Medical billing outsourcing is on the rise because of high billing expenses and staffing shortages. Future Industry Insights’ most recent analysis predicts that the market will experience record growth by 2022.
Looking at the Numbers
Medical billing outsourcing is projected to expand at a compound annual growth rate of 16% from 2022 to 2032. By the end of that year, it will be worth $55.6 billion. According to the report, the pandemic has demonstrated how important it is to take preventative measures and build a resilient, cooperative, and responsive digital healthcare infrastructure.
Increases in Medical Billing Outsourcing Demands
The survey also found that enterprises are using strategies to improve overall market development. These include outsourcing and digitizing all non-core aspects of their businesses, including invoicing and accounting. Increased demand is driving the swift adoption of digital billing. This information is being released in the midst of headlines citing excessive medical billing charges and a lack of revenue cycle professionals.
According to a study published in Health Affairs, medical billing and insurance-related expenditures are more expensive in the United States than in other nations because of our intricate coding systems.
Despite the fact that ICD-10 is used in most nations, the report claims that the United States has a particularly unique coding system that is increasing the cost of medical bills.
Staffing Shortages on the Rise
In addition to high billing expenses, worker shortages have been a significant obstacle for healthcare professionals, and the revenue cycle in particular is in dire need of workers.
Based on a recent survey, more than 57% of health systems and hospitals have more than 100 unfilled positions that need to be filled. One in four finance directors also reports that they need to hire more than 20 people in order to completely staff their revenue cycle departments. It makes sense that outsourcing is increasing given these labor shortages and high medical billing costs.
Looking to Tackle Staffing Shortages in your Healthcare Practice?
MedCore Solutions can help your practice tackle staffing shortages and challenges associated with outsourcing medical billing. They are an industry leader in streamlined medical billing and administrative services. MedCore’s billing and coding specialists offer a solution to industry-wide staffing shortages, all while helping your practice run smoothly. MedCore tailors solutions to the needs of each medical practice so providers can focus on what matters most: taking care of their patients. Learn more at https://medcoresolutions.com/.
HealthLeaders Media (2022, August 16). Medical Billing Outsourcing set to hit record growth for 2022. Retrieved from: https://www.healthleadersmedia.com/revenue-cycle/medical-billing-outsourcing-set-hit-record-growth-2022.