The medical billing outsourcing market has grown rapidly in the past several years, and this rise is expected to continue through 2023, according to a Transparency Market Research Report. Here are nine highlights from the report:
1. The global medical billing outsourcing market is expected to experience a single-digit growth rate over the report's review period.
2. Fast growth in the sector is driven by increasing healthcare expenditure in developing regions and boosted by government support for the use of IT resources.
3. Healthcare systems face increasing pressure to efficiently allocate financial resources, improve healthcare infrastructure, alleviate inequality in the private and public healthcare sectors and combat a growing number of chronic diseases reported. These demands benefit outsourced global medical billing vendors.
4. An increase in private funding for healthcare has helped the medical billing outsourcing market in developing countries.
5. The growing geriatric demographic in Asia Pacific has hiked demand for medical billing outsourcing services and EHR, and the region will likely become increasingly important in the market.
6. Several healthcare entities in developing regions lack the financial and technological resources to set up their own IT taskforces. This obstacle drives demand for outsourced medical billing services.
7. Challenges for vendors in the global medical billing outsourcing market include data migration issues and, for multinational vendors, responding to regulation changes in each country.
8. Data breaches and billing errors pose the high risk of losing customers.
9. Cognizant Technology Solutions, HCL Technologies, Accenture and Genpact are key market vendors.