the healthcare business would help the medical billing outsourcing market boost in the near future. However, the increase in the threat to data breeching may hamper the growth of the industry in the coming years.
The global medical billing outsourcing market trends are as follows:
New product launches and advancements to flourish the market
The key market players are focusing on product launches and bringing up new solutions for Revenue Cycle Management. For instance, Waystar had launched Hubble, an AI and robotic process automation (RPA) platform that goals to expand billing teams by automating processes that earlier used to require human labor. Waystar’s recent acquisitions of Recondo Technology and Digitize.AI have enabled Hubble to empowers more than ten of its RCM solutions, including revenue capture, claims and denials management, patient access, and patient financial experience.
Furthermore, the growth in the need for having digital platforms and maintaining the records of every activity is expected to boost the medical billing outsourcing market growth in the coming years. For instance, R1 RCM had launched R1 Professional, which is a new physician revenue cycle management solution for large independent practices and also hospital-owned medical groups. The solution adds to R1's existing physician RCM portfolio, which services more than 27,000 physicians across 80 specialties and accounts for more than 30 million patient and clinician engagements annually.
Surge in mergers and acquisition to propel the market
The surge in the acquisitions of the industries to enhance global presence is anticipated to propel the market in the next few years. For instance, in July 2018, Veritas Capital had declared that it had acquired GE Healthcare’s Enterprise Financial Management asset. It also includes its Ambulatory Care Management asset, RCM business, and furthermore, the Workforce Management assets.
The rise in the expansion of the industries through acquisitions is expected to boost the medical billing outsourcing market growth in the coming years. In February 2019, Veritas Capital in collaboration with Evergreen Coast Capital acquired Athenahealth, Inc., as a minority investor. Virence Health, which is a subsidiary of Veritas Capital, combined with Athenahealth to use the access to its network-enabled services for hospital and other ambulatory customers.
Key benefits of the report:
- This study presents the analytical depiction of the global medical billing outsourcing industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Medical Billing Outsourcing market share.
- The current market is quantitatively analyzed to highlight the global medical billing outsourcing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global medical billing outsourcing market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Medical Billing Outsourcing Market research report:
- Who are the leading market players active in the Medical Billing Outsourcing market?
- What are the current trends will influence the medical billing outsourcing market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in tasking further strategic steps?
Medical Billing Outsourcing Market Report Highlights
| Aspects | Details |
 By Component |
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 By Services |
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 By End User |
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 By Region |
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 Key Market Players | Cerner Corporation, Quest Diagnostics, McKesson Corporation, eClinicalWorks LLC, Genpact, Experian Information Solutions, Inc., Kareo, Inc., GE Healthcare. |
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