In 2018, Kareo conducted a nationwide survey of medical billing companies of all sizes with the goal of identifying key trends and sentiments around the billing industry, healthcare and technology. We pulled the results of the survey into this benchmark report which highlights business opportunities for billing companies looking to grow in 2019. The report includes key business drivers and healthcare trends impacting medical billing companies, pricing models and services, and the increasing role of technology in both billing companies and medical practices.
The report helps billing companies look into the new year and answer three key questions:
1. What's your business strategy?
According to the report, it's a great time to be a medical billing company. The $3.4 billion industry is expected to grow another 12% in 2019. Medical practices continue to struggle with getting paid, and they need help with more than just insurance billing. Successful billing companies are positioning themselves as more than a billing house and are becoming trusted business partners.
2. How do you plan to grow?
Does your business strategy support your growth aspirations? What geographic regions do you serve? Is it time to expand? Are you taking advantage of specialty markets available to you? Does your pricing policy reflect the continuing increases in patient collections due to high deductible health plans and uninsured patients.
3. How are you differentiating yourself in the billing industry?
In response to the increased need for RCM services and the low barrier to entry, there has been significant growth in medical billing industry. The robust business opportunity has attracted new entrants into the market, according to the report, with 44% of companies survey having been in business for five years or less. Simply processing insurance claims won't cut it in this competitive market. Steep competition calls for the need to differentiate yourself.
Find out what high-growth billing companies are doing to stand out from the competition and respond to the changes in health insurance plans and regulations that are driving change in medical practice payment models.
Download the Medical Billing Industry Report below.