Medical billing service providers to allocate $1Bn on fraud prevention
Medical billing services providers are set to allocate $1 billion on fraud prevention according to a report by global market intelligence firm SkyQuest.
According to SkyQuest, the steady development of digitalization across healthcare firms has delivered ease to billing and tracking services for medical expenses, but it has also heightened fraudulent activities through the digital space.
“This increase in fraudulent activity has driven the need for medical billing outsourcing companies to develop stronger fraud prevention capabilities. By 2025, these companies are predicted to spend over $1 billion on such capabilities, which is up from 664 million in 2020.” the report read.
The study suggests that in the medical billing outsourcing market, an accumulated 1,217 respondents from companies confirm having experienced fraudulent activities in the past 12 months, and Almost half of all companies claimed to be victimized, predominantly in the medical billing providers group.
