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Law and Consulting Firms/Organizations To Amass Highest Revenue in U.S. Medical Peer/External Physician Review Services Market till 2030
The U.S. medical peer/external physician review services market is expected to grow at a significant pace during 2020–2030. The main reasons behind the rising demand for such services are the increasing occurrence of medical malpractice and negligence, existence of structured peer review guidelines, surging number of hospitals and active doctors, and lack of internal expertise to carry out the procedure. In such a review, the medical conduct of a physician or healthcare center is examined by an external doctor or entity, in case allegations of malpractice or negligence have been made by a patient.
Segmentation Analysis of U.S. Medical Peer/External Physician Review Services Market
Law and consulting firms/organizations would be the highest-revenue-generating medical peer/external physician review service providers in the U.S. in the years to come. This is ascribed to the high number of such firms in the country and their focus on offering review services to medical establishments. The broad categories that these services fall in are physical and/or mental impairment, clinical incompetence, and disruptive behavior.
In the near future, the contribution of California to the industry is expected to grow the fastest, as the state is home to a large number of medical centers as well as individual physicians. In 2019, 60,000 physicians were active in the state, which was significantly higher than many others in the country.
Acquisitions Are Biggest Trend in Market
Currently, the biggest trend in the market is the acquisition of companies offering such services by one another. The main aim behind such moves is the expansion of the service portfolio and increment in the revenue. For instance, in January 2020, Concentra Inc. acquired the Riverview and Arrowood Medical Centers in Rock Hill, South Carolina, and Charlotte, North Carolina, to widen its client base. Similarly, in December 2019, The Chartis Group, a provider of advisory and analytical services to the healthcare industry, acquired The Greeley Company LLC. The same month, MDReview, provider of peer review services, was acquired by The Hardenbergh Group, a company offering consulting and temporary staffing solutions.
Set Guidelines for Review Process Is Strongest Market Driver
The key growth driver for the U.S. medical peer/external physician review services market is the existence of clear guidelines on the procedure. Medical peer reviews are considered a quality control measure, which helps doctors learn and better their medical performance and patient outcomes and result in decreased financial risk/exposure. Evidence-based external determination, improved member satisfaction, safety, and quality of care, reduced medical errors and adverse events, and decreased risk through proactive risk management are some other advantages of the process. To accomplish all these, clear guidelines have been set by regulatory bodies, including the American Board of Medical Specialties (ABMS), American Council for Graduate Medical Education (ACGME), and Joint Commission on Accreditation of Healthcare Organizations (JCAHO).
The guidelines state that the entity or person conducting the review must possess professionalism, medical knowledge, interpersonal and communication skills, patient care and procedural skills, and system-based practices. Other authorities setting such rules are the American Medical Association (AMA) and American Academy of Family Physicians (AAFP). As following these rules by the book can reduce medical errors, the demand for external physician review services in the country is increasing.
Growing Healthcare Industry Is Biggest Opportunity for Market Players
A lucrative opportunity area for the U.S. medical peer/external physician review services market is the growing healthcare sector in the country. With the constant rise in the population, especially of the elderly and those covered under various insurance plans, the demand for healthcare services is increasing. For instance, the Bureau of Labor Statistics reports that by 2026, an additional 91,400 physicians would be required to cater to the expanding patient pool in the nation. Thus, as the number of doctors rises, in order to meet the growing medical services demand of the booming population, the number of entities and individuals conducting review services will also surge in the U.S. in the coming years.
Market Players Engaging in Acquisitions to Expand their Service Offerings and Customer Base
In recent years, companies offering review services to medical establishments have engaged in a number of acquisitions aimed at adding new services to their portfolio and widening their clientele.
For instance, in November 2019, Insight Service Group (ISG) acquired Archangel Investigations, a Californian company, to add to its portfolio of investigational services. The two companies together provide insurance organizations with medical management and investigational services.
On similar lines, California-based Western Medical Group’s occupational health business was acquired by Concentra Inc. in February 2019. This acquisition strengthened the presence of Concentra in the Greater Los Angeles area, which is being catered to from the former office of the acquired firm, which has been rechristened Concentra – Harbor Gateway.
The key players in the U.S. medical peer/external physician review services market are The Greeley Company LLC, AllMed Healthcare Management Inc., ExamWorks LLC, MDReview, Insight Service Group (ISG), ProPeer Resources Inc., Medical Equation, Concentra Inc., National Medical Reviews Inc., Medex Analytic Services, Mitchell International Inc., The Medical Resource Network Inc., Barnes & Thornburg LLP, Rising Medical Solutions LLC, Epstein Becker & Green P.C., South Florida Utilization Review, The Health Law Firm P.A., NorthGauge Healthcare Advisors, Leichter Law Firm PC, KANE RUSSELL COLEMAN LOGAN PC, MAXIMUS Inc., MCMC LLC, HHC Group, NYCHSRO/MedReview Inc., and Keystone Peer Review Organization (KEPRO) Inc.
Market Size Breakdown by Segment
The U.S. medical peer/external physician review services market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
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