The healthcare industry, particularly the financial health of physician practices and outpatient care facilities, was among the most affected by the COVID-19 pandemic. The increased costs, staffing shortages, and margin erosions forced healthcare facilities to look for innovative solutions to streamline operations and optimize revenue management. Outsourcing revenue cycle management to a third-party billing service became an increasingly attractive option for healthcare practices rather than deal with the overhead costs of in-house billing specialists and the headache of staff turnover.
The medical billing outsourcing market is expected to keep growing, with a study published by Future Market Insights anticipating a compound annual growth rate of 16% from 2022-2032 and a $55.6 billion valuation by the year 2032. In order for medical billing companies to remain competitive in this changing landscape, automation and effective patient collections will be key factors in driving medical billing revenue growth.
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