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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. Â 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).
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.
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:
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.
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.                                                               Â
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Questions answered in the Medical Billing Outsourcing Market research report:
Medical Billing Outsourcing Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | GE Healthcare., eClinicalWorks LLC, Kareo, Inc., Cerner Corporation, Genpact, McKesson Corporation, Experian Information Solutions, Inc., Quest Diagnostics |
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