Dublin, Sept. 21, 2020 (GLOBE NEWSWIRE) -- The "U.S. Medical Peer/External Physician Review Services Market Research Report: By Provider - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The increasing incidence of medical malpractices and negligence in the U.S. over the last few years has led to the creation of strict guidelines for medical review process in the country. Moreover, there has been a huge rise in the number of healthcare centres and physicians in the country having limited expertise in conducting reviews, in the past years. Due to these factors, the requirement of medical peer/external physician review services has increased massively in the U.S. and this demand is also expected to shoot-up in the coming years.
The presence of clear guidelines regarding external physician/ medical peer review services in the U.S. is another major factor boosting the adoption of these services in the country. In addition to this, medical peer review procedures have numerous advantages such as the ability to enhance member satisfaction and safety and quality of patient care and reduce the risk of medical errors and consequent negative healthcare outcomes, owing to which, they are being increasingly adopted in the healthcare industry of the U.S.
Due to the above-mentioned factors, the U.S. medical peer/external physician review services market is predicted to exhibit substantial growth during the forecast period (2020 - 2030). Medical peer review and external physician review services are mainly provided by the medical universities and academic institutes, certified physicians, medical professional societies, peer review organizations (PROs), and law and consulting firms/organizations. Out of these service providers, the law and consulting organizations are expected to provide the maximum number of external physician/medical peer review services in the U.S. during the forecast period.
The guidelines regarding the medical peer/external physician review service procedures in the U.S. clearly state that the person or the organization conducting the feedback and review process must posses excellent interpersonal and communication skills, medical knowledge, professionalism, adequate knowledge of system-based practices, and good patient care skills. The major authorities/organizations setting these rules are the American Academy of Family Physicians (AAFP), American Council for Graduate Medical Education (ACGME), Joint Commission on Accreditation of Healthcare Organizations (JCAHO), American Board of Medical Specialties (ABMS), and the American Medical Association (AMA).
One of the major trends currently being observed in the U.S. medical peer/external physician review services market is the surging number of acquisitions amongst the various medical peer review service providing companies all around the world. These acquisitions are mainly being done by the companies in order to expand their product and service portfolio across the world and subsequently increase their revenue. For instance, Concentra Inc. completed the acquisition of the Riverview and Arrowood Medical Centers in Rock Hill, South Carolina, and Charlotte, North Carolina in January 2020, in order to expand its clientele.
Therefore, it can be concluded that the popularity of medical peer/external physician review services will skyrocket throughout the U.S. in the upcoming years, mainly because of the rising prevalence of medical malpractices in the country.
Market Dynamics
Trends
- Increasing number of acquisitions
Drivers
- Occurrence of medical negligence and malpractices
- Structured guidelines for peer review services
- Inclination toward external peer review subjected to lack of internal expertise
- Increasing number of hospitals
- High number of active physicians
Restraints
- Inappropriate external peer review
- High cost of external peer review services
- Impact analysis of restraints on market forecast
Opportunities
- Expanding healthcare industry and rising requirement of healthcare practitioners
- Penetration in less developed U.S. states
Market Entry Strategies
Porter's Five Forces Analysis
Major Hospitals (Customers)
Company Profiles
- 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.
- Keystone Peer Review Organization (KEPRO) Inc.
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