NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Tebra, a leader in practice growth technology and cloud-based clinical and financial software, today announced its 2023 U.S. Medical Billing Industry Report. According to the new report, more than half of medical billing companies (65%) have a rising positive outlook about the current state of the outsourced medical billing industry. Notably, almost half (43%, compared to only 28% in 2018) of medical billing companies report outsourcing as a significant opportunity to leverage technology to improve services, dissolve repetitive tasks, and boost revenue. Tebra’s 2023 State of the U.S. Medical Billing Industry Report is available for download here.
“Even amidst the recent tumult of Covid-19, physician burnout, and consolidation in the medical industry, medical billing companies are still a trusted choice for front-office support to independent practices, and make it easier for physicians to focus on delivering better care to patients,” Kevin Marasco, Chief Marketing Officer, Tebra, said. “Our new 2023 U.S. Medical Billing Industry report highlights that medical billing companies will continue to thrive in this period of economic uncertainty.”
Some of the key findings include:
Modern medical billing software and digitized processes pave the way for cost savings and streamlined workload. Providers continue to see medical billing outsourcing as a way to reduce costs and fuel growth. Outsourced medical billers allow healthcare providers to tap into the latest medical billing software, provide additional services, limit staffing needs, and potentially reduce costs. Currently, less than one-third (29%) of medical billing companies use automation, robotic process automation, HL7 integrations, and outsourcing to manage workflows which indicates further opportunities to streamline manual processes to better serve providers.
Leveraging payment collection is an opportunity rather than a challenge. 38% of medical billing companies in the survey stated that not collecting at the time of service is the biggest challenge to patient collections, and 27% cite not having the proper insurance information on file. For medical billing companies and providers, offering additional payment methods can boost income and reduce late payments. Despite the popularity of digital wallets, less than a third (31%) of medical billing companies accept them as a form of payment. Streamlining the payment process makes it easier for patients to pay immediately or enroll in auto-payments for recurring visits. At the same time, the back office staff doesn’t need to review every single account, only those that stand out.
Other notable findings in the report include:
- Nearly half (46%) of respondent medical billing companies state that over the past 3 years, the medical billing industry landscape is either more competitive or presents more challenges to finding new customers.
- Over half (60%) of medical billing companies state growing inflation and healthcare regulations as their top concern for the next year.
Built on the strength of Kareo and PatientPop, Tebra equips over 1,600 billing companies across the United States with comprehensive tools to run efficient and profitable businesses while helping practices deliver outstanding patient care — all from one complete operating system. The 2023 U.S. Medical Billing Industry Report provides reassuring insights into the near future for those in the industry, as well as opportunities for growth.
Methodology
Tebra conducted the survey behind the 2023 Tebra Medical Billing Industry Report online within the United States in the fall of 2022. Over 250 medical billing companies serving independent practices responded. The survey aimed to capture medical billing company data on company profiles, service models, operations, industry opportunities, and technology. For the complete methodology, including weighting variables and subgroup sample sizes, please contact Tebra.
About Tebra
In 2021, with a combined mission to unlock better healthcare, Kareo and PatientPop joined forces to form Tebra — the operating system for the connected practice of the future. With an all-in-one, purpose-built platform to drive practice success and modernize every step of the patient journey, Tebra provides digital tools and support to attract new patients, deliver modern care, get paid quickly, and operate efficiently. To learn more about how Tebra is committed to improving the success and well-being of both patients and providers, visit www.tebra.com.
