Rising Medical Malpractice Losses Strengthening U.S. Medical Peer/External Physician Review Services

The increasing number of hospitals and active doctors and surging prevalence of medical malpractices and negligence will drive the U.S. medical peer/external physician review services market growth during the forecast period (2020–2030). Additionally, the existence of structured peer review guidelines and the lack of internal expertise to review the healthcare services provided will contribute to the market growth. In a medical peer/external physician review, the medical conduct of a healthcare facility or physician is examined by an external entity, in case of allegations of medical negligence or malpractice made by a patient.

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The presence of structured peer review guidelines in the U.S. primarily drives the provision of these services in the country. Regulatory bodies, such as the Joint Commission on Accreditation of Healthcare Organizations (JCAHO), American Board of Medical Specialties (ABMS), and American Council for Graduate Medical Education (ACGME), have set clear guidelines to help doctors learn and improve their medical performance and patient outcomes. These guidelines propound that the person or entity conducting the review must possess ample medical knowledge, patient care and procedural skills, interpersonal and communication skills, and knowledge about system-based practices.

In recent years, acquisitions by major players to expand their product portfolio and increase their revenue have become a prominent trend in the U.S. medical peer/external physician review services market. For example, in January 2020, Concentra Inc. completed the acquisition of the Riverview medical center (Rock Hill, South Carolina) and Arrowood Medical Center (Charlotte, North Carolina) to widen its customer base. Likewise, in December 2019, The Hardenbergh Group, a company providing temporary staffing and consulting solutions, acquired MDReview, a review services provider.

The provider segment of the U.S. medical peer/external physician review services market is categorized into certified physicians, medical professional societies, law and consulting firms/organizations, medical universities and academic institutes, and peer review organizations (PROs). Among these, the law and consulting firms/organizations category will account for the largest market share due to the presence of numerous such agencies in the country that provide review services to medical establishments.

Thus, the increasing number of active physicians and hospitals and the presence of set peer review guideline will augment the growth of the market.

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