A recent survey of medical billing companies shows a positive outlook on revenue cycle outsourcing,
- Nearly two-thirds of medical billing companies have a rising positive outlook about the current state of the revenue cycle outsourcing industry
- The majority of respondents worked for businesses that cater to practices and clinics with fewer than 10 locations.
- Outsourcing medical billing was cited by almost 43 percent of respondents—up from 27 percent in 2018—as a key opportunity to use technology to improve services, cut down on tedious procedures, and increase revenue.
- According to the survey report, the COVID-19 epidemic increased interest in revenue cycle outsourcing, particularly for medical billing.
- A serious risk to their business, according to about 43% of medical billing companies, is the acquisition of practices and clinics by bigger organisations. A significant risk, according to 30% of respondents, was posed by doctors leaving their practices to retire or join bigger health systems.
- Given that almost 50% of medical billing businesses believe they face increased competition and struggle to draw in new customers, there are chances. One of them is automation.
