Rise of the Billing Service

For the past several years, billing services have seen tremendous growth in our industry. With the ever growing complexities of provider payer contracts, billing coding challenges, maintaining provider billing expertise and  the rise in office costs, providers are being forced to look at outsourcing options.  Many EMR/PMS companies realized this trend early on and began supplementing their services with outsourced billing options (RCM services).  Organizations like HBMA and RBMA have become more important while smaller billing companies have been entering the marketplace. With the likelihood that ICD10 will be implemented in October of 2015, there is sure to be a continued increase in providers opting to utilize billing services over their own internal processes.  This will account for tremendous growth in this section of our industry, not only for those companies offering these RCM services, but also for those companies who may be supplying services to those companies…i.e. PMS/EMR vendors and clearinghouses.  If your company does not have a business plan for this vertical, now is a good time to start assessing this marketplace.  You may have missed the initial rush of this business push; however, as time has proven, there will be a replacement sales luring right around the corner as the market stabilizes.

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