The field of medical bill processing is in line for potentially major growth, according to a Business Wire report. Among the headlines:

  • The domestic medical billing outsourcing market is poised to reach $7.8 billion by 2026, which is a compound annual rate of 11 percent.
  • The aging baby boom generation and the rising number of chronic diseases among both older and younger Americans is resulting in a larger base of patients in the United States.
  • A growing burden on medical revenues and profits as well as declining Medicare payments and increased billing volumes are resulting in a need to decrease the cost of bill processing, resulting in an increase in automation and outsourcing on the part of providers.
  • Reflecting this need, a recent survey of physicians had 95 percent saying outsourcing and automating revenue management was the right move.

Automating the medical billing process offers more than just financial benefits for an organization. Outsourcing those needs to a reliable provider utilizing leading-edge technology offers secure online access, HIPAA protection and compliance and real-time audit trails for complete transparency.