According to a new report from Market Research Future, the medical billing service market is expected to grow at a CAGR of 6.5 percent during the forecast period 2017-2023. The key factors are driving this are increasing healthcare expenditure, the need for risk and compliance management, and use of in healthcare. Provider organizations are looking to third-party vendors to outsource medical billing and collections management to reduce recruitment and infrastructural costs, as well as increase revenue. Value-based care is reducing medical costs by 5.6 percent on average— effectively starting to improve healthcare quality and patient engagement.
With technological advancement, medical billing software can be programmed to enable automation of manually intensive tasks like duplicate billing, incorrect modifiers, inaccurate patient information and more. Virtual healthcare is a reality of the present. Combining digital and telecommunication technologies bridges the gap between patients, physicians, and insurance companies. It allows providers to coordinate patient care more efficiently. Virtual healthcare will also provide a significant return on investment as this sector evolves to value-based care and compensation from a fee-for-service model. However, billing a virtual patient visit is not the same as billing an in-person visit and rules for billing telemedicine can vary among government and private third-party insurance companies.
This edition of CIO Review brings you the “Top 10 Medical Billing and Coding Solution Providers - 2019.” This list gives you some of the most prominent organizations in the industry that have excelled with their services portfolio in the enterprise risk management space. This list is aimed at bridging the gap between businesses and solutions providers that are transforming business processes through their insights and technological prowess.