This growing demand will help the industry not only have huge demands which will be taken care of by operators but this will also boost revenue for the industry.
It should be noted however that regardless of the huge demands experienced in this industry, the market share concentration is still quite low especially as only one operator accounts for more than 14 percent of the total industry revenue, while the remaining operators in the industry generate less than 5 percent each in revenue for the industry.
These costs were inclusive of running costs such as IT costs and maintenance cost for in-house billing team as well as administrative team.
This is in comparison to outsourcing which saw a significant reduction in costs for hospitals including fewer errors.
However, hospitals are still expected to lead in generating the highest revenue for this industry as they had more claim volumes compared to independent physicians and private clinics.
Globally, the medical billing outsourcing market is broken down into North America, Europe, Asia Pacific, Latin America as well as the Middle East Africa, with North America providing the most revenue for the market.
A recent researched published by Grand View Research, Inc.
in 2015, shows that the medical billing outsourcing market was worth over billion and has been predicted to reach billion by 2024.
Most of the operators in this industry operate on a large scale and therefore provide a variety of services such as claims adjustment, risk and consulting.
According to IBISWorld, the largest player in the industry caused market share concentration to increase with its acquisition streak and a growing pace that has outpaced industry’s growth.