The global medical billing outsourcing market is poised to expand for years to come as medical practices face challenges related to multiple payers and medical code representation, and large practices consolidate, according to a new report by Grand View Research.
Five medical billing trends, based on the report:
1. The global medical billing outsourcing market is projected to reach $19.7 billion by 2026, expanding at a compound annual growth rate of 11.8 percent.
2. Last year, front-end services dominated the global medical billing outsourcing market. But the middle-end services segment is expected to see the highest compound annual growth rate of 12.4 percent from this year to 2026.
3. The global medical billing outsourcing market was dominated by hospitals last year (largest market share) and that is expected to continue through 2026.
4. North America dominated the global market (largest market share) last year and is projected to continue expanding amid the U.S. implementation of ICD-10 coding and governmental pressure to incorporate EMR management systems.
5. Key players in the global medical billing outsourcing market include Accretive Health; Allscripts; Cerner; EClinicalWorks; Experian Information Solutions; GE Healthcare; Genpact; HCL; Kareo; McKesson; Quest Diagnostics; and the SSI Group.
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Photo courtesy of: Becker’s Hospital Review
Originally Published On: Becker’s Hospital Review
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