What is the future of the Medical Billing Industry?
Outsourcing of medical billing is set to grow between 8-9% in the next decade and technology is going to play a huge role in it.
Today, healthcare industry consists of complicated and rigid coding rules and loads of administrative burden. This is making providers turn more than ever to medical billing (http://www.247medicalbillingservices.com/
But what is the future of the billing industry? Will it become bigger?
As per reports, by 2026, the U.S. medical billing outsourcing market will reach USD 7.8 billion.
Since there is a growing burden on revenue and profits, Medicare payments are declining, billing volumes are increasing, it is becoming necessary for providers to bring down their in-house processing costs. This is leading them to outsource their medical billing activities.
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Market growth will go higher in the coming years as more doctors and hospital will become unable to afford the expenses that go into running an in-house billing team. Medical facilities are also lacking dedicated IT infrastructure and trained staff needed to afford billing operations on a large scale. This is pushing the need to outsource.
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Growth in patient volumes is having a negative effect on the revenue of private practices and hospitals. They are losing significant revenue (http://www.247medicalbillingservices.com/
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