Medical billing is a complex process, in part due to the large quantity of medical diagnosis codes in use and the existence of multiple payers in healthcare, according to Grand View Research.
These medical billing complexities, along with ICD-10 implementation, cost increases and EMR mandates, are driving physicians and hospitals to increasingly outsource medical billing services, GVR reports.
Five market insights:
1. The global medical billing outsourcing market size will hit an estimated $19.7 billion by 2026.
2. The market's projected compound annual growth rate between 2019 and 2026 is 11.8 percent.
3. Clinics and physician offices are "gradually outsourcing their revenue management to cut unnecessary costs and prevent the burden of managing an administrative team to ensure effective handling of in-house billing," GVR said.
4. Multispecialty medical group consolidation is also fueling growth of the global medical billing outsourcing market.
5. While outsourced medical billing is projected to overtake the in-house segment as the largest market segment, hospitals are expected to maintain the largest share of the medical billing outsourcing market.
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