Revenue cycle management is essential to any business's strategy. These processes are becoming more important as healthcare organizations face increasing pressure to become more efficient so they can utilize monies to the fullest.
Vendors in the global medical billing outsourcing market are poised to benefit from this, according to a Transparency Market Research report.
Here are five things to know about the global medical billing outsourcing market.
1. High-impact drivers of the global medical billing outsourcing market include the increasing emphasis on compliance and risk management and the need for efficient processes, according to the report.
2. Due to these factors, the global medical billing outsourcing market is expected to report a high single digit growth rate over the period of 2016-2023.
3. However, according to the report, the market could be restrained from reaching its full growth potential because of the shifting and disparate regulatory landscape. "Considering that some of the leading vendors in the global medical billing outsourcing market have a multinational presence, they are compelled to remain responsive to any changes in the regulatory scenario in each country," the report states. "Likewise, data migration issues could stunt the market's growth to some degree."
4. One of the most prominent changes that has shaped the global medical billing outsourcing market is the growing perception among small and mid-sized healthcare firms that outsourcing helps cut operational costs and up efficiency. This trend, in turn, has been spurred by some healthcare organizations lacking the investment capabilities to set up full-fledged IT departments of their own.
5. Among the key vendors vying for a higher share in the global medical billing outsourcing market are:
- Cognizant Technology Solutions
- HCL Technologies
- Accenture
- Genpact