Medical Billing Service Market to Witness Huge Growth by 2020-2025

Rapid growth in the healthcare sector has also led to increasing number of medical insurances. In-house processing of insurance claims may lead to high operational costs, need for trained personnel, and the risk of delayed payment, error in amounting, and customer dissatisfaction. This has led to outsourcing of medical claims in order to ensure minimal error and faster turnover, which also reduces the risk of delayed payment. According to the American Medical Association (AMA), 20% error rate among health insurers represents an intolerable level of inefficiency that causes a loss of around US$ 17 billion each year. Such scenario is expected to boost demand for medical claims processing services. (marketwatch.com)