Global Medical Billing Outsourcing Market 2015-2019
About Global Medical Billing Outsourcing
Globally, healthcare spending is expected to increase, which will put additional pressure on healthcare delivery systems, governments, and insurers. The major reasons for increased spending in developed countries are an aging population and lower fertility rate; in emerging countries, it is the lack of infrastructure, increase in chronic diseases, and inequality in availability of patient care.
Over the years, healthcare enterprises worldwide have become increasingly dependent on technology and the Internet for their day to day operations. This trend is expected to intensify, which will make the role of IT departments vital. However, many healthcare enterprises are facing difficulties in handling medical operations, and managing and providing healthcare services to their customers.
Increasing cost pressures, increased need for risk and compliance management, process inefficiencies, and a closer alliance with business goals are driving healthcare organizations toward outsourcing models that focus on both agility and control. They help healthcare providers transform their finances from cost centric to profit centric, thereby balancing expense and growth, reducing cash conversion cycle, improving daily sales outstanding, and aiding in maximizing ROI during a particular period.
Technavio's analysts forecast the global medical billing outsourcing market to grow at a CAGR of 9.29% over the period 2014-2019.
Covered in this Report
This report provides an overview of the global medical billing outsourcing market. The report also includes an overview of the global healthcare IT market and market segmentation by geography.
Technavio's report, Global Medical Billing Outsourcing Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the global medical billing outsourcing market landscape and its growth prospects in the coming years.
The report also includes profiles of key vendors operating in this market.Key Vendors
Technavio Announces the Publication of its Research Report – Global Medical Billing Outsourcing Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Medical Billing Outsourcing Market 2015-2019: Accenture, AGS Health, Cognizant Technology Solutions, GeBBS Healthcare, Genpact, HCL Technologies and Medusind
Other Prominent Vendors in the market are: Accretive Health, ACP, Boehringer Ingelheim, Catalent, Claimcare, Covance, CureMD, Dr billing Service, e-care India, Healthcare Administrative Partners, ICON Medical Billing, iGATE, INFINIT Healthcare, Infosys, Invensis, Inventive Software Solutions, Kareo, Mba Healthgroup, Millensys, Mphasis, Omega Healthcare, Outsource Management Group, Parexel International, PPD, Quintiles, TCS, Vee Technologies and WNS
Commenting on the report, an analyst from Technavio’s team said: “Many small and medium-sized healthcare operators have started to outsource their billing functions to third-party vendors because of low levels of liquidity coupled with a lack of adequate working capital among these operators. The implementation of billing management software requires substantial initial investment. Small healthcare operators perceive outsourcing to third-party vendors as a cost-saving proposition because it enables enterprises to concentrate on their core activities and cut overall operational costs significantly. Thus, the adoption of third-party outsourcing services helps small healthcare companies to focus on diversification of their product and service offerings while keeping operational costs in check.”
According to the report, any organization, whether small or large, is trying to improve its relationship with its customers to enhance and improve customer satisfaction. This will help medical enterprises in changing and competitive business environments. Many medical providers in the global market are struggling to provide real-time access to customer information which allows customer executives to respond better to customer requirements in an efficient manner. In addition, billing services are evidence of the trustworthiness of the service provider and there is a high chance of losing a customer because of even a small mistake in the billing system. Thus, increasing customer satisfaction is likely to be one of the primary drivers contributing to the growth of the global medical billing outsourcing market.
Further, the report states that migration issues in the medical billing process are one of the major challenges for global medical billing service vendors.
Accenture, AGS Health, Cognizant Technology Solutions, GeBBS Healthcare, Genpact, HCL Technologies, Medusind, Accretive Health, ACP, Boehringer Ingelheim, Catalent, Claimcare, Covance, CureMD, Dr billing Service, e-care India, Healthcare Administrative Partners, ICON Medical Billing, iGATE, INFINIT Healthcare, Infosys, Invensis, Inventive Software Solutions, Kareo, Mba Healthgroup, Millensys, Mphasis, Omega Healthcare, Outsource Management Group, Parexel International, PPD, Quintiles, TCS, Vee Technologies, WNS