Revenue cycle management is essential to any business's strategy. These processes are becoming more important as healthcare organizations face increasing pressure to become more efficient so they can utilize monies to the fullest.
Vendors in the global medical billing outsourcing market are poised to benefit from this, according to a 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
More articles on finance and revenue cycle management:
Syncordia gets contract extension from Air Medical Group Holdings/REACH Medical Holdings
5 thoughts on the future patient financial experience from Simplee's chief growth officer
Alpha II receives CMS distinction as a 2015 PQRS registry