2024 BENCHMARK REPORT

An inside look at the US medical billing industry

Are you a medical billing company looking to stay ahead of the curve? Get an inside look at the revenue models, operations, and industry trends of 100+ independent medical billing companies. This benchmark report includes:
  • Hidden growth opportunities
  • Pricing models to increase revenue
  • Optimizing automation and RPA
  • Tips for difficult conversations with clients

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What you’ll get

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Top industry threats

Explore our detailed survey data from 100+ medical billing companies. 61% of billing companies reported an increased spend on operations and staffing in the last two years, while 53% of medical billing companies are writing off more patient debt as lost now than pre-pandemic.

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Most popular growth opportunities

80% of medical billing companies are offering add-on services to customers, while only 44% are highly focused on specialized practices and 43% have taken on start-up clients.

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Hidden sources of income

62% of companies cite patient cost sharing as their top obstacle to getting paid, plus 36% of companies are not currently charging new customer setup fees, 54% are not billing monthly minimums, and 42% do not charge separate credentialing fees.

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Automation – present and future

While only 20% of billing companies surveyed reported currently using Robotic Process Automation (RPA), 68% reported planning to do so in the future. Find out how your peers are currently leveraging automation and how to evaluate what’s best for you.

FAQs

61% of companies report increased spending on operations and staffing over the last 2 years, while gross margins also continue to shrink (only 26% of companies now expect a gross margin above 20% compared to 34% of companies in 2022). On top of overhead cost concerns, the increase in patient debt responsibility and the CFPB’s proposed removal of medical debt from credit reports pose a major challenge to companies getting paid, with 62% of respondents ranking it as their #1 hurdle.
Despite current threats, many companies feel positively about revenue growth this year, with 42% anticipating an increase of 6-10% and another 27% expecting above 11-20%. Companies are also continuing to expand service offerings, with 80% of respondents offering add-on services to clients.
74% of companies say their top strategy to improve patient collections is mailing out statements. In another Tebra survey, however, 66% of patients said the option to pay online or on their phone would make them pay providers more quickly. Incorporating digital payment options that support SMS and email reminders as well an easy-to-use online payment portal can help drive faster collections and improve your chances of being paid overall.
72% of companies report that customer referrals are their key value driver for winning new business. Beyond providing an excellent customer experience to practices, experts agree that networking with providers, specialized medical associations, and other billing companies through industry events can help build your reputation and connect you with new opportunities.

Complete the form to get your resources

By submitting my email address above, I acknowledge that Tebra may use my information as described in its Privacy Policy.