The medical billing outsourcing market, valued at $6.3 billion in 2015, is expected to reach a value of $16.9 billion by 2024, according to a study published by Grand View Research Oct. 10.
GVR is a market research and business consulting firm headquartered in San Francisco. They produce syndicated research reports across various industries, including technology, chemicals and healthcare.
Below are four takeaways from the report.
1. North America experienced the largest surge in its medical billing outsourcing market growth this in 2015. Changing regulations and rising healthcare costs have driven interest in financial services providers.
2. A greater number of independent physician practices are consolidating to increase market power and ensure financial stability. This trend has created a need for third-party financial management services to administer their increasingly complex revenue cycle needs.
3. Hospitals end-use segment accounts for the largest market share of medical billing outsourcing. As healthcare costs continue to rise and profits are pressured, revenue cycle outsourcing is expected to become a best practice to manage hospital revenue, according to the report.
4. The report identified key players in the outsourcing space: Accretive Health, Allscripts, Cerner, EClinicalWorks, Experian Information Solutions, GE Healthcare, Genpact, HCL, Kareo, McKesson, Quest Diagnostics and The SSI Group.