As the year of 2010 comes to an end, healthcare outsourcing solutions providers have been racing against time to catch up on the requirements to achieve ICD-10 compliance for medical billing outsourcing. But even if the transition for ICD-10 would still be a couple of years from now, healthcare companies, medical billing companies and healthcare insurance providers included, are already seeking the assistance of outsourcing solutions providers.

Outsourcing companies, particularly in India, are in the process of expanding their verticals to accommodate the changes in the market. The financial services and IT services are two of the most common areas in which outsourcing companies are now focusing; however, there is one area that Indian companies have been slow to tap and that is healthcare outsourcing. Healthcare outsourcing, such as medical billing and medical coding, is an area that is expanding rapidly.

While some would argue that the practice of outsourcing of healthcare services such as medical billing and medical coding services would be detrimental to a company, there are those who would lobby for the move, citing successes among other outsourcing sectors such as customer relationship management or other back office functions.  Others fear that the adoption of healthcare outsourcing would not only be detrimental to the company but the whole industry as well.

A while back, when you heard someone refer to healthcare outsourcing, you knew they were speaking about medical billing outsourcing and coding services.  Now however, healthcare outsourcing can refer to a myriad of different fields.  Healthcare outsourcing companies have diversified their offerings in order to be able to fit into the sometimes overstretched budgets of healthcare providers creating solutions suited specifically for the healthcare industry.

Healthcare organizations are running a race against time to achieve ICD-10 compliance in medical billing outsourcing, and some outsourcing companies are revving up their offerings to ensure that they’ll be there to meet the demand of companies looking to outsource conversion.

With the passage of the historic, although much maligned, Obama healthcare reform bill in the US, a new opportunity has opened up for outsourcing companies as hospitals and insurance providers will now be seeking ways of minimizing expenses.

3 out of 4 executives say that outsourcing is needed to get through this tough economic time.