by: Sarah Joson
Thursday, October 8, 2015 |
With the help of a team of industry experts and a comprehensive analysis of the medical billing outsourcing market, the report “Global Medical Billing Outsourcing Market 2015-2019” was recently completed and released. The report predicts that the market will grow at a compound annual growth rate (CAGR) of 9.29% from 2014-2019. It also covers the market’s growth prospects, key providers, and the overall market landscape for the following years.
Other aspects of the market were also tackled. These include healthcare spending which is anticipated to increase and strain healthcare systems, insurers, and governments. Spending is mainly driven by the fact that most developed countries have an aging population and lower fertility rate. As for emerging countries, spending is seen to be propelled by the increasing volume of chronic disease, poor infrastructure, and inadequate patient care.
Healthcare organizations are also seen moving towards outsourcing models that aim to improve agility and control as increasing cost pressures, increased need for risk and compliance management, process inefficiencies, and having closer ties with business goals continue to cause problems to their operations.
Tools such as outsourcing enable providers to improve their revenue cycles which lead to a balanced operation. Moreover, outsourcing reduces cash conversion cycle, improves unsettled transactions, and all in all, aids in improving the ROI during a specific timeframe.
The key providers in the medical billing outsourcing market are Accenture, AGS Health, Cognizant Technology Solutions, GeBBS Healthcare, Genpact, HCL Technologies, and Medusind. Medical billing companies, on the other hand, are said to be looking to expand operations in emerging regions.
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