The healthcare departments in various countries have started seeking the medical billing outsourcing market in recent years. The Medical Billing Industry Statistics keeps escalating and coming in trend due to their expertise in handling RCM, claim denials, reimbursement rates, etc.
Medical Billing Statistics
Both providers and consumers have started to witness some worrying changes in the medical billing statistics. For instance, 80% of US medical bills contain errors, resulting in interruptions in the cashflow. Loopholes in billing practices have resulted in the US practices to lose an estimated amount of $125 billion every year. This has resulted in patients retrieving themselves from seeking help from healthcare facilities in the US as only 36% of Americans earning up to $50,000 could cover such high expenses in the healthcare industry.
Medical Billing and Coding Job Statistics
The domain of medical billing and coding has proved to be beneficial for several job holders in recent years. This is because the market of medical billing has been receiving rapid growth. Also, medical billing and coding has an 8% job outlook, much higher than the average healthcare jobs. Along with more job opportunities, this field also offers certifications in a shorter time period. The average salary for a medical coder and biller is $44,090 per year. These handsomely paying job opportunities have increased the demand for the medical billing outsourcing market!
Newly Introduced Trends in Medical Billing and Coding
The sudden surge in usage of modern technology for billing and coding, adapted by various healthcare facilities has increased the demand of the medical coding industry. The experts in the outsourcing market ensure that the healthcare organizations face no issues when it comes to handling bills and records. Especially after the pandemic COVID-19, healthcare facilities have started deviating towards software and technology for better billing experience.
Complex codes and RCM experts like I-conic Solutions have been of great help to practices and patients in this technology driven world.