According to the reports from Grand View research, a U.S. based market research firm, the market for global medical billing outsourcing is predicted to reach USD 19.7 billion by 2026, with a growing CAGR (Compound Annual Growth Rate) of 11.8 percent. The breakthroughs of new technologies, growing and changing government requirements, and bad debt and uncollectible accounts have fostered the business growth of the market. Besides, the reduction in in-house processing costs and augmenting requirement for error minimization is also expected to boost the demand.
Medical billing outsourcing amplifies cash flow, assists in saving the cost of equipment and software, and cuts down staff size and employee expenses. With an increasing geographical reach of key players through mergers and acquisitions, the global Medical billing outsourcing market is likely to increase in the coming years. Based on region, North America is anticipated to be the largest regional market over the projected years, owing to high awareness levels about outsourcing healthcare IT services and a large number of presence of prominent market players in the region. Reports further noted that Europe is also a major market for outsourcing healthcare services, largely driven by the demand for minimizing the overall healthcare delivery costs. The region has high growth potential owing to factors like consolidation of large healthcare providers, change in pricing and reimbursement policies and augmenting pressure on European healthcare providers to build more sustainable healthcare systems.
Medical billing outsourcing considerably cuts down cost and proves as a good fit for small and medium practices. For the last few years, physician practices are facing challenging times as reimbursements have declined and costs are mounting, and the newly introduced regulations have made business more intricate. As a result, the demand for outsourced services is expected to grow in coming years.