Pioneers in medical coding and billing training.
The medical billing outsourcing market was valued at USD 6.3 billion in 2015 and is anticipated to reach a value of USD 16.9 billion by 2024, according to a new report by Grand View Research, Inc. Large amount of medical code representation for diagnosis and treatment coupled with the presence of multiple payers renders medical billing an intricate part of any medical practice, posing significant challenges. The challenge mounts when this process mandates adherence to the International Classification of Diseases-10th revision (ICD-10) code along with dealing with rising healthcare costs and declining reimbursements. Challenges in managing inhouse billing processes include setbacks experienced in the IT structure, untrained staff, billing errors, and lack of proper financial policy in place. In order to curb or alleviate these challenges, several healthcare providers, such as acute care hospitals and clinics/physician offices, prefer outsourcing their medical billing process. According to studies, in 2015, 95 percent of the independent physicians have acknowledged that outsourcing revenue management is the right decision.
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